The fact is that the odds are stacked against new businesses.
Half of them will shut down within five years because of challenges that they
do not have control over. What about the ones they do have control over? How
did they manage? These are important questions which do not really concern
teething businesses and SMEs. The import here is to ensure that your business
does not tumbledown and join the long list of failed businesses or that has
been acquired.
Success won't come overnight
It takes years to build successful companies. You must invest
all required hard work and perseverance. While an entrepreneur might have a
great vision and quality products consumers want, there can't be an expectation
of a huge payday immediately upon launching a business. It is a slow and steady
build. Instead, be realistic and set a timeline that measures small attainable
goals and successes. Focus and commitment, executed on an enduring level, will
ultimately deliver success.
Overspending
Starting a business doesn't have to require a large investment,
but some new business owners feel that they need to spend a lot to purchase the
best of everything from marketing help to equipment, to software. There are
usually other, less expensive but equally viable options available if you're
willing to do the research. Creating and sticking to a business budget to curb
overspending is always an excellent idea.
Focusing on too many different things at once
The easiest way to lose focus is to do too many different things
at the same time especially as an SME. Someday your business will be
overwhelmed, you will have so many disgruntled customers. This is not good for
your business. So, as an SME, focus on one specific goal from the onset and expand as
your market share expands.
Not delegating tasks
Similarly, many small business owners feel the need to take care
of everything themselves. Remember, there's a reason why companies hire
employees: they have a job to do. So don't be afraid to delegate appropriate
tasks to appropriate people. Otherwise, there is a risk of becoming unable to
direct the proper level of attention on the task at hand, rendering a business
incapable of reaching its full potential.
Employing the wrong kind of people
It's nearly impossible to have a flawless track record when it
comes to hiring, so it's inevitable that at least some of the people you hire
simply won't work out. Having the right people in place is critical for the
success of any company, and it's even more critical for small businesses. So,
hiring the wrong person for a business can be just as important and can set
your company up for failure.
Not defining your market
An entrepreneur might think a particular product or service is
the best idea. But without knowing the target audience and which other
companies are also focusing on them, it will be significantly harder to sell
the idea. If a business's market isn't clearly defined, it is nearly impossible
to decide on how to best position the product or service in a way that is
compelling. Comprehensive market research is imperative in identifying robust
customer personas prior to launching a business. By knowing whom to target and
how to effectively communicate with them, a business will be strongly poised to
successfully thrive and grow.
Avoiding new technology
As a small business, technology can provide new opportunities,
help you do our work more efficiently and even help you save money. New
technology may be intimidating and require time to learn and understand, but an
unwillingness to adapt to technological advances can hurt your business in both
the short- and long-term.
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