Most people believe that becoming self-employed is the easiest way to get all the freedom that they need. However, the reality is, starting your own business is an uphill task. For example, in the U.K 20% of businesses fail within their first year of operation, while 50% fail in the course of the next three years. Focusing on the wrong principles discredits your business and decreases your level of popularity among your customers. If you have ever wondered, whether you make mistakes in your business, the following slip-ups – most common among startups – might clear your mind:
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1. Unsatisfactory Customer Services
Clients value the services they receive. In fact, 55% of all clients prefer paying more to get good quality services. Therefore, if your business does not offer them the type and quality of products or services that they need, they will simply look elsewhere for them. Most businesses fail when it comes to good customer service delivery; as a result, most of the customers move elsewhere to have their needs satisfied. Don’t let this mistake blow back on your business as well. Put a high priority on costumer satisfaction and keep it this way.
2. Not challenging how others do business
The business environment is very dynamic. People’s needs change with time; how those needs are met also changes. Therefore, re-inventing your business in such a way that it remains relevant – in terms of satisfying people’s needs – is core to its success. Resisting change will only give your competition a better chance to surpass you. Streamlining your business toward people’s needs determines how many clients you retain and how popular you become.
3. The lack of purpose
Not having a sense of direction is one of the biggest mistakes an entrepreneur can make. Objectives that have not been clearly set can make a business owner focus on the wrong tasks. Once the objective of a business becomes blurry, failure becomes inevitable. It is always prudent to remember why you started the business in the first place. Keep your focus always on the end goal and make sure your business follows that goal.
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4. Wasting resources on office supplies
A business cannot survive without office supplies like printer ink, paper, and toners. However, buying them in excess and not accounting for their use is a grave mistake on the part of the business owner. You will realize that, at the end of the financial year – if you do not properly account for their usage – you will have wasted a lot of money on unnecessary supplies. As a result, many businesses have resulted in making wise choices, that is, buying only what they currently need.
Today, most businesses make orders for office equipment like toners for xerox printers online and have it delivered on a monthly basis. This saves time and resources, which can be used on things that are more important.
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5. Pestering clients
Nowadays, spam in our inboxes has become a “trend”. However, it becomes extremely annoying when we unsubscribe from the use of certain services and still get the emails. What makes them even more annoying is the fact that they usually have nothing valuable to offer, but content that is promotional, attracting people to purchase their products or services. Persistence is a good virtue in business; however, overindulgence in it chases away customers and new prospects.
Business is the best way to develop your passion, talent, or skill. However, to become successful, you have to adhere to certain principles. The above-discussed factors – if carefully taken into account – can ensure that your business stays afloat and eventually becomes a great success.