September 26, 2023

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BUSINESS MISTAKES TO AVOID

3 min read
BUSINESS MISTAKES TO AVOID

Confused african-american businessman having problem with documents looking at laptop at work, frustrated black employee stressed by mistake or unexpected computer error crash, forgot about deadline

Business mistakes are things you mustn’t fail to do if you want your business to excel.

Business mistakes to avoid

 

Not writing a business plan:

A good business without a business plan is not a good idea, a business plan guides you in planning and preparing to make your business a reality.

It helps checkmate your every step, it serves as a milestone to measure your progress and also a mean to get loan and support from banks or other financial institutions,

It helps to identify priorities when you have to make tough decisions, your plan should include all your business is about.

Underpricing your goods:

This is not a good marketing strategy, underpricing your goods will make you run into debts and loss.

Most new startups think this is a good approach to attracting customers but in the long run, the customers you gained through this means will move to another person when you increase your price.

People will pay you well if you render good services and sell quality goods.

Trying to do everything yourself:

As a startup, you might be forced to do everything by yourself because of a lack of cash but that’s why you should start with a business so you can know how much you need to hire experts.

hiring experts on your team as a startup is good because they come with the right expertise to help you achieve your goals faster and it helps reduce burn out on your end.

You only being the receptionist, accountant, cleaner, HR, and MD can lead to break down of your health.

Not having enough capital:

You can’t start a business without capital, while some businesses are capital-intensive, some are not.

Businesses like schools, laundry services, or fashion designing require large capital while businesses like blogging and graphic design don’t require large capital.

Here are ways to raise capital for your business.

You can raise capital through your saving.
Use part of your salary to start your business.
Crowd found to raise funds for your business.
Take loans from banks, friends, relatives or financial institutions.

Not registering your business name:

This could mean you forfeiting your business name later in the future if someone else has registered that particular name.

Registering your business name means letting the authorities know that the business name is yours, by doing this, another person won’t use your business name as theirs.

 

Not keeping records:

Your business should have daily records of everything happening, including the number of staff, sales made, loans borrowed, debts to be paid.

Keeping proper records helps you know when you are making a profit or a loss and also know if your staff are meeting the daily standard of their jobs.

CONCLUSION

Business mistakes are avoidable. so, you must make efforts to avoid them.

Your business will grow faster and survive the test of time if you avoid these business mistakes.

 

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