RUNNING YOUR OWN BUSINESS
- Running your own business effectively is as important as living your life purposefully.
- Running your business down is as painful as ruining your own life.
- The way the health of a man fails is the same way the wealth of a business falls.
- There are so many factors that hinder success in business if not checked and properly addressed.
FACTORS THAT CAN HINDER
BUSINESS SUCCESS
- Poor Business Management
- Inadequate Business capital
- Lack of Technical Expertise
- Poor or No Record (See BOOKKEEPING FOR SMALL BUSINESSES)
- Cash Flow Challenges
- Accumulating excess loans,
- Unchecked excess bank charges,
- Multiple taxations
- Bad Business location
- Inadequate or total lack of
planning
- Poor power supply
- Poor or No Marketing Strategy
- Inadequate or No Business
skills
- The hiring of wrong staff
- Using same Bank Accounts for
Business and Personal Use
- Overdrawn of Business Funds for
Personal Use
- Lack of Vision and Mission
Statement
- Loss of Reputations in terms of
Settling Business Debts
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