7 Common Mistakes Small Business Should Avoid

Introduction thoughtsSmall and new businesses have a major disadvantage – they have a lot of catching up to do with established businesses in the industry.

Therefore, every step taken by them should be based on logic and a clear understanding of the industry they function in.

1. Leave your ego at the door

“Despite common perception, one of the biggest roadblocks to good results isn’t a lack of information or skill, it’s a leader’s inability to put aside his or her ego.

If you want to be successful in starting a business, invite input and keep an open mind. If you can do that, you’re much more likely to do what’s right for your business.”

““If you fail to plan, you are planning to fail”

It doesn’t matter if you take a couple of weeks or months to arrive at a strategy document. The key here is that you have a document that serves as a roadmap to drive your company

forward.

2. Spend time planning

3. Having a poor online presence

“We live in the digital era. It is important that efforts are made to strike a chord with online audiences.

Make sure you have a primary website while pursuing followers on social media at the same time.”

When you’re small, every individual can have a disproportionate impact on your business.

You will have to scan the market to shortlist the right candidates who are willing to join your company’s journey towards further greatness.

4. Don't hire too quickly

5. Focus on raising sufficient funds

It’s important to become financially self-reliant. Approach family, friends and outsiders to invest in your company.

Don’t rely on profits alone. It’s a big mistake committed by a lot of small businesses.

6. Pay attention to existing customers

Existing customers are often a neglected lot. Most offers and discounts are geared at new customers. The older ones have to shout loudly to get their voice heard.

Do you have a strategy to keep existing customers happy and faithful to your brand?

7. Launching new products or entering new markets at the wrong time

Finally, we come to the most important mistake committed by small businesses. They often think of expansion or new product launches immediately after a success.

This can have disastrous consequences if not planned well. Rely on thorough research before you start thinking of newer horizons!

hello!IAM Susan Smith

You can find me at:@susansmith012

Or email: susans{at}promodirect.com

References:http://blog.promodirect.com/2016/05/small-business-mistakes-to-stay-away/

https://www.entrepreneur.com/article/252775