As business consultants, we want to see your company succeed. Sometimes, even the best-intentioned company can fail due to things founders simply didn’t think about. Before you go one step further with your business, take a look at this list of top reasons why businesses fail – and avoid these pitfalls at all costs.

No real business plan: Time and time again, entrepreneurs create businesses with no plan in sight. These people aren’t sure who their market is, how they will make money, or who will buy what they are selling. This is a bad way to start a business. Before you jump into buying things or setting up an office, work with business consultants to create a solid plan that you can easily follow.

Inability to work with others: At the start, you may not be able to hire a bunch of people to work for your company and that’s okay. But, you do need to realize that you can’t do everything on your own. Sometimes, you need help.

Difficulty in recognizing weaknesses: There are some things that you are excellent at doing. At the same time, there are certain things that you are very bad at doing. Know what you are good at and what you are bad at – and let those that are good at the things you can’t do handle those things.

Expanding too quickly: If you’ve just opened up a business, don’t try to open up more shops in the same week. Typically, it takes up to one year to see whether or not you can stay afloat doing what you do. Often, quick expansion means failure.

Not consulting with business consultants: If you aren’t sure where to go next, contact someone that does.

Forgetting to save money for a rainy day: What happens when things slow down? Do you have a backup plan?

Not being on the same page as your investor: If you are running a new startup that relies on investor dollars, try not to argue with your investor – though this can happen if you do not choose the right investors to work with. In short, be picky when it comes to those people that will be investing in your company.

Making customers unhappy: You really have to pay attention to what your customers want, or you’ll learn your lesson the hard way. BlackBerry is a good example of a company that learned the hard way. BlackBerry tried to keep up with the likes of Apple and Android, but the company’s new devices largely failed. Now, BlackBerry is restructuring to try and give clients what they want – something that should have been done from the start.

Working With Business Consultants

Our goal is to help you with your small business accounting needs, but that goes beyond what most people think of when they consider small business accounting. As business consultants, we work to make sure that you have a solid company plan that you can easily follow, and that means helping you obtain success. If you haven’t worked with a team that handles small business accounting in addition to consulting, you may be missing out on a key part of your small business! Ask us how we can help you fine-tune your business plan, and how we can make sure that your financial future looks bright.

You can contact us today by calling us to set up an appointment, or you can contact us on Facebook – either way, we can’t wait to start working with you and improving your business. In the meantime, try not to fall into any of the pitfalls listed above, or ask us how you can avoid them!