07 Jul '11, 6am

Tips To Avoid Business Failure

The mantra, “go with the flow,” is not conducive for business success. Don’t wait to figure things out. Plan ahead, make contingencies, and stay disciplined to your strategy. Often times, businesses that get off the ground find new opportunities, new directions, and new possibilities that are tempting to take. This is where many businesses end up crashing. Taking on new risks without planning for that risk is a formula for failure. If a new opportunity is not part of the original business plan or a contingency plan, taking on that extra risk is probably not worth it. Note that a good business plan will also include possible opportunities in the future and the process to assess these opportunities. Planning isn’t everything, but it sure helps to know where you’re going.

Full article: http://www.youngupstarts.com/2011/07/07/tips-to-avoid-bus...

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