Everyone has made a mistake? Who hasn’t? These 10 mistakes below are so common that every businessman has made at least one of them. If you haven’t yet, better avoid it.
- All the BIG companies once started small. You might be small today. You can grow big when planned right! Ask yourself, where do you see your business in the next 1, 2….5 years? Only a proper plan will help you to make it a reality. Or else, you just have to be lucky enough for things to happen automatically for you. Without a business plan to guide your small business growth, you’ll struggle to make decisions, get loans, or bring new customers.
2. Many start businesses based on suggestions made by friends and family who say it’s a “good idea.” But friends and family aren’t enough to take your business forward, you need to know your customers well.
3. Is your business a sole proprietorship or C corporation? Choose the type of business well. Avoid any kind of legal risks!
4. Your customers are online. They search for the product they need on Google. Make sure you’re seen.
5. Never borrow more money than you can repay. Don’t borrow too less than needed. Weigh all the risks, see how much you need to grow your business and go for it.
6. Never sell your items/services at unreasonable rates. Charging too much will chase your customers away while charging too less result in slow growth or loss.
7. Investing more money doesn’t guarantee more profit.
8. You know that your products are the best, but customers don’t! Want them to know? Marketing is the way to go.
9. When you make a new sale, purchase, cash settlement make sure you records it for future reference. Not recording will cause huge problems if something goes wrong or a misunderstanding arises.
10. Accounting isn’t most businessman’s interest. As your business grows, you might be tempted to hand it over to a bookkeeper and stop paying attention. This puts you at risk of cash flow problems.
Download the BEST GST Compliant Business Accounting App