By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Youth Village KenyaYouth Village KenyaYouth Village Kenya
  • Home
  • Education
  • Employment
  • Entertainment
    • Celebrity News
    • Celebrity Interviews
    • Sports
    • Fashion
    • Politics
    • Tech
  • Opportunities
  • Health
  • Contact Us
Search
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Reading: Small business mistakes
Share
Sign In
Notification Show More
Font ResizerAa
Youth Village KenyaYouth Village Kenya
Font ResizerAa
Search
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Youth Village Kenya > Blog > Business > Small business mistakes
Business

Small business mistakes

Editor
Last updated: 2023/10/25 at 6:11 PM
Editor
Share
2 Min Read
SHARE

Here are the main reasons why so many small businesses fail in the first few months. Learn to recognise these eight common pitfalls and give yourself a better head start.

small-business
Lack of aims and objectives: The owners of the business did not set up or identify their business (or personal) aims and goals. How do you know it’s going in the right direction if you didn’t decide on a direction in the first place?

Poor marketing and market research: Not finding out enough about the target market, and not telling potential customers about the business. If there aren’t enough potential customers in the first place, the enterprise is doomed from the beginning. And it doesn’t matter how good you are if nobody knows you exist.

Too much start-up capital expenditure: Spending too much getting the business up and running makes it difficult to pay back the loans that were taken out. This is especially bad when the business is just getting going, before there is an established customer base.
Wrong location: It is essential for a new business to be in a convenient place for its customers, otherwise it will lose out to competitors who have better locations.

Cash flow problems: This is due to bad management of cash coming in or going out.
Lack of management skills: Little or no management experience leads to loss of financial control. Brilliant ideas will go by the wayside unless they are partnered with these other skills.

Bad planning: A business needs detailed plans for both the short-term and long-term future. They will show what the priority areas are, and when to act upon them.

Accounting and monitoring ignorance: An understanding of accounts and accounting procedures, however basic, is required to keep things afloat. These things do not take care of themselves. It is also important to be able to monitor performance, to make sure that the original targets are being met.

You Might Also Like

Build a Powerful Online Presence with Paid Article Placement in Kenya

Corporate Governance Scores Drop Among Kenyan Companies, Says CMA 2023/2024 Report

Botswana Businesses Relaunches as the Premier Resource for Entrepreneurs and Business Leaders

10 Things You Should Know About Tom Gitogo

10 Things You Should Know About Peter Ndegwa

TAGGED: Entrepreneurship

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Editor October 25, 2023 April 24, 2013
Share This Article
Facebook Twitter Copy Link Print
Share
Previous Article Questions to ask before buying a business
Next Article Reading books is important
- Advertisement -

Latest News

Michael Njenga Shares Emotional Journey of Recovery After US Hospitalisation
Breaking News May 8, 2025
Pritty Vishy Flaunts Impressive Weight Loss After Ozempic and Gym Commitment
Entertainment May 8, 2025
Bahati Shaves Off 10-Year-Long Dreads After Arsenal’s Defeat to PSG in the Champions League
Entertainment May 8, 2025
Youth Bunge: Empowering Kenya’s Next Generation of Political Leaders
News May 8, 2025
Dorea Chege Responds to DJ Dibul Cheating Rumours Amid New Motherhood
Celebrity News May 7, 2025
Nadia Mukami Embraces Sugar-Free Lifestyle in Inspiring Weight Loss Journey
Life Style May 7, 2025
Khalif Kairo Opens Up About Jail Experience After Release: “It Was Very Tough”
Life Style May 7, 2025
Jamal Rohosafi Sparks Buzz After Introducing New Woman Amid Wangari Thiong’o Breakup Speculations
Life Style May 7, 2025
- Advertisement -
Follow US
© 2023 Youth Village Kenya By Nine80 Digital Media
Welcome Back!

Sign in to your account

Lost your password?