10 Common Pitfalls to AVOID when staring a business!

Hello Business Superstars!

I am Cheryl Ellis-Taylor, the owner of Creative Nonprofit Business Consultants. I wanted to take some time to pass along some information that is sure to help you maintain your business. Here are 10 Common Pitfalls to AVOID When Starting a Business.

1. Failing to Plan is a Plan to Fail Make sure you spend ample time creating a plan of attack for your business. I recommend that everyone have a Business Plan before getting started.. If you do not have a Business Plan give me a call at 909-202-5594. Your Business Plan is the roadmap for the goals and future of your business. It is crucial to have a Business Plan to apply for grants and loans. 2. Starting with Bad Credit I recommend you do an analysis of your personal credit to figure out where you're at.. In order for you to receive Business Credit your Personal Credit will need to be in line.. What worked for me was making a list of my bills and chipping away at any negative transactions on my ledge 3. Not Seeking Professional Help This is where we come in. You as a member can understand the importance of seeking a business consultant. A professional can help you find your blindspots in business, from bookkeeping to compliance. Make sure to avoid this pitfall when maintaining your business. There are plenty of grants available in your community to support your business. To use us as a resource call 909-202-5594. 4. Not Having Support You need real people to help roll-up their sleeves and get in the trenches with you. If your mission is growing your business it is incredibly important to get support from your community, friends, and associates. Find people who believe in the vision you have for your business who can help you along the way. 5. No Experience in the Industry I recommend going into business in an area of interest for you. Do a self-analysis of what you are good at. I know you are already in business, but it is never too late to reassess and retarget your business to align with your passions. It is important to take classes and continue to further your education in any topics that could help grow your business. 6. Labor Does NOT align with goals Does the labor you do day-to-day match with the goals identified in your Business Plan? Is the energy you're putting into your business the type of labor that will help it grow? Make sure you use your time to accomplish tasks that will help your business expand. 7. Insufficient Capital It is disadvantageous to go into business cash poor. You should be able to sustain your business without the help of loans and grants. I recommend raising sufficient capital to fund your business before starting. 8. Poor Customer Service Happy customers are the best word of mouth. Remember to take care of your customers. They allow your business to thrive with their patronage. Give them an experience worth their money EVERY TIME! 9. Not Managing Cash Correctly. Make sure you have good cash management in place. This is important for tax time, being accountable to grantors and investors, and keeping your business afloat. Bypass this pitfall by hiring a bookkeeper to help you keep track of any financial records pertaining to your business. 10. Not using Marketing and Technology correctly Avoid wasting your time and money with outdated technology and misguided marketing strategies. Be sure to continue your education on your business's target audience, where they hang out online, and how they like to be marketed to. If you need the assistance of our in house Sales & Marketing team please contact us at 909-202-5594