Five things you may be doing that can harm your business
Establishing and running your own business is never an easy road to travel, but the rewards can be greater than anything you've ever experienced. If you’re starting out as a business owner, make sure you take into account these five things that may be hindering and not helping your enterprise.
1. You’re trying to do everything on your own
Small businesses often have budgets to match, so it’s natural for you to want to reduce expenses by doing tasks on your own. However, admin and other miscellaneous work your business requires take up valuable time and energy that you could be putting into growing your business as the CEO. For example, you can hire a book keeper or receptionist to be responsible for every day tasks that would otherwise take up the majority of your day.
Your expenses will grow, but by hiring people to help in the short term, your business can grow more quickly and, thus, make back the money you’d be saving by trying do every job yourself.
2. You’ve hired people you know
This is a common error made by numerous new business owners. While it’s exciting to share a dream and vision of opening a business with someone you’re close with, the reality is that the day-to-day running of a business (especially in the early stages) is one that is fraught with obstacles. Starting a business with a close relative or loved one shouldn’t be something entered into lightly. The stress and hard work can affect your personal relationships negatively, which in turn, affects the business.
If you’re picking a business partner or hiring someone, think about what the position itself needs and try to find someone who can fulfil that. Working with someone you don’t know and who doesn’t have any preconceptions about you, creates an easier business relationship where you can utilise your own specific business acumens and not worry about offending each other.
3. Sticking to one concrete plan you think is correct
As a small business owner, you should be constantly on the lookout for new and innovative ways to achieve goals. This is because the business world is always evolving, along with what people want and how they wish to access goods and services. Every industry will experience developments with regards to customers, services and marketing.
The upside is that most of the information you need is at your fingertips, even though you’re a small business. Take the time to research your industry and marketing in general by following relevant blogs, social media accounts and online publications. This way you can stay abreast of trends that may affect your business.
4. Not making sure your marketing is complete
The importance of marketing your business is paramount. This is why you need to ensure your marketing plan is complete with a few key points. These include:
- Knowing your product and making sure your staff do
- Knowing who you want to target
- Setting marketing goals
5. You business needs you or it can't survive
Your business is nothing if not your pride, joy and sole responsibility. However, if you’re spending too much time working in every aspect of your business as mentioned, you’re not working towards the larger picture. This involves you expanding the business, which means you cannot be there 24/7. In addition, you may be thrown curveballs where you may have to take leave or you may need to go on business trips. This means that while you build your business, ensure that you’re creating one that can survive without your presence and evolve naturally.
With these key points in mind, your business can grow and achieve what it needs to without making these common errors.
Featured image: Unsplash