Read about three common business mistakes that can hold you and your company back from reaching your true market potential.
Karl Stark and Bill Stewart, co-founders of Avondale, present three common business mistakes in Inc. that have scuttled great ideas and companies in the past. “If you identify the factors that are limiting your business’s success, you may generate new ideas about how to earn a better return,” they write, and list the three “key inhibitors” as unchangeable circumstances, lack of milestones, and a lack of follow-up.
Stark and Stewart warn against inflexibility with their first point, saying that “opportunities always exist, even in difficult circumstances.” Milestones are important to a business’s success, as they are the metrics that “let us know we are heading down the right track.” The two cofounders also stress the importance of reevaluating business plans on a regular basis to keep up with new personnel, new milestones, and new facts. “An unsuccessful business could be doing nominally well but be missing huge market potential,” Stark and Stewart remind you, so be sure to avoid these business mistakes and capitalize on your potential.