Mistakes You're Making As A Novel Business Owner

24 Nov 2021

Being a new business owner is a lot of responsibility and pressure on you. You’re the one making the tough decisions and determining where your company is heading.

No one is perfect, and everyone makes mistakes. However, some mistakes in business can be costly and damaging. You must consider what types of mistakes you’re making as a novel business owner so you can address them and turn your situation around for the better.

Micromanaging Your Employees

Poor hiring decisions can set you back at your company and be an expensive mistake to make. Once you have the right people on board you don’t want to lose them. Therefore, avoid micromanaging and trust your employees can get the job done right. Not only put trust in them but then delegate projects to your staff that keeps them engaged and productive. Know that they will make errors and that you can use it as a teaching opportunity so they can grow and develop their skills and knowledge over time. It’s not all on you when you use your talent wisely and allow them to help you reach your goals without watching their every move.

Not Outsourcing

Another mistake you’re making as a novel business owner is not outsourcing. It’ll not only save you time but also reduce overhead costs. You’re only one person and only have so much knowledge in certain areas. You should leave certain tasks up to the experts such as managing IT. Take time to learn more about what makes a reliable MSP and what they can do for you. You’ll discover that your business runs smoother when someone is handling your infrastructure and troubleshooting and that it frees up your time to focus on growing the business.

Failing to Focus on Your Customers

Your customers and customer service should be a top priority as a novel business owner. It’s the entire reason you do what you do and why you’re able to keep your doors open. You need paying and loyal customers who believe in your products or services and will stick by you through thick and thin. The mistake of failing to focus on your customers and thank them may come back to hurt your company in the long run. Reach out and gather feedback from them, learn more about them, and figure out what you need to do to meet their needs and exceed expectations. Along with focusing on your customers should come an increased concentration on sales and figuring out how to gain more customers and long-term clients.

No Investment in Yourself

As a new business owner, you likely have a lot of questions and concerns on your mind. It’s not an easy job and one that will require a lot of hard work and perseverance. If you want your company to get better, then you have to get better yourself. Not investing in yourself and your skills may cause you to fall behind or not have the ability to innovate and improve over time. Find and take advantage of personal development opportunities and encourage your employees to do the same. It’s a chance to gain new skills and knowledge and also a fresh perspective on business and managing a company.

Forgetting About the Competition

Everyone has a competitor and it’s important that you not forget about yours. One mistake you’re making as a novel business owner is forgetting about the competition and not knowing what they’re up to. It’s in your best interest to know what they do well and in what areas they may be falling short so you can step in. If you’re not careful, they may start to take customers from you or come out with even better products and services that people want. Plan accordingly by analysing the market and figuring out what you’re up against and is the greatest threat to finding success.

Conclusion

These are some of the top mistakes you’re making as a novel business owner that you should avoid as much as possible. They may cause issues and setbacks at your company and you might begin to struggle if you’re not focused on the right areas and aren’t learning from your mishaps. Although failures may occur at times, it doesn’t mean you should give up trying. The good news about making mistakes is that you can take lessons from them and do better in the future. Allow yourself to make errors but then be willing to change as you push forward and try to improve your approach and management style.

Cover Image | Pexels
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