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