| I believe the number one reason why a | | | | bother to plan properly, what can you do to |
| business will fail is lack of planning. This | | | | ensure this won't happen to your |
| can be due to various reasons, perhaps | | | | business?Have your own business and marketing |
| because the market research wasn't | | | | plan and use it every day! Review your goals |
| sufficiently carried out in the first place, | | | | on a daily basis.Use that to-do list every |
| or because the financial burden was higher | | | | day, making sure to cross off your |
| than was planned for etc.Sometimes business | | | | accomplishments. Then make a fresh list |
| failure happens because the business owner is | | | | every morning of what is left to do, and what |
| not very savvy at other aspects of the | | | | other things need to be accomplished in your |
| business, such as management, promotion, | | | | business/work day.Be ready to talk about your |
| branding, advertising, public relations, | | | | business in every encounter you have during |
| leadership, bookkeeping, or customer | | | | the day. Practice a 30 second speech about |
| follow-up etc. It is important to get the | | | | your business so you are always ready to |
| necessary training to ensure all aspects of | | | | share it with people, and make sure you |
| your home business run efficiently, or to | | | | ALWAYS carry business cards with you. It |
| hire help to manage these other aspects.Here | | | | looks professional too.Hire people to do the |
| are some other reasons to consider:1. | | | | work that you are not good at, so your |
| Inadequate accounting records2. Disregarding | | | | business doesn't fail due to your weaker |
| or misinterpreting financial records3. Not | | | | points.Have a Plan-B! Put money by for a |
| controlling costs4. Fraud due to poor | | | | rainy day.Find a mentor, someone in your |
| internal control5. Pricing goods or services | | | | field that can help and encourage you with |
| too low as a way of | | | | your business.Join a small business |
| | | | association where you can network with others |
| getting customers or clients6. Lack of | | | | in your field of business.Work hard and stay |
| marketing/selling skills7. Not carrying | | | | motivated.You can make your business a |
| adequate and appropriate insurance8. Failing | | | | success with the proper planning!Michele |
| to adequately train and develop employees9. | | | | Miller is a home-based business owner and |
| Lack of goal and business advancement | | | | medical transcriptionist. She is also the |
| planning10. Not seeking advice or | | | | author of an ebook about starting a |
| professional help when necessary.If you know | | | | successful transcription business from home. |
| that most businesses fail because they don't | | | | |