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Business is one of the delicate things you can do . It involves a lot of thinking . Most people will own a business in the course of their lifetime . And one thing about business is that it involves competitions in order to survive. It involves competition because of the aggressive and determined nature of your competition . In order to simply survive , you must encourage yourself to be equal or better than your competitors . After all , your competitors get out of bed every morning and they are thinking on how to put you out of business .

They are always thinking on how to take away your customers . Because of these and others , you must avoid business mistakes that will lead to your failure at all cost . There are some small mistakes that small scale business owners make that lead to their failure . Now , what are these mistakes ?

FINANCE : It says a lot about your success and failure in business . Small scale business owners have failed to understand the principle behind financing a business venture . You will see some small scale business owners spending both their profit and their capital and they would be expecting miracles to happen . Some don’t know how to manage the financial aspect of their business . They only believe that spending some part of their capital is part of their gain . People that have this view ends up in failure in their business. Their business tends to fold fast as they don’t have a set goal for their business.

PROFIT AND LOSS : This is yet another tool that leads to failure in business . Some business owners don’t know how to calculate their profit and loss for a day . They don’t believe in keeping a detailed records of all their sales in a day. Now , how would they know their profit and loss for that particular day or for the rest of the week ? if as a business man or woman , you don’t have a record of all your transactions for a day or week , how then will you determine your gain or loss? .It is only when you know your gain and loss , that is when you will know if you are progressing in your business or not .

BRANDING : This is the way you present your product to the public where it will be easy for people to recognize and identify it . This is another thing that small business owners overlook . They think that it is not necessary to brand their product to their end users . They don’t know that branding of their product will boost their sales and income . Branding of your product will make your product accessible to everybody .

PACKAGING : Some mistake this tool for branding . Packaging is different from branding . While branding is the way people will recognize your product , packaging is the way that you cover your product , the packs you used in covering them , how they are designed . Packaging your products very well in a way that it would be attractive will boost your sales .

TIME : This is yet another thing that people don’t value in their business. Effective time management will always help your business to grow. These is also one of the things that small scale business owners pay less attention to . They don’t have time to look inward into their business and know some corrections or some values they need to add in their business . If you cannot mark out time and study the sales you make and what your target customer say about your product , then failure is knocking at your door . Majority of successful business men and women today invested a lot of time in their business for them to be successful .

Other mistakes that some business owners do is : - Not developing a successful mindset for their business . I have discovered that people that failed in their business failed as a result of not having a positive mind set about their business . They give up even when they still have hope in themselves to be successful in their business .

Others include ; investing in a location which their business will not thrive , investing on products that is more or less in need by people , becoming pessimistic about their product , procrastination ,quitting when there may still be hope etc . These things and many more lead to failure in business .

Lastly, be optimistic about your business no matter how little it is . You can turn that your small scale business to a business empire . Note that all business start-ups require a high level of optimism . You have to believe in the future of possibilities of your business along with your products and services . Be confident about your products and be willing to take financial risk . Invest many hours , weeks and months into your business so as to achieve your business objectives and goals . You must do this and some other things in order to grow in that your small scale business . Avoid some mistakes that will land you to failure and success will be yours.



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