Friday, November 16, 2012

5 Pitfalls to Avoid To Be Successful in Business

I am now offering guest post slots here on 'Free flow of ideas,' in order to broaden the range of thought available to my readers.  My first guest blogger, Lucy, writes from Manchester, UK.

5 Pitfalls to Avoid to Be Successful in Business

Achieving success in business is not an easy task and cannot be achieved overnight. It demands a lot of attention and effort to generate a steady source of revenue and earn profits. But, just making efforts to succeed is not enough; you should be cautious and avoid certain pitfalls that can have a negative effect on your business.

Most business owners make silly mistakes and, as a result lose thousands of dollars. All the hard-work and effort becomes useless; just due to minor negligence. Here are 5 pitfalls that you need to avoid in order to achieve success in your business:

¨       Misperception on future progress:

The most common mistake made by most business owners is their assumption of success. Without proper planning and appropriate effort it is difficult to achieve success in any field. If you have started a new business, achieving success right at the beginning might not be possible; it takes at an average two to three years to attain a stable position. Therefore, having a long-term plan will always help you in facing such problems.

¨      Assuming that advertisement is not necessary:

If you think that there is no need to promote your business and you can achieve success even without promoting your brand then you are wrong; it is true only in rare cases. If you do not promote your brand, how will the customers become aware of it and how will they get to know about your products and services. Therefore it is very essential that you promote your brands to gain more customers.

¨      Running out of funds:

When you are running a business, it is very important that you have proper financial planning in order to achieve success. If you lack finances, you cannot arrange proper raw materials; and, that will affect production and reduce overall sales. Therefore always have a proper financial plan for your business. If you run short of funds and need instant cash, then you can go for loans.

¨      Contacting irrelevant customers:

Targeting the correct group is very important in order to get significant results; because if you approach a person to purchase your product who actually does not need it, you will face a potential failure in your business. Therefore, find the appropriate broker or consultant who can help you to target the right people and achieve success.

¨      Failing to gain seasonal profits:

Almost all the business owners earn maximum profits during festive seasons. Usually there are more customers shopping around during these seasons providing huge profits to the business owners. If you do not have proper resources and fail to earn profits during this period it is tough to achieve success in your business.

Author Bio: This guest post was contributed by Lucy, financial guest blogger from Manchester, UK. Lucy has written many articles on ppi claims. See more on her finance-related blogs at @financeport.