Hello friend,

I want to start a new business but i want to know that what is the common problems for new business?

Thanks in advance.



With Regards!

Alvin

Hi
Starting a business, whether it be from home, or in an office somewhere, may sound like the perfect solution to your working blues, but unless you’re committed to making it work, you can find yourself on the losing end real quick.

Businesses fail for many reasons. It is important to understand those reasons so that you can decide whether or not you are up to the challenge. Those reasons include:

1. Fear—Whether it is the fear of success or the fear of failure, fear of stepping out of one’s comfort zone to try something new, or the fear of trial and error. Fear can freeze a person dead in his or her tracks.

2. Failure to plan.

3. Lack of funding.

4. Procrastination

5. Excuses. Especially making an excuse for any and everything that causes you to stumble.

6. Doing busy work. Keeping busy doing unimportant tasks.

7. Inability to delegate tasks. Sometimes delegation saves your business. If you have a weakness, hire someone who could turn that weakness into a strength. Use others to complete simple time consuming tasks so that you can do other things.

8. Failure to Research.

9. Failure to Market.

10. An inconsistent advertising campaign. It is better to have a ton of small ads on a regular basis than one large ad on a monthly or yearly basis.

11. Your pricing is too low, thus resulting in a negative cash flow.

12. Bad accounting practices.

13. Choosing quantity over quality. Cutting corners is bad business sense.

14. Dishonesty.

15. Not fixing mistakes.

16. Not completing tasks in a timely manner.

17. Inability to follow-up. You should always follow-up by email, snail mail, or phone.

18. Not listening to client or customer. Talking too much.

19. Spending too little. It takes money to make money.

20. Spending too much. Purchasing items when you don’t need them, upgrading when the older version will do, letting suppliers talk you into things you cannot afford, and not budgeting.

21. Being unprepared for fluctuations in business. Boom times when demands are high as well as slow times when you are struggling to get by. (Put money away during boom times to prepare for slow times.)

22. Lack of diversification. If you only offer one product or service, losing it can destroy your business.

Thanks

Hi
Identifying these as problems may not be as easy as first thought because the problems may be masked by events or external factors or most insidiously “this is how it has always been”. These problems have nothing to do with personality and everything to do with judgment and execution. The final arbiter should be results.
Effective vs. Poor Leadership

Effective leadership ensures the business has selected good business strategies, creates plans with depth to planning analysis, a well designed business organisation, efficiently operated and managed for continuous improvement.

Thanks

Hi


Not having a business plan
This is the first thing you should do when considering a business. However, many people neglect to carefully map out there business, which causes a number of problems. Basically, a business plan is a road map that will help you determine whether or not your idea is even feasible before you start investing your valuable time and resources. A business plan is a summary of how you intend to run and finance your business. In addition, you will need a business plan if you apply for financing or a small business loan.

Thanks