5) Maintaining a Poor Business Strategy
Something of a blanket statement for all of the above-listed pitfalls as well as any others you might encounter, having a less-than-stellar business strategy will slowly unravel your company thread-by-thread. Whether that strategy involves marketing endeavors, hires, budgeting, or any number of the countless decisions you must make on a daily basis, not giving the utmost attention to your long-term and short-term strategy can doom your business to failure. To avoid this, be sure to give every decision you make the cautious consideration it deserves. Keep written records of what you’ve tried in the past and how it worked, as well as records of what you plan to try and how you plan to implement it. Make charts, graphs, and anything else to help you visualize what direction your current plan is taking your company, then hire an outside pair of eyes to go over these records with you. Through it all, don’t be afraid to let your business plan evolve with time. What works today may not work tomorrow, and just because something didn’t work in the past doesn’t mean that with a slightly different approach and a different day in time it won’t work in the future. Whatever decisions you make, just remember this: one poor decision can cancel out dozens of good ones and can be one of the biggest pitfalls your business will face. Give your strategy the care and attention it deserves, and most all of the difficulties you would otherwise face will disappear.
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