4 Potholes to Avoid on the Road to Business Success

March 14, 2017
64 / 100

~ by Hannah Whittenly ~

Running a successful business seems more and more difficult as the business world itself becomes an increasingly complex place to operate. While it is true that the way people do business today has changed radically, from even a few years ago, there are still ways a savvy entrepreneur can get a foothold in the market and ensure that their business will thrive despite all the modern obstacles to doing business.

Here are a few of the important potholes to avoid on the road to business success.

Not Adequately Funding Your Business

It is often said that it takes money to make money. The truth is that it takes lots of money to reap decent profits. Many entrepreneurs find themselves ill-prepared for the dangers funding deficiencies can cause to their business. For this reason, a business must be built on a solid foundation of capital funds. This will ensure that when a business is ready to grow or make a big move in the marketplace, the capital is there to drive the right plan of action that will best benefit a company’s bottom line. Unfortunately, a severe lack of funds is usually a sign that a business is dead in the water. Just know that there are a variety of methods a business can employ to obtain the funding it needs. From borrowing money from family and friends to selling stocks in the business, it is possible to raise enough capital to keep a business operational even through the tough times.

Being Out of Touch With Your Customer Base

From consumer feedback to great customer service, how a company chooses to interact with customers can often mean the difference between massive success and massive failure. This is another major area where businesses face difficulty, because they do not always know the best way to maintain a connection with their customer base. However, getting in touch with a company’s customer base will often require more in-depth research into the habits and the ways that customers access modern technology than a business has invested the time and resources towards. This is important since it exposes how to leverage all the available avenues for the best strategies to ensure your company is engaging customers on their level.

When Logistics Get out of Control

When you need product fast or need to make sure product will reach the right customer in a timely manner, there exists a wide variety of product suppliers and drop shippers who can help a business operate like a well-oiled machine. Fulfillment centers can help to ensure that companies they service turn over orders fast, and they should be able to provide real time tracking and reporting on anything from raw materials to finished products. When a company’s logistics are not running smoothly, this can and will often lead to many missed opportunities and lost profits along the way.

Not Outsourcing Where Needed

Outsourcing labor and tedious tasks to a third party company can massively improve the efficiency of a business’s daily operations. Because less of the heavy lifting on projects is being done in-house, a company that outsources will find it needs less staff and can get things done much faster. A business that fails to outsource where necessary will typically pay more to hire staff that cannot get nearly as much done for the low costs charged when hiring a third party provider. Often, keeping many of these tasks in-house leads to the need to spend more money than necessary on office space and is a mistake that should be avoided when possible.

While it is important to focus on the successful operations of a business, it is equally important to beware the many pitfalls that await a business in the marketplace. From technology-related business issues to employment standards, business’s today have to watch out for many unforeseen pitfalls as they strive to do it better than their competitors. For this reason it is essential for a business owner to keep their eyes open and be ready to face any challenges that stand to hinder how their business maintains its bottom line.


Meet the Author: Hannah Whittenly

Hannah Whittenly is a freelance writer and mother of two from Sacramento, CA. She graduated from the University of California-Sacramento with a degree in Journalism.

Categories

More Posts:

Nyago Michael Emmanuel

We invite many people who can invest in our Akiba Ya umoja community benefit savings and investment group of Uganda to enable us expand our operations in Uganda

How Startups Can Ensure Health and Safety at the Workplace

Everyone, including the owners, management, and staff, is responsible for ensuring workplace safety. All parties must take the proper steps so that no one is harmed while working. If you are looking for ways to keep your workplace safe, here are ten tips to help you out.

Product Mistakes You Might Be Making at Your Business

Running a business isn’t easy, and making product-related mistakes can cost your company time and money. From creating products without doing market research to holding excess inventory or failing to file patents, there are numerous pitfalls that you need to be aware...

How to Put Safety First at Your Business

As a business owner, it is your responsibility to provide a safe environment for both your employees and your customers. When you take the proper steps, you can prevent accidents, injuries, and even lawsuits. You need to make safety a top priority at your business. ...

How Entrepreneurs Can Stave Off Burnout

Have you been feeling more stressed and exhausted than normal lately? Everyone experiences burnout at some point in their career, and this is even more common with entrepreneurs due to the many responsibilities that they have. Here are a few ways to stave off burnout...

Supplies Your Business Should Donate to Schools

Back-to-school season is upon us, and that means it's time for businesses to start thinking about donating supplies to schools. Donating supplies is a great way to give back to the community, and it can also be a great marketing tool for your business.  Here are a few...

How to Decide Which Business Data to Archive

When it comes to business data, it's not a question of if you should archive it, but rather how you should archive it. With so many factors to consider — from the costs of storage to the ease of retrieval — it can be tough to know where to start. In this blog post,...

A Five-Step Guide to Starting a Logistics Company

If you've been considering launching a transportation and logistics company, now is the moment. The transportation and storage sector is very important and profitable. Statistics show that by 2027, the global logistics market would have grown from its 2017 valuation...

Which technology should businesses invest in?

Introduction The top three IT firms this month are Fair Issac Corp., Enphase Energy Inc., and Arrow Electronics Inc. With outstanding third-quarter sales records in a struggling electronics industry, semiconductor distributor Arrow Electronics has become a top bargain...

Strategies and Technology for Female Entrepreneurs

Since entrepreneurship is the foundation of any nation's economy, it is essential to economic development in developed and developing nations. In the last several decades, there has been a significant improvement in the role of women in our society. Women are now...
Nyago Michael Emmanuel

Nyago Michael Emmanuel

We invite many people who can invest in our Akiba Ya umoja community benefit savings and investment group of Uganda to enable us expand our operations in Uganda

How to Put Safety First at Your Business

How to Put Safety First at Your Business

As a business owner, it is your responsibility to provide a safe environment for both your employees and your customers. When you take the proper steps, you can prevent accidents, injuries, and even lawsuits. You need to make safety a top priority at your business. ...

All Categories

Business Operations

Entrepreneur Interviews

Marketing, Networking, & Social Media

Self Care & Personal Development

Working Moms

Business Software and Technology

Entrepreneurship & Small Business

Organizing Tips

Sales

Career Building

Family Businesses

Inspiration

Starting Your Own Business

Work-Life Balance

Communication

Hiring Help

Management & Leadership

Time Management & Priorities

Women in Leadership

Recent Posts

Soe Tun: The Copy Doctor

Soe Tun: The Copy Doctor

Autistic kid finds out that he’s unemployable and doesn’t enjoy most social settings. Decides to be a pro copywriter as a result.

Annie Anderson – Business Strategist & WordPress Creator

Annie Anderson – Business Strategist & WordPress Creator

Annie Anderson is the owner and digital creator at Midnight Rebel Digital Co. With over 25 years experience in design and development and more than 15 years experience with WordPress, Annie is a great person to have in your corner when it comes to websites, tech, and systems.

How Startups Can Ensure Health and Safety at the Workplace

How Startups Can Ensure Health and Safety at the Workplace

Everyone, including the owners, management, and staff, is responsible for ensuring workplace safety. All parties must take the proper steps so that no one is harmed while working. If you are looking for ways to keep your workplace safe, here are ten tips to help you out.

Product Mistakes You Might Be Making at Your Business

Product Mistakes You Might Be Making at Your Business

Running a business isn’t easy, and making product-related mistakes can cost your company time and money. From creating products without doing market research to holding excess inventory or failing to file patents, there are numerous pitfalls that you need to be aware...

Occupational Hazards That Come With an Office Job

Occupational Hazards That Come With an Office Job

Working in an office can be a great way to make a living, but it also comes with certain risks. Sitting at a desk for long hours and staring at screens can lead to physical ailments that not only cause discomfort but could eventually lead to more serious health...

How to Make Your Social Media Campaigns More Relevant

How to Make Your Social Media Campaigns More Relevant

Social media is a powerful tool for businesses of all sizes. It allows you to connect with customers and followers in a way that was never possible before. However, it's important to make sure your social media campaigns are relevant to your target audience. Here are...