Business owners are trying to improve their work as much as possible to increase profits and make their business flourish. For this purpose, they use new technologies and search for interesting solutions, but at the same time, entrepreneurs do not pay attention to existing mistakes. That is why the first thing to do is to eliminate the main mistakes.
Mistake #1: Lack of customer focus
A large number of business owners forget about their target audience, namely the customer. The main goal is to make money and increase the amount of money they earn, but unfortunately, this often does not lead to anything good.
How to solve this mistake? First, combine your earnings plan with customer focus. Attention to the customer, the right approach to him or her, and polite service are the key to a good mood. People will talk about you in a positive light, which means that your brand awareness will grow.
Mistake #2. Working without financial accounting
Regardless of what kind of business you have and what exactly you do, keeping track of money is a must. Controlling your finances will help you organize all receipts, payments, and expenses. There’s a phrase for a reason: “If you don’t manage your money, it manages you,” so this process should be as streamlined as possible.
How to solve this mistake? The easiest and most efficient way to track your financial transactions is in a business automation program. The Skynum platform is an ideal and convenient solution for this. All basic accounting documents are available in the program, there is a reporting function and the ability to control the movement of funds between cash desks and bank accounts.
Mistake #3. Ignoring related consultants
This point can also be called overconfidence. Some businessmen believe that they can handle everything on their own and do not need the help of other related specialists – lawyers, accountants, SMMs, etc. In fact, while you can manage without online managers at the beginning of your business, it will be difficult without a lawyer. The business must operate in accordance with the current legislation, so you cannot do without qualified assistance.
How to solve this problem? Try a consulting option for hiring such employees. This will save money, but you will still be able to get professional help from specialists.
Mistake #4. Inability to establish contact with subordinates
Being a manager is a big science that is difficult to master. Unfortunately, few entrepreneurs pay attention to this, but interaction with the team plays a very important role. It is important to be able to keep the “golden mean” between leadership guidance and friendly interaction with employees.
How to solve this mistake? Show your team that they are important to you. For example, if your performance appraisal may contain comments and suggestions, ask the employee what format they prefer to receive these corrections in. In addition to a respectful attitude, don’t forget about organizational meetings for joint recreation. But don’t schedule them on a day off! Employees are unlikely to be happy about a busy day off.
Mistake #5. Lack of comprehensive analysis
Acting on the call of your heart is not always the right decision when it comes to starting your own business. The best thing to do is to have an action plan that can be adjusted depending on the indicators obtained. The question is: where to get the indicators and how to analyze them?
How to solve this problem? There are two ways to analyze your business: manual and automated. With an independent analysis, you need to track all the indicators, manually recalculate them, write reports on sales, returns, and write-offs. Simply put, you need to keep trade records on your own.