50 Ways NOT to Start and Run a Business

Plan to fail if you;

1. Don't research the market you wish to enter
2. Don't develop a business plan
3. Don't create a business model
4. Don't adjust your goals and plans as you move forward
5. Don't create  3 year revenue and expense projections
6. Don't understand the meaning of Cash Flow
7. Don't create a budget and stick to it
8. Don't keep receipts for every purchase no matter how small
9. Don't keep good records
10. Don't set money aside for tax payments. GST, PST, Income Tax
11. Don't learn what is deductible and what is not. Accountants are not babysitters
12. Don't set up a good bookkeeping system with the help of a good accountant
13. Don't avail yourself of a good insurance agent
14. Don't have insurance covering yourself and your key employees.
15. Don't have business interruption insurance 
16. Don't treat people as you would like to be treated
17. Don't listen to good advice from peers
18. Don't listen to your customers and clients
19. Aren't prepared to go all out to satisfy an unhappy client or customer
20. Don't consistently check your revenues against your expenses
21. Don't pay your suppliers on time
22. Don't contact your suppliers if your cash flow has slowed down and you need an extension
23. Don't keep a journal and jot down ideas as they come to you
24. Provide a product or a service no one wants
25. Let your ego take over and ignore good advice
26. Get married to your idea and don't listen to people offering ways to improve upon your idea
27. Are arrogant and unbending
28. Stop learning because you know it all
29. Hire relatives and friends to save money instead of qualified personnel 
30. Aren't  prepared to work long hours
31. Aren't prepared to learn how to work smarter
32. Don't take courses to improve your knowledge
33. Don't join groups who can provide referrals
34. Aren't prepared to network
35. Chose cheaper materials for your products to save money
36. Cut back on advertising and marketing during busy times. 
37. Don't take your accountants advice
38. Don't do your research on what is the best bank for your business. Not all banks are alike
39. Don't keep money aside for a rainy day.
40. Are not prepared to negotiate deals. Therefore give up something to get something
41. Don't learn to bargain
42. Don't become web savvy. 
43. Don't take the time to learn more about marketing in the 21st century
44. Don't use your family in the business to create additional tax benefits.
45. Don't become tax smarter
46. Don't read, read and read more about your industry and your clients industries
47. Don't subscribe to influential trade magazines in your business
48. Don't manage your time efficiently
49. Are late for appointments, particularly with clients
50. Don'r recognize good employees for their handwork and diligence

These are listed in no particular order of importance but do cover many of the reasons businesses fail. The old saying; "if you fail to plan, you are planning to fail" is as true today as when it was first stated by Benjamin Franklin. 

IN THE IMMORTAL WORDS OF THOMAS EDISON: