Avoid the major pitfalls that send 95% of small businesses into failure

Whether starting your current business is your first shot at being an entrepreneur or your tenth try at freeing yourself from a job you hate, you want to make sure that you fall into the roughly 5% of businesses that succeed…and perhaps you’ll even skyrocket your profits and find your way into the top 1% of income earners.

You can find many recommendations, in the form of different philosophies and ideas, on what it takes to become successful in what you are doing.  However, you want to make sure that throughout the process, you are keeping yourself in check and avoiding the pitfalls that could cause you spiraling into business failure.

There are several mistakes that a beginning entrepreneur can make.  Eventually, these can lead to complications in your business, or even a complete business failure.  Most likely, you can expect the first year to two years to be the most difficult, simply because you will be working the hardest for lowest financial returns.

A lot of the work in these early years includes determining your organizational structure, developing basic business policies and identifying needs for success.  If one of these areas is overlooked or missed, you may find yourself starting over again.

The major way to avoid pitfalls in your business is to make policies and then stick to them.  The policies should include how you will build and maintain strong customer relationships.  It also includes finding the best solutions for getting contracts signed, upholding your work ethic and keeping up the quality of products or services that will keep your customers happy.

At the heart of any successful business is a bold vision and strong policies.  By defining your own policies now, you will be able to find the best customers and will avoid the downfall that many beginning businesses run into.  The terms of service that you create are the ones that will stabilize your success for years.

Not sure where to start in creating your policies? Contact Virtual Productivity Solutions to find out how we can take your vision and translate it into solid policies that will serve as the foundation for your business success.

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