5 mistakes that can cost you your business

Business Tips - June 23, 2022

“The only real mistake is the one from which we learn nothing.”

HENRY FORD

If you run a business, you must know by now that with running a business comes mistakes. Some mistakes are forgivable however, there are business mistakes you might never bounce back from after making them.

Those are the mistakes we want to help you avoid at all costs.

What are these mistakes?

Hiring the wrong employee

This point might sound inconsequential, but believe us when we say hiring the wrong employee can’t and would never end well. 

When searching for employees, act like you are searching for a spouse. Because just like a spouse, your employee can make or break you.Your employee can help your company make a lot of money, and they can also take you from making millions to zero. 

This is why you must never hire with sentiments. Do not hire people because you know them but hire them because you know they can deliver on the job. And if you can, please outsource your hiring exercise to a recruitment agency.

Undercharging

At the early stage, there is the temptation to undercharge. We understand the need to do this because the bills won’t pay themselves. But the truth is once you start to accept charges below your rate, you most likely won’t be able to get customers to pay you your worth eventually.

Increasing your rate might scare off customers, and breaking even while staying underpaid might be impossible.

So charge based on your worth, nothing less.

Working Alone

Maybe you think you know it all, after all, it is your business and idea. It is nothing but suicide to work alone as a business owner. You need all the help you can get.

We are not even talking about experts. Find business owners in the same boat as yourself. Talk to them to find out how they are navigating the turbulent sea of entrepreneurship. Join a business community or take advantage of paid and free business resources.

Do everything aside from working alone in business.

Getting the wrong investors

Yes, we asked you to get support, but not from the wrong investors who are only after their financial gains and not your business growth.

In your search for growth, you will most likely reach out to prospective investors, whose financial backing can help your business get to its next level. In trying to get to the next level, you must choose wisely.

Ignoring customers

The only reason you are still in business is because of your customers. Ignoring them means you are not ready for business or to move to the next level.

Treat all customers like kings. Both the new and old customers deserve to get pampered.

Don’t ever place one customer above the other.

Now you know what mistakes to avoid.

What other mistakes do you think every business owner needs to avoid?

Please share them with us in the comments section below.

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1 Comment

  • OLANIRAN SAHEED December 14, 2022 at 7:31 am

    OVER EXPENSES

    As a business owner, never exceed your business budget on the business; it will affect the busienes capital which will decrease the business efficiency

    Reply
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