4. Poor Management:
Many reports on business failures cites poor management as the number one reason for failure. New business owners frequently lack relevant business and management expertise in areas such as finance, purchasing, selling, production and hiring and managing employees.
If you personally do not have the experience in the industry, hire someone that does have that expertise. You should also begin looking for reliable, trustworthy people who you can bring on board to help from the first day of starting your company. To make sure you are staffed efficiently, ask yourself… are you doing the administration work when you should be out selling your business? Can you be out of the office and trust that your business is running efficiently?
Amy Mazigian is branch manager at U.S. Bank Bismarck North.