So, you have made the decision to take the big step to start your own company. As you may have found out by now, the initial steps have proven to be tough, but you believe you’re up for the challenge. From validating your business idea to ensuring you had enough operating capital, you think you’ve covered your bases as you prepare to launch your new company. To make sure your dream venture doesn’t turn into a nightmare, you need to avoid common business-building missteps. Ensure you’re not making the following five mistakes if you want your company to survive and thrive.
Too many business owners fail to consider customer feedback when purchasing products. They listen to sales representatives offer their latest wares and opt for product lines based upon newness or discounted wholesale prices. If you ask, your customers will tell you loud and clear the types of products they are looking for; you just have to be savvy enough to listen to the questions they ask and the feedback they give.
Another misstep business owners often make is not having a firm customer acquisition plan in place prior to launching a new company. Customers will not just magically find your business or hear about your company through word-of-mouth from their friends. You need to have a solid plan in advance if you want your company to succeed. From Twitter outreach, to Facebook ads or content marketing, it is essential you know how you will acquire new customers, and how you will retain the ones you have.
Distraction can be a business killer. You can get caught up in a myriad of tasks like attending conferences or networking with your lo
cal business community and forget to attend to the basics of running your business. If customers are not continuously putting money in your till, your business isn’t going to succeed over the long haul. Don’t let distraction derail your business plans; focus on the needs of your customers to ensure long-term success.
Although it might seem obvious, business accounting is crucial. It is all too easy to overlook the basics of ensuring accounts payable are completed on time and receivables don’t get out-of-hand. Accounting 101 means revenues should always be more than expenses; if your company isn’t generating enough profits to pay all expenses in a timely manner, it might be time to rethink the viability of your business.
It might seem counter-intuitive for business growth, but taking time away from your company to regenerate your energy is crucial. Many business owners have burned out and lost interest in their company simply by working too hard. If you can’t take time off to recharge physically and mentally, why are you running your company in the first place? The whole point of building a business is to be successful enough to live a better life.
Embracing your inner entrepreneur and building a successful business is a brave leap of faith to be admired. Not everyone has the gusto necessary to make such a scary leap. Don’t let simple mistakes rob you of the business growth that was yours for the taking if only you had been wise enough to not overlook the basics.