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Business is a cutthroat world, and this means that being on top form constantly is key. Not only do you need to think about the here and now, but you also need to think ahead too. The economy and certain business trends can change in the blink of an eye, so you need to think about whether your business will survive as it is. With the rise in technology, though, business owners and entrepreneurs can use predictive analytics software, from somewhere like OneStream Software to help create and deploy models that can help with your planning processes going forward. This can help you with any eventuality.

However, preparing for the future is just one thing you need to think about in this industry. If you run your own business or are thinking of setting one up, then you need to avoid the common mistakes many business owners make. Knowing what these are and giving them a miss could well be the difference between you achieving success or having to cease trading.

When you take into account that eight out of every ten new startups are reported to fail, the importance of this is obvious. Luckily, getting the information that you need to prepare for success is easy and means you can get ahead of the curve early on in your journey.

How can you prevent the top mistakes most businesses make?

Learning from business owners who have gone before you is a wise move. Here are some common business mistakes and how to avoid them to protect your startup:

  • Poor attention to detail – As the old saying goes, ‘The devil is in the detail.’ Many business owners are so busy working that they do not look into the contracts they sign or the deals they agree to carefully enough. This can have big financial consequences! Take PPI mis-selling, for example. This happened to many businesses that took out loans or credit cards – with a little more attention to detail, some of these issues could have been avoided. Take the time to read anything you are signing or agreeing to fully so that you spot potential dangers early and deal with them accordingly. For any business that has been mis-sold PPI, making a PPI claim can be done simply with a claims management company like
  • Poor business plan – Having a solid business plan in place before you commit to the new venture is vital. It will allow you to get a handle on the costs involved as well as seeing if the business will actually work. Avoiding this mistake is as simple as making sure you sit down and draw up a comprehensive plan.
  • Develop a USP – The chances are that the service or product your business offers is already out there. Some businesses make the mistake of not being unique or standing out from the business crowd. Avoid this by developing a unique selling proposition (USP) that explains why your business is different and why people should use you.
  • No digital strategy – There is no way around it – if you are in business now, you need to have a strong online presence. If you do not, then customers will not only be unable to find you when they search but also may not trust you either. Avoid the mistake of not having a visible and robust online presence by developing a digital marketing strategy around social media.

Plan to succeed in business

As you can see from the above, most of the common mistakes businesses make are down to rushing or not planning properly. Be different from all the other business owners who have failed in the past and invest the time needed in your startup to make it thrive. Once you do, you will find that you can avoid the pitfalls that await others along the way.

Andy McGowan
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