When we pursue something new, we can expect that it’ll bring its own set of rewards and challenges, especially running a small business. It’s been noted that almost half of all businesses have been unsuccessful with 20% of those being in their first year. Nevertheless, there are strategies to approach these challenges in a calculated manner, avoiding common issues such as financial mismanagement or overlooking clients. It may be impossible to avoid these issues completely, but actionable strategies can help your business get ahead.
Here are some key mistakes that may be hindering your growth and ways to prevent them:
1. Understanding finances
A crucial part of success is understanding financial management. In order to avoid underestimating costs or overestimating revenues, you need to understand your target market, gather client data and create a detailed list of all expenses. This includes accurately budgeting, even before the initial investment in your business to avoid wasted resources in the future. If you're looking to start saving for your business, make sure you check out our easy-to-use interactive Expense Planning Calculator!
2. Ignoring customer feedback
The information you gather from your clients can be very valuable for improving your product or service. It may be difficult to figure out what’s working well and what needs to change without external perspectives. That’s where customer feedback comes into play. Providing surveys and actively listening to what clients are saying can help identify problems that are hurting your business. Even more importantly is to take action in resolving any common client complaints in order to build a positive reputation for your organization. Not sure where to start? Take a look at any Google or social media reviews you've received!
3. Hiring the wrong team
Your team is the foundation of your organization and hiring unproductive members can be costly. Wrong hires can negatively impact productivity and morale and waste resources. However, this can all be avoided with a concise hiring process. Creating clear job descriptions that outline specific duties and skills will introduce relevant candidates for the position. During the interview process, make sure to include important questions that precisely measure the candidates skills and capabilities. Furthermore, providing regular feedback to support your team members in succeeding within their position will give them confidence and boost morale.
4. Jumping into growth too quickly
Author: Gary Wong
What are your go to fixes for common mistakes made at the workplace?
Feel free to let us know in the comments below!
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About Stingray Advisory Group LLC: Stingray Advisory Group LLC is based in Grand Rapids, Michigan, and is a proud member of Local First and the West Michigan Hispanic Chamber of Commerce. We help businesses grow. By creating customized solutions, we empower businesses and entrepreneurs with the tools to further their development.
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