Biggest Ever Business Blunders
Biggest ever business blunders
As you are faced with multiple challenges and impediments in day-to-day business, we must remember that golden opportunity comes once in lifetime. And, you must make the best use of it. At any cost, a mistake once committed must not be repeated, or else you land up in deepening business crisis and unforetold miseries.
The entrepreneurs today, need to be more organized with no incorrect business practices and methods in vogue to come up as true business leaders. Right from planning and conceptualization stage to the final product delivery, you should be assured of the accurate results. Walmart, one of the retail giants in the world had lost its image in an average American eyes because of certain business malpractices. Later, recovered by hiring public relations firm to canvass itself for its new found face.
Some of the biggest business blunders that you should avoid are:
Bad Investment decision: As an esteemed entrepreneur, you must know where to put your money, and how to raise your capital. If you have less money, trim your budget and make the best use of resources.
Lack of Planning: If your business goals are not clear and you have not planned well, you are sure to land in trouble. You should know how your business would look like in the next 5-10 years or so. Having a clear cut agenda, short-term or long-term with mission statement in your mind, you should take up any business. Further, at the end of every fiscal year, you should evaluate your business budget and if your business is surging down, its time you should reinstate your business by changing your plan.
Choice of a bad or me-too product: Entering a product category which has been chosen randomly and not based on the experimented results or market research, is sure to fall in the market place. Always choose a product which has chances of winning in the market place.
Choice of Location: You should enter into a territory which has a demand for your products. Based on demography, cultural attributes and market statistics, you should set up your business.
For example, you open up a food plaza at a location which already has a number of excellent outlets in that area, you will survive but not thrive.
Wrong use of marketing tools: You have the best capital, best location but did not promote your product well, then you did a blunder. You should know whether to go for print/electronic advertisements or online-advertisements and which suits your product well. If other campaigns like mailers, or direct marketing does work, you should make it your long-term strategy.
Changing your business too often: You have entered a business which has not given you instantaneous results, you immediately changed. Never ever do this, as it takes time for your business to go sky-high and reap positive results. More so, it will tarnish your image in the market place.
If you keep a note of the above blunders, you will never find yourself languishing.
I am a content writer with ITvoir.com.
Article Source: ArticlesBase.com - Biggest Ever Business Blunders