No one is perfect and neither is your business, things will never be one hundred percent smooth and you will make mistakes; while some mistakes are inevitable to foster the learning process, nonetheless, there are a few costly mistakes to avoid as a small business owner. This is one of the main reasons why mentors are important as they guide the way based on their experiences.
Here are three costly mistakes to avoid as a business owner at the starting line.
Don’t Execute Without a Plan
Whether it is your passion or you are in for the dollars, success and sustainability are not possible without a plan. Business is not the place where you just go with the flow; there must be a vision for the business and this must be layered into goals and objectives which guide your team on a day to day basis.
No Man Is An Island, No Business Stands Alone
You may be a sole trader but do not be mistaken, you cannot do it all by yourself. Running a business requires collaboration, communication and some form of togetherness. There are so many functions to anchor and undoubtedly there are times when you will be overwhelmed and crave support. Not only is it an attempt at failure to try and be a superhero, but it also restricts ideas from others which will help to inspire creativity for the growth of the business.
Making Assumptions About Your Target Group And The Industry
Research is of paramount importance. Many entrepreneurs don’t even make the time to understand these key tenets of the business. It does not matter if your business is your passion, there is more that needs to be done. The business’ purpose is to meet a need, therefore you must understand that need and those who are affected in a sufficient manner. While knowledge gaining is continuous, having a base will help you to make decisions that will benefit the customer and the business. Spend time to research the profile of your target group and the structure of the industry. With this knowledge set, you will be able to position your business differently and operate from a more impactful space.