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Business strategy
Common errors that can hinder the expansion of a new business
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[QUOTE="Johnson2468, post: 287550, member: 93261"] [B]Failure To Produce A Well-Conceived Business Plan[/B] A business plan is a list of objectives you wish to accomplish together with the specific steps you'll take to do so. You can start by using one of the many free templates available online, but you can also create your own if you think it would be more appropriate for your company. [B]Employing the wrong people [/B] You'll soon need to hire some staff as your company expands. The initial applications that come across your desk may be simple to choose, but it's crucial to search for candidates that you can picture serving in management or supervisor roles in the future. You can start looking for people with more specific skill sets once your company has a few key employees so you can keep expanding your staff. [B]Disregarding customer feedback[/B] The key to your success lies with your customers. They matter more than your work ethic, vision, or product. Regardless of how excellent you believe your product or service to be, if your clients aren't satisfied, you won't be successful. Even when a consumer is difficult to deal with, take the time to listen to them and reply. Even the most difficult customers can teach you something, and you can utilize their input to fine-tune your business to best meet their needs. [/QUOTE]
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