Running a business has never been easy, which is why most business owners fail in accomplishing their purposes and making profit. Not focusing on the right principles leads to making critical mistakes, which might affect your business over time, decreasing your popularity and reputation among your clients. However, even though you cannot observe the mistakes you are making, this does not mean that they do not exist. Here are 7 most common mistakes business owners make.
1. Inappropriate customer service
Customers value your customer service extremely much, but not offering them the necessary support when needed might determine them to go somewhere else for obtaining the services or products they want. Most business owners do not pay enough attention to the customer service, offering them unsatisfying experiences that result in business depreciation. You need to make the customer service one of your most important priorities, because when your clients are satisfied, your business is successful.
2. Not challenging the “status quo”
Making changes is an important part of running a business, so whether you like or not, you have to challenge the status quo (or the actual state of things) and reinvent your business constantly. In other words, not doing so and resisting an eventual change will allow the competition to get right above you, making you less popular and determining many important clients to leave.
3. Lack of perspective
Having a lack of perspective is never good when it comes to running a business, particularly because this is exactly the time when you stop asking “How are we doing?”, which invariably leads to breathing your own fumes. Not to mention that, when a client or employee tries to provide feedback, you simply ignore it. The only solution for this mistake is being more objective and asking questions constantly, to identify the potentially things you are not doing right.
4. What is your purpose?
Failing to articulate your business’ strategy and plan is a critical mistake, because not having an aim will never allow you to focus on the right tasks. Once you cannot say what your value proposition and vision are, then your business is supposedly predisposed to failure. To save the situation, you will have to remember the reason why you started running this business, as well as the aim you had in mind at the beginning.
5. Not taking risks
Taking risks is essential when running a business, particularly because a business itself is a risk. Given the fact that you have no assurance that you are actually going to make profit from the first moments, you take risks, and this is what you should do further. Sometimes, even though the failure-to-success ratio is 2:1, this does not mean that you cannot succeed. Take risks, but never rush into investing big amounts of money or signing contracts, because you may cause serious trouble in the end. If you need motivation to step out of your comfort zone and take chances and risks, read this article about taking risks from Richard Branson, who wrote 6 books and is the founder of Virgin Group, which consist of more than 400 companies.
6. Wasting money on office supplies
It is true, your business cannot survive without the necessary office supplies (like paper, pencils, printer ink, etc), but wasting your money on them and not offering them any attention afterwards is a serious mistake you are making. At the end of the year, huge amounts of money go on these supplies, leading to unnecessary money wastage with no usefulness. Thats the reason why more and more business make smart calculations before purchasing their office supply, buying only how much they need. Today most offices buy their supplies like paper, printer ink and toner for copiers like xerox used in most offices online and get it delievered at the beginning of every new month. This way they save money and time which can be spent on more important things to improve the company.
7. Harassing customers
Everyone gets spam in their inboxes, but what can be more annoying that the spam refusing to go away even though you unsubscribe? Many companies are practically harassing the customers with these e-mails, which do not offer any value, but only sales pitch, having a promotional content whose main purpose is attracting them to purchase products or services. It is fine to be persistent, but avoid harassing the customers, unless you want to see them leaving.
Romeo Demes is a marketing expert and passionate writer who loves to share his knowledge and ideas with others. He is currently working on his short book called “100 Things Every Business Owner Should Know”.