Running a small business isn’t easy. You don’t have the funds and expansive powers available to larger organisations, and mistakes can hit you harder. When you are aware of the devastating SMB mistakes that can happen, you can build a solid plan to help your company avoid them.
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Trying to do Everything Yourself
We’ve all done this; trying to do everything yourself is one of the biggest mistakes you can make. As a business owner, you are in a position to hire experienced people to do specific jobs for you or assist you. You might be talented and reasonably intelligent, but you aren’t an expert at everything. At the very least, you must outsource vital services such as the payroll bureau, IT management and business finances. These are crucial systems that must be highly efficient.
Devastating SMB Mistakes Includes Poor Marketing
Marketing might not be at the top of your list of priorities. However, it is a major advantage and plays a critical role in modern business. Mostly this relates to digital marketing which covers anything from creating a social media business page to fully-fledged web campaigns. SEO and PPC are both powerful ways of attracting more customers online. You also gain an advantage over the competition in your sector since 47% of businesses don’t invest in SEO strategies!
This is a contributed post.
An Unwillingness to Adapt
Some of the world’s oldest companies are still around because they embrace change when they need to. Your business will suffer if you are unwilling to adapt. This includes upgrading technology, investing in your employees and making changes based on sector expectations. Shifting with the times is also an ideal way to adapt but ultimately comes down to making decisions as this can become political. Any efforts should be highlighted with rebranding.
Employees and Devastating SMB Mistakes
Employees are the most important thing you have at your business. You also have a responsibility to care for their well-being and ensure they can do their jobs well. The good news is that you don’t even have to do much, and some minor changes make a huge difference:
- Provide skills and competency training to employees who need them.
- Offer health and wellbeing sessions to aid with mental health in the workplace.
- Emphasise health and safety in the workplace with posters and emails.
- Focus on retaining skilled employees to avoid the high cost of replacement.
- Begin a program of accountability that begins with the most senior staff.
No one should have to dread going to work. Investing in them is a two-way street! Happy workers are hard and proud workers who will invest time in making your business a success. Additionally, you can also cut absence and leaving rates when employees feel welcome at work.
Poor Record Keeping
You never know when you will need to dig out some random piece of data! A customer complaint, salary disputes and the tax office! Any of these depend on data, and if you don’t have what is needed, you can find yourself and the business in big trouble. Record-keeping is easier than ever with apps and cloud-based systems. These are also highly secure. If necessary, invest some money in migrating to reliable systems that store data securely and efficiently.
Devastating SMB Mistakes through Customers
Customers are also a highly valuable commodity. Customer service is one key area for investment in any business. A survey by Forbes found that 96% of customers will leave a service, never to return, based solely on bad customer service. However, customers can also destroy your business if you don’t meet their needs and expectations. A perfect example of this is with the current video games industry where gamers are rejecting forced ideologies in games.
Not Establishing an Online Presence
Your business needs an online presence. If only for a way for customers to find you, this is vital. Beginning with a social media account and a blog, you can tap into a vast pool of potential customers when you go online. This can be done relatively well for reasonably little investment. You can use social media to engage with customers on a large scale. A blog gives you the opportunity to showcase what you can do and provides other forms of contact for customers.
Summary
Trying to do everything yourself is one of the most devastating SMB mistakes you must try to avoid. Employees are there to help, but you must also meet their needs and keep them safe. You will also do your business a disservice and lose out if you neglect your online presence.