Tuesday 24 September 2013

Top 10 mistakes by businessmen in Kerala

In Kerala  small business entrepreneurs face lots of challenges. These challenges make them stuck in mud and provide bigger hurdles in their way forward. Let's look into the major mistakes done by the businessmen in Kerala.

This particular segment is taken from the Cleveland blog and is definitely useful for our business circumstances too. Bramma-the best management consulting firm in Kerala brings you the best articles like this!

1. Lack of planning: Without a plan, there's no road map that bridges good times and bad. Too often, day-to-day distractions take away from a small-business owner's ability to access new opportunities.
2. Not seeking help: Business owners tend to not develop an advisory board or a relationship with a mentor or not invest in professional services.
3. Hiring family and friends: They're an obvious choice, but too often they become a drain on the business. Owners tend to take an entirely different approach with them than when addressing challenges involving a non-family member.
4. Lack of access to capital: Cash flow is king. Not incorporating a funding strategy in your overall plan -- whether it's traditional or nontraditional financing -- often creates a ripple effect of problems. Making decisions based on lack of capital tends to have adverse effects.
5. Being in business with partners with different values: It's not just about asking obvious questions like who is going to be the customer and how the business will be marketed. Business partners need to question leadership styles and have an understanding of what's expected of each other.
6. Relying too heavily on a few clients: Diversify your portfolio.
7. Lack of market research: Whether it's a corner restaurant, a new product release or a professional service, you have to know where your customers are. Depending on the outcome, a marketing plan could be a mix of networking, traditional media and social media -- or it could mean focusing primarily on one channel.
8. Trust: Business owners fall prey to both sides of this equation. They either trust too much or too little in employees, clients and vendors. Contracts are binding and failing to do your due diligence based on somebody's word often leads to despair.
9. Admitting that they're wrong: Pride won't tell you. Employees won't speak up, and confidants sometimes won't acknowledge it. But you have to own up to what you don't know and hire and respect employees for their expertise.
10. Not anticipating failure: Entrepreneurs are natural risk takers and optimists. Too often they don't spend enough time exploring the "what ifs."

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