Avoiding costly errors in your business is as important as making the right moves. Before you can avoid those mistakes, you need to know what they are.
Failure to Plan
The first type of plan that you need is a business plan. You’ll have to have this if you are seeking loans or investors, but even if you aren’t, putting everything into writing can help you see more clearly where there may be weaknesses in your ideas. For example, you might realize that you have put very little thought into marketing or you aren’t really aware of the competition. Beyond this, other planning is important as well. You should have short, medium, and long-term goals for revenue and other aspects of your business.
Not Giving Your Employees What They Need
Business owners do not provide their employees with the tools they need to do their jobs for a number of reasons. This might be because they do not know what their employees need or because they are trying to save money. However, employee morale will suffer if people are struggling to do their jobs well, and the right software and other equipment will ensure that everyone is able to perform more efficiently. A good example of this is using telematics for fleet management. Having vehicle diagnostics can help ensure that your fleet is maintained and your drivers are safe. Superior to mere GPS tracking, fleet telematics can provide you with a wealth of information that you can use to improve overall performance. Talk to your employees about their challenges and see if you can find solutions.
Too Few Financial Resources
It can be thrilling to start a business on a shoestring, and not every type of venture needs a lot of money to get started. You can also put off getting your business underway for far too long with the excuse that you’re waiting until you have your financial ducks in a row. But beware of common easy money mistakes that could be holding you back. Additionally, it can be a mistake to launch your business without the necessary financial resources and without having a plan for how you might get additional funding if you need to. Cashflow problems can mean that you make poor decisions that are to the detriment of your business. Have the money that you need to get started, and have a plan B and even a plan C in case you need more money.
Not Marketing Online
You may think that you don’t need an online presence, but nearly every business does. Marketing poorly online is as bad or worse than not doing so at all because you could actually damage your brand. If you aren’t comfortable with online marketing and social media, you may need a social media consultant who is. At minimum, you should have a web presence that answers basic questions potential customers may have quickly: who you are, what you do, where you are and what your prices are. If you’ve ever gone to the website of a restaurant you were interested in only to find they didn’t have any kind of menu posted online, you know how frustrating it is when a company has an inadequate web presence. Try to put yourself in your customers’ shoes and think about what they may be looking for.
