The last thing any business wants to do is to be the cause of their own downfall purposely. However, sadly, this is the case for many small business owners, and there are multiple ways you can be instrumental in the demise of your business. In fact, there are some mistakes that can ruin your business completely.
If success is the name of the game for you, then you want to avoid these mistakes to help you ensure longevity for your business.
Not Investing In Marketing
Marketing is essential, and even if you’ve only got a tight budget, not making the most of what is available to you can be the kiss of death. Without marketing, how will people know who you are, what you do, and who are to find you? Experts suggest your marketing budget should be around 1-3% of your projected annual turnover; however, you can utilize plenty of low-cost or even free marketing methods to help you boost your marketing efforts.
Being Reckless
You need to be able to make good decisions in business. However, good decisions are based on using the right data sets and information to allow you to make calculated changes and mitigate risk. Taking too many chances, being reckless with how you run the company, or taking risks won’t bode well for your future, even if you do strike lucky once or twice. Know your information, know your capabilities, and avoid doing anything that can impact your company.
Being Lazy
Being lazy and not meeting deadlines, delivering your promises, or simply doing what you’re proposing can leave you open to lawsuits, loss of business, and a poor reputation. And all of these issues are hard to bounce back from. Whether it’s being sued for professional malpractice, breach of contract, or anything else, your company will suffer, and it’s a first-class ticket to the end of the line for your business.
Growing Too Fast
Business growth is vital and encouraged. However, it also needs to be done correctly and at the right time. If you’re biting off more than you can chew or overestimating your ability to manage your current workload and expected workload for expansion plans, then you will simply start to unravel, and you will end up in hot water. While there is nothing wrong with putting plans in place for growth, ensure you are completely ready before you move forward.
Ignoring Customers
Your customers are what keeps your business alive, and neglecting to appreciate the impact they have on your company won’t work in your favor. Ignoring feedback, not taking constructive criticism on board, or failing to live up to your possibilities regarding your customers will see people leave you for your competitors and put a massive dent in your profitability.
Thinking You Know Everything
Some level of arrogance and bravado is expected and indeed required to run your own business. However, thinking you know it all or can do everything yourself will lead to disaster before you even get out of the starting blocks. Take advice on board, actively ask for feedback and guidance, and use others to help you support what you do, be it getting legal or financial advice, outsourcing, help with recruitment, marketing, or anything else; get the help you need and don’t be too stubborn to admit you don’t know everything.
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