Fatal Mistakes New Business Owners Make – Part 2
In part 1 we covered some of the mistakes new business owners make. We know that jumping right into a business, ignoring the market, and not knowing how to assess the value of your product, can be fatal for new companies but that’s not all that you need to worry about it. Here are some other mistakes that you want to avoid for your business to succeed:
Not Having Goals
If you don’t know why you’re doing what you’re doing, chances are you’ll be going nowhere. Goals need to be set well before you start a business. In fact, they should be part of your initial business plan. Setting your key objectives might be hard but it’s definitely what will keep you from failing or losing sight of where you should go. Keep in mind that everyone involved with your business should be aware of what the general objectives are. The goals that you set can benefit greatly from the expertise of all the persons in your team. Also remember that goals are not static objects, as you grow they should grow with you and if they need to be changed don’t be afraid to do so.
Not Hiring the Right People
New business owners want to reduce costs, which naturally leads them to try to do everything themselves rather than hiring a team. That’s a great solution when things are in the really early stages of planning. The problems start when the company starts getting bigger, and new objectives appear. There are only so many hours in a day, there’s just no way one single person can do everything that needs to be done for a business in a timely manner.
This one is closely related to the last point. When you hire the right people, you have to trust that they will know how to do their jobs even if they don’t do it the way that you would. Good professionals don’t like to be micromanaged, it hinders their evolution and their ability to do their best. What’s worse, if you get a reputation for being a micromanager, good candidates will start avoiding you, and your turnover rate might become concerningly higher.
Ignoring New Technology
In this day and age there’s an app for everything. Especially for things that we have might have grown accustomed to doing by hand. The digitization of businesses sounds scary and expensive but it’s necessary and can benefit all involved in the long run. While is natural for new business owners to be scared of a digital transformation they should get over their fears as soon as possible if they really want to thrive and their Industries.
Going digital means embracing the automation of a lot of processes that leave your team with enough time to focus on more creative tasks, earning the data necessary to base your decisions on facts and optimize your profit, and even discovering new cross-selling opportunities. So even if there’s a learning curve, the benefits greatly outweigh the drawbacks, and can keep your business from going under.