5 Things To Avoid When You’Re Running a Small Business

That glittering term ‘entrepreneur’ can bedazzle anyone. The numerous stories you hear on the internet about people who started with absolutely nothing and mounted to the pinnacle of the business world. We’re sure you want to have the same title. Why wouldn’t you? The idea of having to leave your boring, mundane job while sticking to the same timings sounds exciting.

The salivating thoughts of being your own boss, starting your own company, entering any time you please and leaving any time you will. These thoughts sound pretty fantastic no? Unfortunately, the reality is grimmer than those dreams people want you to believe in. While starting your business is the easy part, maintaining it could be the most daunting mission you’ve ever undertaken. Also, you’re bound to make mistakes as you go along, but that’s all part of the learning process.

Why not minimize the number of mistakes you’ll commit by checking out our five helpful pointers on the things to avoid when running a small business?

When possible, avoid a partnership – Here’s why

When you’re running a small business, but you want to achieve big, there’s only so much you can do with a limited number of funds. The idea of adding a partner on board who will be able to share the financial struggles means 50 percent of the burden will potentially be taken off your shoulders. Now, what’s better than this deal. Nothing right? We thought so, but an in-depth look at things means the situation isn’t as pleasant as you’re being led on. For example, if you want to add a partner, it means you’ll have to listen to their requests too, and that’s not acceptable for everyone.

For example, if you’re running an online clothing store and you believe that the best way to manage inventory and customer data to track future clientele would be to invest in a reliable POS software, your partner wouldn’t necessarily agree with you, thinking that it may add to unnecessary costs, despite the many benefits of using such software. Now suppose if that partner turns out to be a close friend or a family member, and numerous disagreements arise, and your friendship is at risk of being soiled? That’s something bound to happen but there are ways to get out of this messy situation.

Either you can sit and have a talk about it or it’s time to call it quits because going your separate ways is what’s best for the growth of that business. Later on, you can decide to reconcile, but given what transpired before, it is difficult to take your friendship to the same stage as it was before. Our advice to you is if you can start and maintain the business using your own funds. The growth of the business will be slow, it will be tiring, and it will be frustrating but, in the end, it will run on your own decisions and yours alone.

Discouragement is defeat

Running any business takes a toll on you, wearing you down both physically and mentally. It’s a long-term grind that can often burn you out. With that being said, there will be times when you’ve decided that you’ve had enough and you don’t want to do this any longer. This feeling happens to the best of us, even to those that possess the strongest of wills, so it’s nothing unnatural that you’re feeling this way. However, it’s important to note that a business will always have its ups and downs. Whenever you can, remind yourself that this ‘never give up’ attitude is the only way forward.

Recruitment is necessary; don’t attempt to do everything yourself

When your business is growing towards an upward trajectory, you’ll always need a helping hand to ease the pressure. This pressure can be alleviated by hiring competent staff. Even in this market, where acquiring highly skilled workers may not be possible, you can also get by hiring unskilled staff and turning them into the best team possible. When you try to teach your employees on something specific to your business, always assume the position of a leader, not a boss.

In this manner, you’ll be able to open up more with your sub-ordinates and teach them how to become more efficient and productive in the business that got them hired. Of course, not everyone will be willing to play along, and as disappointing as this sounds, you’ll have to let some maverick employees go and focus on those that are willing to learn and benefit from your wisdom and expertise.

Not staying up-to-date with trending business practices

Whatever it is about your business; whether it’s the strategy you’ve employed or the marketing plan you’re about to undertake or something else. These can all change in the blink of an eye. Since the way people do business is changing so rapidly, you’ll have to continue at the same pace or get left behind like lots of other ventures. With that being said, always adapt to changing business landscapes and employ key tactics when necessary. With the internet at your fingertips, you’ll easily be able to stay up-to-date with the latest trends and act accordingly.

Forgetting why you wanted to pursue this in the first place

Why did you choose to start your own business? Were you tired of the way other businesses were handling their deals and you wanted to introduce a system that would make things easier for the customer? Was it because you were sick of your office job and wanted to be your own boss? Whatever the answer might be, you’ll have to stick to it and wear it like armor for the rest of your days. That should get you going.

About the author

Editorial Staff

Add Comment

Click here to post a comment