11 mistakes small business owners should avoid

Image by Steve Buissinne from Pixabay

By Henry Brown

Most business owners are risk-takers. That is the reason that they have ventured into entrepreneurship in the first place, right? However, it is also this same personality trait that can cause them to make mistakes. Here are some common pitfalls highlighted.

Not planning ahead

The top biggest mistake business owners make is not planning ahead. This can include everything from creating a business plan to forecasting future growth. Without a solid plan in place, it’s difficult to make informed decisions about your company and its future.

Failing to monitor finances

Another common mistake is failing to properly monitor finances. Business owners need to be aware of their income and expenses at all times so they can stay on top of their bottom line. Falling behind on bills or spending too much money can quickly lead to financial disaster.

Not delegating enough tasks

Being a jack of all trades and a master of multi-tasking can lead to burnout. Therefore, it’s important to delegate tasks to employees or contractors whenever possible to keep things running smoothly. If not, good luck struggling to keep up with everything on your own.

Not investing in technology

Technology is constantly evolving, and businesses that don’t invest in it will quickly fall behind. From cloud-based storage solutions to social media marketing tools, there are a number of technologies that can help businesses run more efficiently.

Not training employees properly

If employees aren’t properly trained, it can lead to a lot of wasted time and money. Therefore, you need to make sure you take the time to properly train employees on all aspects of the job, from using company software to proper customer service procedures.\

Not asking for help when needed

Many business owners try to do everything themselves, which can be a recipe for disaster. It’s important to ask for help when needed to get tasks done more quickly and efficiently. Your support structure and joint venture options are vast, so don’t hesitate to reach out.

Focusing on the short term

It can be tempting to focus solely on short-term gains, but this can often lead to disaster in the long. Instead, business owners need to have a long-term vision for their company and be willing to make sacrifices in the short term to achieve it.

Not having a marketing plan

A successful business needs a solid marketing plan in place. This includes everything from developing a branding strategy to creating effective ads. Without a plan, it can be difficult to reach your target audience and generate sales.

Not asking for feedback

One of the best ways to improve your business is by asking for feedback from customers and employees. By soliciting feedback, you can get valuable insights into what’s working and what needs improvement.

Underestimating the competition

Many business owners are too quick to dismiss their competition, which can be a big mistake. Instead, you need to understand the strengths and weaknesses of your competitors so you have a better idea of how they’re trying to take market share from you.

Being penny wise and pound foolish

Many business owners look towards short-term savings. But even being frugal in some cases can cause major expenditure later on. For example, if you buy the cheapest software, you might save money now. But during the months or years where you need to upgrade or install patches, the “cheapest” option will cost you more. The same can be said for your building and asset. For example, it will be far cheaper to get regular roof checks on your buildings and asphalt seal coating on your parking area instead of forking out hundreds of thousands for an overhaul later in the years.


Henry Brown is an online marketing executive. When he isn’t talking shop, he’s roaming the streets of London, uncovering the extra-ordinary in the ordinary.

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