How impactful would it have been if someone gave you a “to do” list before you started your company, a list that would have guaranteed you great success?
As a small business owner, chances are that you have a lot of things happening all at once. With so much going on, it is easy to lose sight of some of the fundamentals: mistakes that, if repeated, can have significant consequences on your business in the long run.
Here are six of the most common small business mistakes and how you can avoid making them:
- Do get feedback from customers
Your customers are a perfect group to get feedback on how you should grow your business. Getting to know your customers is the only way for you to learn what they want. Their feedback will give you a clear headway for your business. You will discover what products and services your customers want.
- Do have noble intentions.
For your small business to succeed, you should be transparent and noble in everything you do. Don’t try to manipulate your customers or have any hidden agendas, as this will come out eventually, and you may have a crisis on your hands. If something is not in the best interest of everyone, including your customer, don’t push it. Be the business your customers come to and feel comfortable with, not the other way around.
- Do have a solid plan and measure your progress.
Where do you want your business to be in five years? How will you monitor your progress? The most successful businesses have a concrete medium-term plan and track progress with multiple business performance metrics.
To succeed, you must be very intentional about setting goals, taking steps to further those goals, and tracking your progress.
- Don’t rush the hiring process.
As your business grows, you will likely need to hire more employees. However, you should not rush the hiring process to fill positions. If you rush the hiring process, you might hire the wrong people.
Before hiring, make sure you know what position you want to fill. Create a job description and list the required skills and qualifications. You might think the job description is only to attract candidates, but it also helps you narrow down what you are looking for.
A bad hire can set you back. Don’t invest your time in someone unsuitable for the job or who will leave quickly. Waiting for a suitable candidate is worth the while.
To read more about mistakes to avoid when hiring employees, read this article.
- Don’t mix your business and personal finances.
Many small business owners are tempted to mix personal and business expenses while running the business. Many small business owners may not even get a fixed salary during the startup stage, so everything overlaps.
You want to separate your business and personal accounts into buckets right from the start. That helps you paint a clear picture of your financial records as your business grows.
- Don’t take your employees for granted.
A good employer considers that their employees have personal lives that they must respect.
Offer competitive compensation, good benefits, and, most importantly, an ear when they want to vent about a professional or personal issue. They are people, and they all want to put in their best. You are responsible for providing favourable environments that allow them to thrive at work.
Finally, what you do and don’t do matters a lot. As your small business owner, your actions or inactions can make or mar your brand in the long run. By using these tips, you are positioning your business trajectory for immense growth in the coming months.
Just like you aim to be the best at what you do, Dukka is the best at what we do – Bookkeeping and payments for small businesses. At Dukka, we put all your bookkeeping worries to rest. With the app, you can manage your inventory, keep customer records, monitor your business performance, and enjoy seamless reconciliation of your business account, all for FREE. Why don’t you download the Dukka mobile application to get started?
