With a lot of investment, one also needs the courage to start a business from scratch and run it smoothly. It is much similar to parenting. You have to manage everything from top to bottom. Running a small business is one of the hardest but most rewarding things a person can do. If a startup founder tells me “I sleep just for 4-5 hours a day”, I won’t be shocked to hear. From creating a blueprint to set protocols, everything is built by them. And obviously, they are humans too. Owners do make mistakes, no doubt “unintentionally”. Without considering the reasons behind these mistakes, one wrong decision can induce your business a huge loss. Thus, one must be aware of what mistakes are possible. I have written this blog to highlight a few mistakes that are made by small business owners.
1. Considering Cheap Options
Business is about spending the right amount of money, in the right place, at the right time. But business owners often want and try to save money by considering cheap options when and where possible. A business before its startup should be carefully planned and accordingly the investments should be made.
2. Not Making a Viable Business Plan
You must have heard of:
A Goal without a Plan is a Wish..!!
Yes, without building a plan, success becomes more challenging. Even a vague plan is better than a no plan at all. Your vision sets the right foundation to build around, without it you will have a very hard time fixing the next mistakes. As a business owner, it is your responsibility. You arm yourself with data, as much of it as you can and from there you decide where your business needs to be, how you will achieve getting there, what targets you need to meet and how you will communicate that to your team.
3. Not hiring the right people for the right job
Hiring the right people gives you productive results and helps to grow business. Also, it saves money. If in any case, you have to replace them, then there is another added human resource management expense.
4. No Employee Accountability
In order to achieve success, you also need to monitor employee’s performance to grow your business. You need to judge whether the hired employees are suitable for your company or not. Managing employee performance and how work is done is a key to your organization’s success.
5. Neglecting Customer’s Feedback
You should not neglect the comments or feedbacks received on social media or sites. You should welcome negative comments as well. This will let you know what and where actually you need to improve. Try to see things from a customer’s point of view and use what you learn to change things. Your customers are the ones who see the best and worst aspects of your products and services. Find ways to reach out to them. It’s easy to set up free online surveys. Offer an incentive for them to complete it, maybe enter them into a competition to win a voucher.
6. Excessive Humility
As an Owner, Learn to say NOOO..! If you are a monk or a teacher, being humble is fine, but, it is a big no if you are in a higher authority or in sales. By saying no, I did not mean that say it bluntly. You should say no in such a way that the opposite side does not feel offended.
For example, I liked your Offer, but sorry this is not suitable for my business at this time. We will contact you whenever we are up with this plan.
7. Poor Marketing Techniques
Marketing plays a vital role in running your business. A small business needs to develop a brand and marketing strategy in order to provide their customers a clear expectation of what their business can offer. Make new customers, maintain a frequency and publicize the updates to existing customers. Use different social media platforms for marketing and other digital marketing techniques like SEO, Social Media Marketing, Email Marketing, Google Adwords etc.
OVER TO YOU:
Is something left to be discussed as the mistakes which are made by small business owners unintentionally? Please share in comment section below.