Fatal Errors to Avoid to Ensure Business Survival

Prior to COVID19 official statistics recorded more than 400 Scottish business failures each week.

This sad statistic should make every business owner realise that the initial enthusiasm, excitement and energy invested at the start up needs to be nurtured and developed, ensuring you develop the essential, business management skills.

Discipline is a harsh word but in reality those who achieve success are those who understand and adhere to a regime that ensures what needs to be done is done in a timely and cost effective manner. Creating a robust, sustainable foundation on which to grow.

So what typically causes businesses to fail?

Lack of a clear, strategic vision

Insufficient effort in defining the business model and USP

Inadequate focus and structure

No clear priorities and no regular review

Not monitoring cash flow

Incompetent marketing

Inadequate customer engagement strategy

Over committing and letting customers down

If you don’t want to be the next statistic and want to achieve robust, sustainable business growth then you need to invest in those skills and attributes that will create a resilient business.