Running business is a tough job, you must consider the steps you take before you apply it over your company. However, seriousness sometimes brings no luck and you need to know why. It is a fact that small and even big businesses sometimes make mistakes as well. The small mistakes that may end your business can come in sudden time, thus you should understand the little problems that may lead to your business destruction in months or years.
Firstly, it is the job estimation failure. Underestimating your service time may get you into worse situation and it is emerged when everything is too late. So, you should watch your employee yourselves in accomplishing the tasks.
Secondly, wrong pricing is tragedy. You should prevent the incorrectly setting prices by considering the measurement about what you have spent in producing the products, the cost of labor and materials, the insurance and more other expenditures.
Thirdly, the uncovered spending cost is really bad. Thus, you must pay attention on what you have put into quality of works, products, and stores. They should be followed with the concern of covering the cost. Furthermore, sometimes you don't pay the bill fast enough, therefore you are recommended to follow these tips: bill customers on time, make the quickest payment deals possible with customers and the slowest with the vendors and employees, get the credit card to buy certain things during the cash flow crunch.
Speaking of advertisement, giving too much concern and money to your product campaign will kill your business too. Advertising is important but you must track down the spending in ads, make good plan, and ensure that the plan you arrange will be working. The next problem is when the systems and procedures fail your business. Thus, it will be better if you do not put many procedures and if you should it is suggested for you to have admin procedures in place because most procedures will involve serious care include billing, payroll, collections, manufacturing, operating equipment, maintaining equipment, and etc.
The last problem possible to appear in your business is when you do not get the help in time. It is obvious that you need experts when you lack of knowledge about certain part in your business like legal issues, bookkeeping issues, and daily operation issues. Therefore, you should know the best time to hire people to help you in managing your business. You shouldn't wait this until it is too late because it will end your business slowly. (fallen)