Time to Read: 9 Minutes
“To err is human…” –Alexander Pope, An Essay on Criticism
No matter how you may strive for perfection, all business owners make mistakes. Acknowledging possible missteps can help prepare us if they arise. Here are ten of the most common mistakes made by new and seasoned business owners alike:
- Attempting to do everything yourself
- If you’re going to build a robust business, you’re going to need help. You have employees for a reason: Utilize their talents and delegate (Source).
- Aiming too small
- Although trying to target a niche market may be enticing, your business’s expansion and success will be curtailed if your aim is too narrow (Source). Thorough market research is crucial (Source).
- Undervaluing your service or product
- Lack of confidence can contribute to undervaluing one’s own business. Small business consultant James Chittenden advises business owners to “[r]ing the cash register first.”
- It can feel tempting to oversee every detail of your business, but doing so will result in calamity. Micromanaging is taxing for you and detrimental to the morale of your employees (Source).
- Ignoring advice from others
- Heed the advice of more experienced business owners; seek help when you need it (Source 1; Source 2).
- Improperly structuring a business plan
- While business plans look differently for everyone, it’s essential to have a strategy for your business. Forward thinking is paramount: You need an idea of the requisite time and money for a thriving business (Source).
- Successful business owners understand the importance of malleability. The capacity to pivot and make changes aids in overarching success (Source).
- Neglecting marketing and branding
- Some business owners fail to properly market and brand their company. Create a comprehensive marketing plan with room for growth and change (Source 1; Source 2).
- Fear of failure
- It’s natural for human beings to make mistakes. But with the proper mindset, every mistake can become a lesson in time (Source).
Running a business is not for the faint of heart. You’ve got to have the confidence to accept the inevitable mistakes when they transpire, and move to forward. Keep an open mind and view failure as a friend from whom you can learn and grow.
At BWM Financial, we are passionate about partnering with business owners and helping them thrive through tax planning, contributions to qualified plans, charitable contributions, gifting strategies, qualified small business stock, overall business entity structure reviews, and more! We look forward to partnering with you through this journey.
Investment advice offered through Stratos Wealth Partners, Ltd., a Registered Investment Advisor DBA Brown Wealth Management. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Stratos Wealth Partners and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.