Have you been in business for sometime or you just started out as an entrepreneur? Here are 6 costly mistakes you must avoid by all means in order to keep your business going for a very long time.
Starting your own business can be one of your life’s biggest achievements but if not properly handled, you can watch all that efforts, time and resources go away within a blink of an eye.
Having been in business for quite some time and observed successful businesses over the years, I have been able to discover that if a business must stand the test of time, then the owner or entrepreneur must do well to avoid these mistakes that have led to other businesses folding up completely.
What are these mistakes? We will see them as we proceed.
Common Mistakes To Avoid In Business As An Entrepreneur
Cutting Down On Advertisement When Sales Are Low
That sales are low is the more reason you should increase your advertisements and not cut them down stop them completely.
I am yet to see a very successful business that does not take their advertisements very seriously. Ask Coca-cola, Jumia, MTN, DSTV and lots of other successful businesses out there, advertisements is one area of business you always keep investing in regardless of how high or low your sales are.
Change your advertising methods if you must, use the social media platforms you are familiar with, print giant banners, use radio and TV channels, print handbills and posters, use T-Shirts and handbands, use any means at all but never stop advertising whatever it is your business is about. Keep pushing it irrespective of the results, that’s the only way people will keep hearing about your business and even patronize you.
Instead of cutting down on advertisements, you can cut other things but keep this one going.
Using Your Capital To “Help” People
Your business capital is not your money, it is money for the business and not yours to spend. You must learn to never use it for personal purposes or for philanthropy. You can do all that from your personal purse or even your profits but never your capital.
If your business must grow and stand the test of time, you must learn to see your capital as mony for your business and not touch it everytime you feel like it. If all you have when people come borrowing is your capital, politely let them know you have nothing on you to use to help them out.
Even if your heart is as soft as that of a santa claus or your nickname is “Father Christmas,” do not bring it to your business. Let people think whatever they like but keep your capital by all means. If you lose your business because you spent your capital helping people, you will be shocked to discover the same people you ruined your business helping will be the first to turn their backs on you.
Do not joke with your capital at any time at all. Always bear in mind it I the business money, not your money. That way, you will always have money to buy goods to sell and keep the business going for ages.
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Doing Everything Yourself
Have you seen a business where the owner does every single thing by himself? That business will take years to achieve a very significant result. That is if at all it exists beyond a few years.
If you must make a mark in the business world, you must learn to delegate duties to other people. Employ other hands to help get things done for you. Don’t be a lone ranger in business, it will take you a lot of time to achieve any tangible result that way.
In his viral interview with Forbes, Femi Otedola was asked one of the secrets of his success. He quickly replied that his major secret is that he employs people (professionals) to do all kinds of work for him rather doing or trying to do them himself.
He said regardless of how smart he is, he knows there are people who are smarter than himself so he employs them and lets them do their job. That way, he doesn’t need to panic about doing this and that, being everywhere at everytime.
Not Setting Goals For Your Business
One of the most important things you must never forget to do when starting your business is to set goals for your business. Goals like achieving 100 percent positive feedback from your customers, having your products in every major store in your state or having your own buildings after 5 years of operation etc.
These goals whether short term or long term goals, help us to know how far we have we have gone, figure out what works and where we need to put more efforts in our business.
A business without goals is a business that will take so many years to achieve any meaningful result.
Not Keeping a Proper Record
Do not make the mistake of running your business without keeping a good record of all transactions that take place in your firm. Whether by writing them in a book or typing them down on computers, ensure that your daily transactions are well documented.
That way, you can easily know which products or goods are out of stock and the ones you currently have. It is a very bad habit to leave everything to brain.
Being Rude To Your Customers
You must learn to always relate with your customers in a very polite way if you want them to keep coming back. Ensure that you and your workers learns how to answer customers’ queries without being rude. Rather than arguing and arguing with your customers, always learn to sort out issues very amicably.
Be very quick to apologise where you are wrong and never stop showing your customers you actually care about them and appreciates their doing business with you.