As a business owner, there are some mistakes that you simply shouldn’t make. Here are five rookie business mistakes that you need to avoid:
1. Bad Customer Service
We have all experienced bad customer service at some point in our lives that has made us turn down a sale. Many times we walk out of a store because we are not greeted as we enter or as we shop. This is bad customer service.
Bad customer service is one of most common mistakes businesses make because some businesses feel if they have a great product it will sell itself. That is not always the case. Many consumers would rather support a friendly business that has a couple of flaws rather than a business that has bad customer service.
Entrepreneurs keep this in mind—put yourself in the consumer’s shoes and be sure to train your employees to ensure they are equipped to make your potential and current customers feel comfortable.
2. Not Hiring an Accountant or Being Knowledgeable About Business Finances
A lot of times business owners embezzle funds within their own businesses, fail to pay taxes, and do not keep record of transactions. Today, we are in a state of convenience, which is great, but we have to be careful when it comes to accepting funds from our clients in several different forms.
I’ve seen businesses that accept cash and never record it and others who are in business alone and do not have a set pay day, so they are continuously using funds from the business account to pay themselves instead of setting a pay day.
3. Trying to Run Your Business Alone
Running your business alone can seem very easy—for a short period of time. Once the business begins to grow, it is important to get help. If you cannot afford an employee, an unpaid intern is a good start.
Many times entrepreneurs take on all of the businesses responsibilities and begin to fall behind because they have too much on their plate. That is not good business practices. A great leader knows how to delegate work.
4. Not Investing in Your Business
Investing in your business is very important. Think about this like a car. When you purchase a car you make investments in it so the car can continue to work properly without breaking down. You take your car to get tuned up, put gas in it, get oil changes, get car washes, etc. That’s exactly how you need to treat your business. It needs weekly, monthly, and yearly maintenance.
Many times people say they do not have the money to invest in their businesses. Investments are not all about money. There are tons of free investments you can put into your business. Sign up for free networking events, join conference calls, form a focus group, etc.
Make time to invest. Without constant investments, your business will not last and will break down, just like a car with no maintenance
5. Being an Opportunist
Being an opportunist when starting up may be the ultimate rookie mistake. The only way a business will grow is if the brand is not compromised and the vision is clear and followed. An opportunist does the opposite of the two. They do not stick to the vision and they compromise their brand by taking every opportunity they can even if it does not fit in the scope of the business.
Be sure to take heed to the five rookie business mistakes!