When starting a new business, every business owner is going to make mistakes. It’s simply part of the learning process.
But knowing ahead of time which mistakes not to make can save time, money and frustration. Carrie Smith discusses 5 Most Common Business Pitfalls and How to Avoid Them:
1. Superhero Syndrome
Most business owners mistakenly believe they can do everything on their own. They do everything from answering the phone, to replying to emails, to handling clients and sealing new deals. But this mindset is a huge mistake, and leads to Superhero Syndrome.
The Solution: Learn to delegate more work to team members, or hire contractors to take the load off your plate. Many times you’ll find someone who’s more efficient and better-skilled at a certain task than you could ever be.
2. Undervaluing Time vs Money
It’s a mistake to spend more time learning (and failing) to do a certain task, than paying someone else a few dollars.
The Solution: Calculate your own hourly rate by taking your yearly salary and removing three zeros, then dividing that figure in half. If you can hire someone to complete a project for less than this amount, it’s a smart investment.
3. Meshing Personal With Business
Whether you’re self-employed or run an LLC, your business is an entity all on it’s own, the personal and professional boundaries are challenging.
The Solution: The first step towards separating your personal and business time is to physically divide them. You can start by opening separate business checking accounts, email accounts and even a new office space.
4. Employing Family or Friends
It’s not a smart move to employ friends or family members. They have their own lives and priorities. Hiring a friend or family to work for you will likely lead to both a headache and heartache.
The Solution: A colleague or business associate is a much better candidate for a successful working relationship. And you won’t have any emotional hangups about treating it like one.
5. Avoiding the Right Tools
Thanks to technology, we have more digital tools and programs available to us than ever before. So if you’re not using them to your advantage, well, you’re doing yourself an injustice.
The Solution: Be open to trying new products and services. Take advantage of 30-day free trials to see if certain tools makes your business run better. There’s nothing wrong with making mistakes in your business, and in fact, that’s one of the best ways to learn and improve.
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