 |
| Image credit : inc.com |
The thought of starting your own business seems exciting. You will get to learn a lot of things in case this is going to be your first small business. You do not need to worry about anything, as everyone has their first day at work – be it employees or entrepreneurs.
As you begin to set up your business, guiding things into the right future, people will advise and help you not to make the same mistakes as they did on their journeys as entrepreneurs. You should welcome these suggestions, as they can help you choose the right path and expand your business.
Common Habits Small Business Owners
Here are 5 common habits small business owners develop down the road, which can put their business in jeopardy:
1. Setting Un-Realistic Goals
When you set up a new business, you don’t really have a way to gauge how exactly your business is going to perform. You may have done the forecasting and already figured out your profit margins. However, there’s no way you can be sure that your business will perform as per your expectations.
Way before you start, the worst thing you want to do is set unrealistic expectations. It does create a culture of failure in the workplace, as it is likely to result in people underperforming. As a result, you might believe that your business is failing even when it is not.
2. Not Securing your Place in the Market
The major reason why most small businesses fail is that their owners don’t have an idea exactly where they stand in the competitive market.
If you don’t have a thorough understanding of the market you are trying to compete in, you will end up costing yourself a lot of time and money while constantly trying to adjust and stay in the market competition.
Here, you need to pay constant attention to your target audience, in addition to what key market players are doing and what your audience needs from you. This will help you stay ahead on your growth curve and your business to grab a significant market share.
3. Failing to Spare Sufficient Time for Planning
Most small business owners try hard to hold on too tightly to their business. They mostly are caught up in the nitty-gritty of the ‘trying to run a business’ aspect, and end up leaving no-to-very-little time for planning the business’s future.
If you own a small business, you must be clear with two business aspects:
- How your business is performing today
- Where you want to see your business in the future
Meanwhile, make sure to spare time to eat well and do get enough good night’s sleep.
4. Lack of Delegation
This probably is the biggest mistake you as a small business owner can make. Do not try to be all things to all people, as you cannot be present everywhere to assist and oversee others’ work.
Over time, you will find yourself so overwhelmed with work that you will have no time to make decisions and have to rush, which is bad for any business. It’s best to delegate certain tasks to other experienced employees.
This will not only help you have free time to handle other important responsibilities but also make your employees feel an important part of the team.
5. Not Securing Your Online Presence
Many new business owners don’t understand and therefore ignore the importance of having their online presence. In today’s fast-paced world, businesses are rapidly expanding and social media has played a significant role.
To make people aware of your existence, market your services/products in addition to offline. In case you don’t, you are losing the greatest opportunity to expand your customer base. Remember, your competitors are doing everything they can to expand, so should you.
Conclusion!
This article serves the dual purpose, i.e. brings you an opportunity to learn what to do and what not to, being a small business owner. You will still make some mistakes but you will recognize them on your own.
Author Bio
A Software Engineer by study and a Writer by passion, Sumit Narula has a fair hand at writing for different domains. When not writing for CurlWIRE, he has been known to sneak a few peeks at social media updates, technology news, and newly-launched gadgets to stay updated and inspired.
