By building a successful business, you can create something that supports yourself, your family, and your community. At the same time, business is extraordinarily complicated. Unfortunately, many new entrepreneurs make avoidable errors that undermine their success. Here, our Atlanta business consulting team highlights four of the most costly mistakes that new entrepreneurs make and explains how a consultant can help you avoid them.
1. Too Many (or Too Few) Founders
In some cases, new businesses run into problems right out of the gate. A core issue that impacts many new companies is having too many (or too few) initial founders. When there are too many founders based on the size, scope, and initial aspirations of the business, it can be difficult to get everyone on the same page. Alternatively, when an entrepreneur does not have enough help in the early stages of development, it can be difficult to get things up and running.
Solution: As you are in the initial stages of founding a new business, an experienced consultant can help you ensure that you have the right ownership structure in place.
2. Forcing an Idea Without Enough Research/Planning
Many business ideas sound great on paper. Of course, a general idea—even a great one—is rarely enough to build a successful company in today’s hyper competitive market. Proper research and proper planning is essential. Too many businesses fail to get off of the ground because they do not have a plan.
Solution: A business consultant can help you and your partners put together the in-depth business plan that you need to put your company in the best position to thrive.
3. Lack of Attention to the Finances
Business is primarily about people—but the numbers also need to add up. In the early stages of business development, too many new entrepreneurs do not pay enough attention to the finances. You need to make sure that your company has an adequate source of funding, strong bookkeeping practices, and a well-organized system in place.
Solution: A business and accounting professional can provide the cost-effective and reliable financial/bookkeeping services that your company needs.
4. Waiting Too Long to Seek Help
Sadly, a significant number of businesses fail within 12 months of their launch. The Small Business Administration (SBA) estimates that nearly one in every five new businesses will not make it past the first. Early intervention is one of the keys to building a successful business.
Solution: Do not wait to seek help from a business consulting professional. It is a time-sensitive matter. If you have questions or concerns, get in touch with a business consultant right away.
Schedule a Confidential Consultation With a Business Consultant
At Suivant Consulting, we are driven to help entrepreneurs start-up and scale-up successful businesses. Avoid costly mistakes by working with a skilled business consultant. Call us now or send us a direct message for a confidential consultation. We provide business consulting services to business owners and entrepreneurs in Atlanta and throughout the surrounding region.