If you are a business owner, you will know that ‘business owning’ can sometimes be a minefield and a steep learning curve! If you are a brand new business owner, or thinking of setting up your own business, here are some common mistakes people make in business so you can avoid them. Let’s get started:
Not Making a Business Plan
This is possibly the most important point on this list which is why I have included it as the first one. Your business plan is the blueprint of your business and details what you are going to do, why you are going to do it and exactly how you will get there. Not having this important document behind you can cause you to lose your way, go off track with your business and even get turned down for finance.
My Top Tip: Allocate 3-4 hours of focus time in creating your Business Plan. There are lots of different templates you can download online but make sure that you take your time in putting this together. I did for my business and the one thing I have learned is that your business plan is always evolving. Maybe even put a date in your diary each week/month to ensure you are on track.
Not Utilising Online Marketing
Online marketing is crucial for businesses in the digital age and not utilising this means your business will get left behind as technology (and other businesses!) move on. Even the basics of online marketing can be learnt by someone with no experience at all and will stand you in good stead as you get your business up and running.
My Top Tip: Identify your target audience. What platforms/channels are they using? Where is your ideal client likely to be online? Answer these and then market your business online. If you need some help, scroll to the bottom of this blog to book in a time with me.
Not Crunching the Numbers
Not all of us like numbers or know how to crunch them, but knowing the numbers in your business is vital for success and ensures you will recognise how, why and where your business is growing in revenue over time. If you really can’t take care of this yourself, please get someone to do it for you!
My Top Tip: I love a spreadsheet. I never used to because numbers and maths are not my forte. Everyday, I look through my spreadsheet and update it. I like to keep a track of revenue and expenditure on a regular basis because this is when I can really see (and forecast) how my businesses are going.
Trying to Go it Alone
I salute anyone who can start, maintain and grow a business single-handedly but, for most of us, it’s just not possible. A good team around you can work wonders for productivity and give you a much-needed break from your business when you need it. If you aren’t ready to hand over the reins just yet, then outsourcing tasks can be a lifesaver in the long run.
My Top Tip: Get the right people in to do the right jobs. You would never pay a carpenter to service your boiler! I have an excellent accountant in Ian Critten who helps me massively. I also have a VA (Virtual Assistant) in Marina Hilton who helps me with my day to day tasks. My designer is Joe Kierman at Fen Creative who helps me with some of my design work and for my clients too + I have an excellent team who help me with the day to day running of my clients social accounts.
Not Learning from Mistakes
Another important one on this list is not learning from your mistakes. I have recounted some mistakes here for you but if you don’t learn from your own mistakes and keep making the same ones over and over, this could mean the end for your business. It’s important to honestly assess your business regularly and see what is working and what isn’t.
My Top Tip: I have made mistakes. In fact, I’ve made a few but the most important thing is that I have learned from them. I have also accepted that I will no doubt make some more mistakes in the coming months/years but that is ok. A mistake is an opportunity to analyse and breakdown how you can do things better next time.
If you need some help planning your next venture, getting a business off the ground or maintaining your day to day marketing processes, I am well-placed to help. Just book a time in my diary for a free, no-obligation call with me and we can talk over how I can best help you.