No business has all the answers. With such a diverse range of knowledge to gain and abilities to master, running a successful business can be tough. Failure is an ever-present threat but at least you can avoid these top 9 reasons businesses go under.

1. And how to avoid them

2. 1 Misguided management
Are you equipped with all the necessary skills and
leadership techniques to ensure the success of your
business?
TIP
Open up the level of communication
and trust so that things get done
quicker and more effectively. If you
don’t know, get help from someone
that does.

3. 2 Lacklustre branding and marketing
It’s one of the most important areas of business but
many see it as a nice to have, assuming 'average will
do'.
TIP:
Step into your customer’s shoes
and challenge yourself: is your
message really going to make
them stop and take notice? If not,
change it.

4. 3 Poor cashflow management
Those unclear on what cash is coming in and what is
going out often end up in financial difficulty.
TIP
Work out the profit margins on
each customer and the break-even
point each month. Be
rigorous with credit control.

5. 4 Ineffective business planning
It’s easy to get caught up in running a business and
lose sight of any realistic plans for the future.
TIP:
Work backwards from a
desired position and set a
succession of milestones to
ensure this vision is achievable.
Then fill any missing gaps.

6. 5 Staffing issues
It’s important to set up the right processes and
compliance before staffing issues arise and it's too
late.
TIP
Your actions determine the
actions of the team around you.
Live and breathe the values that
you want to represent your
business.

7. 6 Absence of clear objectives
How do you know how well you are doing if you
don't track where you started, where you are, and
where you are going?
TIP:
Establish the direction to take
your business and define the
short-term and long-term
aims that will help achieve
these goals.

8. 7 Prohibitive location
If clients can’t easily find your products or services,
they’re likely to discover a more accessible
competitor.
TIP
If your location is prohibitive, take
your business into the virtual
world and compete with those
that are complacent in their
online activity.

9. 8 Lack of finance
There are hundreds of lenders in the UK. It can be
tough knowing where to start and how to find the
best deal.
TIP:
Forget the banks and start
with a service that will
aggregate the options for
you, such as Finance Finder.

10. 9 Failure to embrace new tools
If you don't stay abreast of new technologies and
tools that can help your business grow, you risk
falling behind the competition.
TIP
List your top frustrating and time-consuming
business activities.
More often than not, there’s a
service or app that eases the
burden.

11. Are you prepared to avoid these traps?
Is your business built to succeed?
Take your free 15 minute online assessment and
find out!
!
www.advantagebusinessltd.com