As a business owner, it’s important to be aware of the most common mistakes that can impact your bottom line. From not setting realistic goals to not investing in marketing, here are some of the most common missteps to avoid. By being aware of these mistakes, you can work to correct them and improve your business’ performance.
Not tracking expenses and income
It’s hard to make informed business decisions if you don’t have accurate numbers. Every single movement of funds, in or out, needs to be tracked. If you are struggling to keep your books up to date, it might be time to hire a bookkeeper. This might be one of the most common business mistakes, but it can also be the most detrimental.
Not setting SMART goals
What is your end goal for your business, and how will you know when you’ve reached it? We know that setting goals can be challenging. Goals need to be specific, measurable, attainable, relevant, and time-bound. We actually wrote a blog about how to set SMART goals and how to see them through.
Ignoring customer feedback
Brushing off customer feedback that doesn’t seem important can be really easy, but it’s not helping your business achieve its goals. Even if a customer is wrong, they might still have a valid point that can help improve your business. You might also come across as disrespectful to customers who give feedback without realizing it. You can avoid miscommunication and show you’re listing by:
- Avoid smirking or laughing while receiving feedback.
- Even if you don’t plan to do anything with it, write it down, and make it known you’re taking them seriously.
- Try to make amends as best you can, without going overboard, offer an apology and maybe a coupon or small free gift.
- Try to use please, thank you, and only favorable terms when talking with customers about their concerns.
- If a customer begins to be rude, politely turn them over to a manager, human resources, or whoever is best equipped to handle serious customer complaints and issues.
Following these tips could mean the difference between a customer just having a bad day, and a customer never returning to your business.
Poor time management skills
We know how difficult it can be to try to fit everything you need into your already hectic schedule. But, poor time management skills can lead to bigger issues in other areas. For example, if you don’t plan things properly and you miss the deadline for payroll, what will happen to your employees?
Underestimating the competition
There are always new businesses opening, and closing, so don’t get complacent. Market research is an ongoing ordeal. You need to be doing regular competitor research to stay up to date. You want to know EXACTLY what your competition is doing so you can better handle your response.
Not keeping up with technology
We know how comfortable it can be to use the same cash register that you got 20 years ago but please, try and get more up-to-date technology in your business. For one, your younger employees, who will hopefully be working with you for a long time, will want updated tech that they are familiar with. Your customer base will also appreciate seeing that you only want the best for your business and customers.
Not creating an online presence
It is 2022, if you don’t have social media accounts for your business you are slacking. Start by looking at your competitor’s social media accounts. Review the top of your niche on social media, and try to find local competition online. You want to see what. the best and the average business is doing well on their social media accounts, don’t copy them, but use them as a guideline.
Not investing in marketing
Unfortunately, this is a pay-to-play world, and we’re all just living in it. This doesn’t mean that you have to spend thousands of dollars on making video ads, but spending $20-$100 on paid ads on Facebook and Instagram could get you more traffic.
Running your own business has its ups and downs, but avoiding some of these common mistakes can help make things easier. For any more of your business needs reach out to us.