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Business strategy
Common errors that can hinder the expansion of a new business
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[QUOTE="Holicent, post: 290235, member: 76163"] Being able to identify and avoid common mistakes can make all the difference in the world for your new business. It is important to know what to watch out for so that you can avoid them and ensure your company thrives. Here are some of the most common errors that can hinder the expansion of a new business: 1. You don't do enough market research. You need to know exactly what your target audience wants and needs, what their pain points are, how they react when they feel like things aren't right and what they would like to see change. You also need to understand who your competitors are and what it is about them that makes them successful (or not). 2. You don't have a clear vision or mission statement. Without this, it will be difficult to figure out how you want things to look, who you want working with you, etcetera. Without a clear vision or mission statement, it will be difficult for everyone involved in the business to understand where their roles fit into the bigger picture. 3. You don't have any idea how much money you need for each stage of growth (or if there even needs to be more than one stage). There's nothing more frustrating than being forced into firing people because we didn't have enough to pay them. [/QUOTE]
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