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There are many instances where it has been witnessed both multi-million profit making and some small businesses crumble due to various reasons. When I hear of such stories I ask myself why. When pondering on this question, I decided to research so as to get to the bottom of this. These are some of the answers that I got. Lack of a business plan; as it is commonly said, ’If you fail to plan, you plan to fail’. This statement is what applies to entrepreneurs who operate without a business plan. They consider the capital they have to be greater than the planning of the business. They run a business without a real direction and this causes them to fail in sustaining the company they have started. Lack of proper knowledge concerning the business they have started is another mistake committed by entrepreneurs. When one wants to start a particular business, whether big or small, he or she must make sure that he has acquired proper and enough valuable knowledge on how the business operates. This will enable you to run the company with some ease, as it is written, "my people perish for the lack of knowledge and wisdom". Ask yourself this question, between the business and you who is the boss? For you to ensure smooth business operations, you must have a proper answer to this question. The correct answer is that your business is your boss and you are its servant and not vice versa. If you understand this, you will be subject to your company and you will succeed in managing it. Record keeping is of great importance, you must make sure you record every transaction made. This way you will be able to determine and calculate whether you are making money or not. Stephen is an Business Organizing Expert . He researches and studies on big and small business strategies . Visit his informative website at:- Business Management Solutions for efficient business operations.
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