Planning for Success – 6 Common Pitfalls to Avoid as a Small Business Owner

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Starting a business is hard, but running one is even harder. First off, as an owner, you’ll have so much on your plate, from accounting to marketing and legal responsibilities to keeping an eye on the competition. Additionally, business owners have to hire and fire, network with other businesses, and continually seek new ways to keep the business growing.

As you work tirelessly to on these duties, we want to open your eyes to a few pitfalls to avoid if you want to be successful.

1. Working without a plan

This is one of the most common mistakes small business owners make. You need a good plan and you need to stick to that plan. Your dreams won’t always unfold as imagined, but even in the thick of things, a plan gives you a point to begin your recovery. You can go back to the plan, figure out what’s gone wrong, and seek ways to fix it. In the absence of a plan, though, you’d be lost for good.  

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2. Going it alone

This is another common mistake a majority of SMBs make. As earlier mentioned, there are endless activities involved in running a business. It would be suicidal to think that you can manage all those tasks on your own. If you don’t make a costly mistake somewhere, you’ll be worn out before midday. For this reason, it’s paramount that you find employees to help out in certain areas.

3. Pricing your products wrong

In a bid to win over customers quickly, in their opening days, a number of small businesses often significantly cut their prices. Items that should sell for $50 will be offered at $20 and those that should sell for $20 priced at $10 or less. Or it could be the other way; inflating prices to fleece unknowing consumer. Both of these moves are suicidal.  

4. Ignoring technology

This is rather ironic because the same SMB owners who often feel that digital marketing and all the other tech approaches in marketing are not worth it use phones and computers every day. You can’t wish away technology, not at this point in time. If you’re not using phones, laptops, the web, and social networks among other tech creations to market, you’re doing a huge disservice to your business.

5. Not having insurance

There are also a few business owners out there who still feel they can do without small business insurance. “Why waste money on things such as earthquake insurance when earthquakes happen like once every decade?” some will ask. If you still ask questions like this in 2018, prepare for tough times ahead.

6. Unprofessional hiring

Lastly, there are business owners who are quick to hire as long as they can pay the employee’s salary. This often means hiring just about anyone who comes through the door. Don’t fall into this trap. Don’t hire your friends and relatives just because you like them and don’t give out a job just because of grades. You need trustworthy, experienced individuals who have done the job before.

Are You Up To the Task?

Businesses that can avoid these pitfalls have a much higher chance of succeeding in the long run.

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