1. Unclear Purpose
Sadly some business owners don’t articulate why their business exists and what their business striving to achieve. New business owners need to understand the reason why their business existences, which is the anchor for all business decision making.
2. No Plan
There is an old saying, “if you fail to plan, you plan to fail.” Developing a strategy and having a plan to achieve objectives is critical to any businesses success
3. Not Anticipating Market Changes.
The South African market changes quickly in every industry making it important to keep an eye on shifting trends in areas such as technology or customer requirements.
4. Not Understanding their Customers.
Customers pay the bills so small businesses need to take the time to learn how customers use their products and services and to create systems and processes to meet those needs. Sadly some South African small businesses develop products and services based on what they think the customer wants. It’s important to learn about the customers experience, which is accomplished by simply asking them. Customer expectations are a moving target so keeping the finger on the pulse of changing needs is critical to maintaining satisfied customers and growing a solid customer base.
5. Lack of Communication.
Poor communication is a problem. Successful business create structured processes to manage how information is shared with customers. Transparency creates a business environment that customers are drawn to.
6. Not Always Looking for Ways to Improve
Continuous self-assessment helps improve how businesses develop and enhance products and services by constantly looking for ways to improve how and what you do. The owner should always review the internal processes of developing and delivering products and services in an effort to identify improvement opportunities.