Occasionally, I receive an e-mail asking for any business tips that I may have. I haven’t been working on my business full-time for very long, but I do think I know a good amount about different types of businesses.
Before I switched to full-time self-employment, I worked as a business analyst and dealt with many different types of businesses. I saw many businesses that were thriving, and I also saw many that were making mistakes and not doing quite as well.
This post isn’t meant to scare anyone, it’s meant to be more informative. Not all of the mistakes below will lead to total business failure, but they could lead to something that you don’t want such as lost revenue, net losses, losing employees, losing customers and more.
Here are mistakes that you may be making with your business.
Not trying new ideas.
If you have your own business, it may be hard to listen to others. You may have always done things yourself so you may think that you know what is best.
However, you should always consider new ideas or take tips from others. You don’t have to apply everything to your business, just take in the knowledge at least!
You never know when someone will have an incredible tip that will turn your business from “okay” to AMAZING!
Letting costs get out of control.
No matter how great your business is doing, you still want to watch your budget and watch your expenses. Costs can easily get out of control, and once that happens it is usually hard to get back to normal.
And, if your costs have been out of control for a while, it can be hard to get employees back on track as well. If your costs are uncontrollable, you eventually may find yourself in the negative profit territory even if at one point your business was doing great.
Not looking at new markets ever.
It can be easy to get into a static state with your business. However, if your business isn’t doing the greatest, you may have to look into ways to revive your business. You may have to look into new markets for your product.
An example would be if you are a freelance designer. Maybe you only do designs for lifestyle blogs. This market may not be enough to sustain your business right now. In this case, it may be a good idea to look into other areas such as finance websites, online stores, and so on.
Some like to stay focused on one group, while others like to be more diversified. I would rather be more diversified. If you know that what you are currently doing is not working, then diversifying may be your next step.
Having horrible customer service.
Bad customer service is all over the place. I really do not know how companies with horrible customer service stay in business, but somehow they do.
No, the customer is not always right, but you should be trying your best to provide great customer service at least most of the time.
What business mistakes have you seen?
This post was originally published on February 5, 2014.