What do revolutionary companies like Amazon, Apple and Google have in common? They all started in garages.
Unknown to many, while those companies are now considered titans in the business world, they all started out small.
That being said, even if you are considered a bit player in the business, with determination, the right know-how and some luck thrown in, you will surely earn your rightful place among the industry giants.
However before you dive in head first, you need to keep in mind that it takes more than just knowledge on the different types of business structures to succeed in a competitive industry. Equally as important is knowing the costly mistakes to avoid so you can steer your business in the right direction.
Below are some of the most prevalent gaffes small businesses need to avoid.
Manifesting weak leadership
- The success of your company is highly dependent on one very critical factor – your leadership. Bear in mind that being an effective leader does not mean you need to be an authoritarian. However, it does not also mean you have to be everyone’s buddy either.
- In essence, great leadership entails effectively setting the company’s course, while inspiring everyone on your team to move with you on to the next level.
Establishing financial goals that are unrealistic
- Making your mark in the business world is no easy feat. The temptation to get ahead of yourself will always be there. However, it pays to remember you will be setting yourself up for disappointment if you spread yourself too thin. Know your priorities so you can tackle them according to importance.
- At all times, set time-specific, realistic, accountable, measurable and specific goals. Not only will this ensure lasting headway, but, more importantly, it will also increase your chances of making it big in 10 to 15 years.
Not having a clear and consistent marketing strategy
- In a world where competition is very stiff, any edge you can get will make a huge difference. Be a step ahead of the competition by always presenting a clear and consistent message on all fronts when it comes to the products or services you are offering.
- In the business world, you often only have one opportunity to make a favourable first impression. That being said, it’s crucial for current clients and new prospects alike to have a clear idea of what your business is all about and how they can benefit from what you have to offer.
Not taking advantage of the power to delegate
- Trying to do everything on their own is a prevalent mistake many novice entrepreneurs commit. While doing everything on your own might sound like a practical notion, it is often not advisable. In essence, it will work to your advantage more if you delegate areas you are not adept at, so you can channel your energy on areas that will require your expertise.
- While business success can be credited to a lot of factors, exploiting strengths is a common foundation many entrepreneurs build their businesses on. In line with this, you need to identify areas you can tackle and delegate tasks to people who can do it better.
Not providing exemplary customer service
- In the business realm, good customer service is often not enough. If you want to be successful, you have to be prepared to render service that is deemed ‘beyond industry standards’.
- Providing exceptional customer service will do more than just set you apart from your competitors. It also comes with other benefits that are hard to miss such as: increased customer satisfaction, customer loyalty and repeat business, among others.
In the business world, it pays to keep in mind the right moves to employ, alongside the typical and costly mistakes to avoid. If you strike the right balance, it will only be a matter of time before you also become a force to reckon with in the business world