Being a business owner means you wear several hats. With all your varied responsibilities, making business bloopers is something many of us do. After all, with all the plates we have spinning in the air, the likelihood of one or two falling is high. Though many business mistakes are common, they can be costly and challenging to rectify. Fortunately, with proper planning and foresight, these errors are entirely preventable. Here are a few key areas to monitor, including recruitment and marketing, among others.
Spending on the Company Account
A major problem some people face in business is money management. From tracking income and expenditure to inadequate planning, there are many mistakes we can make with money. One of the worst for a business owner is spending on the company account. This issue is particularly significant for smaller businesses. Experts, such as Alex Kleyner, recommend tracking spending habits. You can mitigate some of these problems by maintaining separate personal and business accounts.
Hiring the First Person You Interview
There is a recruitment process for a reason. You need to select from a large pool of talent to ensure you get the right person for the job. It never helps to settle for the first person you interview simply because they are friendly or funny. They may be likable, but they might not offer real value as an employee. Settling on the wrong people too quickly will likely result in higher costs down the line. You will have to spend more time and money going through the hiring process again!
Business Bloopers Include Marketing
The world of marketing has changed significantly over the past decade. Digital marketing is now the norm for most modern businesses of all sizes. An online presence is essential if you want to compete today. To achieve this, you must either hire an expert agency or be willing to learn yourself. Digital marketing encompasses digital asset creation, social media trends, paid (PPC) and unpaid (organic) marketing, lead generation, and SEO, the latter of which is critical for online strategies.
Copyright and IP Infringement
Copyright and IP issues are a major part of business. You want to protect yours and certainly don’t want to infringe on others’. Even as a social media creator, copyright issues can be devastating. YouTube will ban your account after three strikes within 90 days, which could mean the end of your online business and income stream. Additionally, you need to be aware that other people can and will use your IP. It is best to seek genuine legal advice on this matter.
No Clear Vision of Where You Want to Be
All businesses start out with an idea. However, all too often, it is very short-sighted. “Sell shoes!” Well, we all need shoes, but what kinds of shoes? To whom are we selling? How will your shoes differ from what’s currently on the market? And how are we aligning with modern expectations? You need a clear vision of the entire business strategy for now, next year, and beyond. This includes financial forecasts, alternative sources, and a laser-focused target audience. All marketing efforts should then be focused on your core demographics.
Successful businesses begin with an innovative idea but require a comprehensive strategy to thrive. It’s crucial to understand not only what product you are selling—such as shoes—but also who your target audience is, how your product stands out in the market, and how it aligns with current consumer expectations. A clear business strategy should encompass immediate and long-term planning, including detailed financial forecasts, identifying alternative resources, and honing in on a specific target demographic for all marketing activities.
This is a collaborative post.