Why would you start a business if you didn’t want to be successful? It’s pretty safe to say that you probably wouldn’t have. Every business owner wants their business to do well. Not just okay either; they want a successful business that people are going to love, and become fans of.
In order for your business to be successful, you need to focus on the things you should and shouldn’t do. In this post, we’re going to focus on the things you should never do if you want to be successful. It’s incredible how many businesses do these things and then wonder what they did wrong. Read on to find out more…
Hire too quickly
Hiring too quickly could be a disaster for your business. You need to make sure you have a steady stream of income first, and that there’s truly a demand for your business. You need to be willing to put in the work right from the beginning. You may have dreams of being a detached CEO in future, but you’ll need to put those dreams on hold at the start. Knowing the right time to hire is crucial, and comes with plenty of responsibilities. You’ll need insurance, and you’ll need to look into things like sick pay and maternity leave so you know exactly what you’re getting yourself into.
Hire too slowly
Although hiring too quickly can be fatal, so can hiring too slowly. If you’re trying to save a little cash but you’re spreading yourself too thin at the same time, you’re not going to be doing yourself any favors. Pinpointing the exact right time to hire can be tough. You can also look into options such as hiring temporary workers and outsourcing with freelancers, so bear that in mind before hiring somebody official.
Hire the wrong people
Now you know the right time to hire, you need to make sure you hire the right people. These people should bring something new to the table, and fit your company culture. The right people will believe in your vision for the future of your company. Depending on what you want them to do, your process may be different. However, it’s worth ignoring qualifications/experience if possible, and trying to gauge how intelligent and eager to learn a person is. Experience and qualifications don’t mean anything if you find the right candidate – unless they are legally required to have qualifications, that is. Just don’t forget that you’ll want to look into their background and speak to references so you can be sure they are trustworthy and who they really say they are.
Budgeting in business is a must, not just at the start, but throughout your entire business lifespan. You should always look for ways to cut back and spend less, as things can get more expensive the bigger your business gets. You can save money by building strong relationships with suppliers, buying second hand, and more.
Avoid paying tax
Paying incorrect tax or failing to pay tax at all will leave you with the need for a good tax attorney to get you out of hot water. You don’t want to be in this situation in the first place, so make sure you put money aside and pay your taxes right away. You don’t want to be in mountains of debt, and you don’t want your reputation ruined.
Stick to the exact same plan
The world is changing so quickly, so with that in mind, your business plan should change too. Make sure you keep up to date with what’s going on in your industry and how you can market your business effectively.
Ignore feedback from customers/your target audience
Feedback from your customers or target audience must always be taken on board. It isn’t a simple case of build it and they will come. You really need to listen to them and give them what they want. Being too precious about what you’ve created could mean the end of your business altogether.
Fail to develop a life balance
Again, this boils down to spreading yourself too thin. You do have to work hard at the start, but you need a good life balance. Spend time with family and friends, as they will be your support network as you build your empire.
As a business owner, you should never stop learning. Listen to podcasts, read books, and go to workshops. Don’t get too cocky and never think that there’s nothing left to learn.
Try to go it alone
Many business owners choose to get a business partner. This can make the risk easier to manage, and give you somebody to bounce ideas off. If you plan on growing your business at all, there’s no way you can do it alone. You’ll at least need a great team behind you eventually.