Common small business slip-ups
Look, everyone makes mistakes – its human. There are however, certain things you can do to minimise making these mistakes, such as reading these helpful tips on what not to do:
Don’t hire the wrong people.
The biggest mistake small businesses face when hiring staff is hiring unqualified or inexperienced friends or family. Hiring unqualified or inexperienced people means you are more likely to annoy them by micromanaging and most of the time, they wont appreciate it. Aim to build a solid team early on, and try your best not to give them any reasons to quit.
Don’t forget to outsource.
You need to take a look in the mirror and tell yourself; ‘I am not a financial advisor’, and then hire someone who is. Mistakes you may make could cost a lot more than outsourcing to a professional in that field. Focus on what you are good at; it got you this far, so don’t throw it away by not delegating tasks that aren’t in your repertoire.
Don’t fail to plan.
A business strategy to achieve a goal, which includes a budget and marketing plan, is absolutely vital. The goal will inspire, the strategy will achieve and the budget will enable you to succeed. Jumping in without a plan is a recipe for disaster, as often when you are making a plan, you see tweaks that you otherwise wouldn’t have come across.
Developing a plan based on what you think, and not what the customers truly desire will not get you far. Collect suitable research and data from your customers especially, will assist in your business’s growth and market potential, as their needs are always fluctuating. This will enable you to grow a solid clientele base of loyal customers.
Don’t grow up too fast.
Spending above your budget to grow may seem like a good idea at the time, but no one can predict the future. Short-term success doesn’t equate to a long-term stable solution. Keeping a close eye on income and spendings is essential, as being a small business, plus a start up, automatically puts you in the deep end as it is.
Further underpricing of your services will also set you up to fail, as sometimes the desire to win over your competitions’ customers is too big to ignore. Don’t! You will come across as not as good as your competition, and set your business up for failure. Do your research and stick with your calculated price, as recovering from underpricing is a tough thing to do.
Don’t be afraid of technology.
Software these days are incredible for taking care of certain aspects, such as bookings(!) or your accounts. They can work more efficiently than any employee ever would (yes including you) and save you a heap of dosh. Some software (such as ours) can even be a promotional tool for your business, marketing your deals and offers. You do still need to consider other types of marketing, as business won’t knock on the door unless you provide the address, so to speak. Ideas include social media, email campaigns, newspapers, Internet, radio and even word of mouth will do.