Mistakes To Avoid For A Profitable And Sustainable Growth

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Mistakes To Avoid For A Profitable
And Sustainable Growth
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Introduction

• Running a business is never easy. There are so
  many things to keep in mind and it can be tough
  to make sure youre doing everything right. To
  help you how to navigate the business minefields,
  were here with a few mistakes every business
  should avoid for profitable and sustainable
  growth.

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• 1. Not having a clear vision or goal
• One of the mistakes every business should avoid
  for the best growth and development is not having
  a clear-cut idea of what you want from your
  business. Why are you setting it up? Where do you
  expect to see it in 10 years? What are your
  specific goals? Without a defined vision, itll
  be difficult to stay on track and achieve
  anything.
• 2. Not having a clear business strategy
• One of the key reasons for business failure is
  the lack of strategy or a clear business roadmap
  for sustainable growth unless you have a clear
  roadmap about your products/services, target
  market, marketing/sales, finances, operations,
  and customer service, you arerunning blind.

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• 3. Focusing too much on profits and not enough on 
  cash flow
•  While its important to make a profit, it should
  never be the only goal of your business, cash
  flow is the lifeblood of the business, and
  without a sound cash flow the business will be
  strangled to death.
• 4. Not taking advantage of technology
• Technology can be a powerful tool for businesses,
  but many are slow to adopt it or dont use it to
  its full potential. Make sure youre taking
  advantage of the latest technologies to help you
  in all areas of business, including marketing,
  sales, accounting, operations andCustomer
  service.

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• 5. Not adapting to change 
• Failing to understand and adapt to changes can
  lead to decline and even failure. Make sure
  youre always looking ahead and working out your
  next steps.
• 6. Not delegating tasks 
• While you may want to keep an eye on all aspects
  of your business, if you try and do everything
  yourself, youre not going to get very far
  delegating the various tasks and responsibilities
  to others so that no one person needs to do too
  much this will allow each team member to grow
  and develop their skills.
• 7. Not networking 
• One of the best ways to grow your business is to
  network with other businesses. Attend events,
  join forums and chat rooms, and generally get
  yourself out there. You never know who you might
  meet or what opportunities might arise.

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• 8. Ignoring customer feedback 
• As the old saying goes, the customer is always
  right. Always listen to what your customers have
  to say, good or bad. Not only is this important
  for the smooth running of your business, but it
  can also lead to all kinds of positive
  opportunities new services, events, and so on.
  It can also help you improve your products and
  services, identify areas for improvement, and
  even attract new customers. Make sure youre
  listening to what your customers have to say and
  acting on it.
• 9. Not having enough financial control 
• Financial control is important to running any
  business. It is essential to have a budget,
  understand your key financial drivers, monitor
  them, evaluate your results and take corrective
  actions on a timely basis.

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• It can help you avoid unfavorable tax
  implications. One of the biggest benefits of
  having a business exit strategy is that it can
  help youminimize your tax liabilities. By
  setting a plan in place, youll be able to take
  advantage of certain tax breaks and deductions.
• It can help you protect your business interests.
  If youre transferring ownership of your
  business, a business exit strategy canhelp you
  protect your interests. This is especially
  important if youre transferring ownership to a
  family member or friend. By having a plan in
  place, youll be able to avoid any potential
  problems down the road.
• It can be a great way to achieve peace of mind.
  One of the biggest benefits of having a business
  exit strategy is that it can give you peace of
  mind. Knowing that you have a plan in place will
  help you relax and enjoy your retirement.

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• These are some of the key mistakes every business
  should avoid for profitable and sustainable
  growth. If youre looking for experienced
  business strategists and advisors to help you
  with your business growth, future-proofing, and
  exit, we at Business Growth and Exist
  Specialists can help. We have a team of
  experienced professionals who are happy to assist
  you with your business needs.

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Contact Us

• Phone Number
• 1300 87 78 78
• Address
• 7/91 P7/91 Phillip St,Parramatta NSW 2150,Email
  Address
• info_at_bges.co