As a small business owner, you are aware that mistakes made in business are common. You also likely know how expensive some mistakes can be for a small business. But, did you know that these types of common and expensive business mistakes can be avoided? The experienced and knowledgeable mentors at Austin SCORE can help you learn how to avoid business mistakes.
Choose the Correct Type of Business
One of the first tasks you will accomplish in starting your business is one that can lead to problems if not done properly - choosing the appropriate business entity type for your company. Prior to deciding if you company will be a sole proprietorship, limited partnership, non-profit corporation, limited liability company, or other, you should thoroughly research and get advice on your options, so that your filing is correct. This mistake is easily avoided with proper planning.
Planning is a key aspect of avoiding expensive business mistakes. Plan the work and then work the plan. Knowing ahead of time what needs to be accomplished, by whom, and when, will serve you well in avoiding mistakes in business. Develop a sound mission statement, core values, and the company’s vision and lead by them. Set SMART goals, hire the right people, and do not be afraid to take risks. Just be sure you are managing the risks wisely.
Don't Be Afraid to Use New Technologies
Technology can help in tremendous ways to make your business efficient and mistake-free and failing to utilize new technologies can be detrimental to your business. A large amount of advertising and marketing is done on online and social media is a particularly important channel for targeting advertisements to your potential customers. Keeping up with customer trends can put you one step ahead of your competitors and there are several technical tools available that allow you to do this.
Make Your Marketing Effective
Your marketing efforts can be greatly enhanced by utilizing available technologies. Would you want to know demographic information about your customers, like age range, location, income, etc.? Not knowing your customers and pursuing an outdated, ineffective marketing plan are business mistakes that can easily be avoided.
One of the best things to implement as a small business owner that will help to avoid business mistakes is a continuous improvement program. You should create a mentality in your company that all ideas for improvement are welcome and rewarded. Expect the best from your customer service team and empower them with ongoing technical training and soft skills development. Give your customer service agents the latitude to make decisions and involve them in most aspects of your business. They should be educated on most, if not all, of your business processes. Keep them ahead of the game and make sales and service your number one priority.
Develop the Relationships
Lastly, manage and deepen your company’s relationships with its customers. Avoid making the mistake of not knowing who your customers are. Use new technologies, follow-up with your customers, and predict their needs. You and they will be happy you did.
Learn more about how to avoid business mistakes at our workshop:
Your Business Essentials: Mistakes to Avoid
5524 Bee Cave Road, Bldg M
Westland Office Park (at rear of complex)
Austin, TX, 78746
Date & Time: Wednesday, February 27, 2019, 9:00 am to 10:30 am CST
Laura will cover a list of common and expensive mistakes that business owners make but can easily be avoided. This is the introduction to three more Essentials workshops.