A new year brings new energy and new dreams and starting a new business is exciting.

Building a business from a dream is one of the most difficult things to do, especially if capital is limited.

Entrepreneurs must focus on the list below to avoid the most common mistakes that put start-up businesses, out of business.

  1. Cash flow management is key and it is the most common reason why new businesses fail. You need to know where every rand is coming from and where every rand is spent.Establish a budget and stick to it, if you don’t manage your cash flow according to the budget, you will soon hit a brick wall.
  2. Fixed overheads must be kept as low as possible, as high overheads can easily cause a new business to bleed capital that should rather be allocated to growth opportunities.
  3. Location of your business is key as customers want a pleasant and convenient shopping experience.
  4. It is very important to determine whether the customers are ready and available for the Product and Service you are focusing on to build your business on.
  5. Focus on attracting Customers, without customers, you have no business.
  6. Remain Positive and Focused while building your business. If you don’t believe in your business, how can your customers? A new business requires at least 10 000 hours to establish itself in the market.
  7. Get yourself a successful Mentor that you can copy and learn from. Remember your habits will ultimately determine your success. We at GBG Auditors are privileged to work with many successful clients and identify the habits that ensure success.
  8. You must have Financial goals as these keep you focused. Break these goals down into smaller goals to constantly keep you motivated.

9. Employ an Expert with appropriately trained staff to take care of your administration as your business grows. I believe GBG Auditors has excellent staff and should be your first port of call as “Your Trusted Source of Knowledge”

10. Reality is important, the business must be able to afford you. It is better to have a good job than a business that can’t pay you what you are worth.

Good Luck with your new business.