Three classic business mistakes and how to avoid them
Even the best entrepreneurs make mistakes. In fact most would advocate that you need to make a few mistakes to learn and grow. So it's important not to let those missteps stop you from following your dream of running your own business.
There are some common mistakes business owners make in running their company. Don't feel bad if you fall into these traps—almost every small business owner does.
Here’s our top three mistakes and how to avoid them.
1. Giving up
Businesses often face challenging times. You may have a stretch where you don't bring in as much income as you need, or you lose an important client or face other issues that test your resilience. If you want to be a business owner for the long-term, you need to learn to work through the tough times. Don't let disappointment or discouragement stop you from doing what you love.
When you face challenges, learn from them. Take each problem as an opportunity to develop resilience. Apply what you've learned to future challenges and you'll find the next time you're in a similar position, you may not feel quite as much stress about it.
2. Forgetting why you started your business
You started your own business for a reason. Maybe it was to be your own boss. Maybe it was because you wanted more control over your time. Maybe you wanted more freedom and flexibility or you wanted a better work-life balance.
If you started your business because you wanted to have work-life balance and you find yourself constantly working 12-hour days, seven days a week, ask yourself if this is what you really wanted. You may need to take a step back and figure out a way to get your personal time back. If you wanted to be your own boss but you find someone else is always calling the shots, you may need to take control back.
It's important to remember why you started your business. If running your business isn't what you want it to be, you probably need to make some important changes.
3. Doing everything yourself
It's natural to want to take on everything yourself but it makes running your own business very difficult. You'll face numerous tasks that you don't know how to do. The time and energy such activities take can increase your risk of burning out.
Hiring or contracting other people to take on tasks for you costs money, but it means you can focus on doing your other work better. The people you turn to can also advise you about specific challenges you may face and help you make informed decisions. An accountant can keep you in the loop about important changes to tax laws. A banker can help you determine avenues of funding or how to manage your profits more effectively.
Don't let the above mistakes stop you from doing what you love. Learn the lessons you need to learn, evaluate if your business is what you want it to be, and surround yourself with other people who are great at what they do.
These steps are key if you want a business that survives and thrives.
Got a question about your business? Please get in touch.