STARTING A NEW BUSINESS? GET THESE TIPS!

RUNNING YOUR OWN BUSINESS
  • Running your own business effectively is as important as living your life purposefully.
  • Running your business down is as painful as ruining your own life.
  • The way the health of a man fails is the same way the wealth of a business falls.
  • There are so many factors that hinder success in business if not checked and properly addressed.
FACTORS THAT CAN HINDER BUSINESS SUCCESS

  • Poor Business Management
  • Inadequate Business capital
  • Lack of Technical Expertise
  • Poor or No Record (See BOOK KEEPING FOR SMALL BUSINESSES)
  • Cash Flow Challenges
  • Accumulating excess loans,
  • Unchecked excess bank charges,
  • Multiple taxation
  • Bad Business location
  • Inadequate or total lack of planning
  • Poor power supply
  • Poor or No Marketing Strategy
  • Inadequate or No Business skills
  • Hiring of wrong staff
  • Using same Bank Accounts for Business and Personal Use
  • Overdrawn of Business Funds for Personal Use
  • Lack of Vision and Mission Statement
  • Loss of Reputations in terms of Settling Business Debts

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