How to avoid the five biggest business mistakes

By Steve Witt

Running a business is certainly time consuming and comes with a number of stresses. Yet, it can also be hugely rewarding when run the right way. When starting a business, there will always be a number of largely unavoidable mistakes that occur. Sometimes, this can be turned into something positive as they teach invaluable lessons for future development. However, repeating the same mistakes can have negative impacts for yourself and your company. Work related stress loses companies millions of working days a year, stress that could easily be avoided with the right tools in place. Simple errors might be a reason that customers stop using your service.

Whether you’re starting a business or running an existing one, there will always be common business blunders entrepreneurs make time and time again. Yet, these are mistakes that can be avoided, preventing unnecessary financial expenditures while saving time. Here are my five top tips.

Seek financial advice – Using someone else’s expertise can be hugely beneficial when evaluating any financial difficulties your company might face. A financial advisor who knows the field well will be able to give you second opinions and foresee any losses you might come across. If your business is a new one, an advisor can help to you form a clear business plan with realistic goals.

Don’t underestimate the competition – Any new businesses will be up against competition and if your field is a particularly saturated one, you will need to know it inside out. While you need to be confident in your business and/or product, entrepreneurs can’t assume that someone else is doing something very similar, perhaps more successfully. Knowing the strength of your competition will help you to set the bar for your own business. Knowing what you are up against will show you the standard you have to exceed in order to show your product as the best one out there.

Be okay with change – The corporate market is an ever-changing and fast-paced one. Demand is always going to increase or decrease and your business will have to keep up with this. The current market and field will also change and new companies might enter your field offering something similar. Being aware of these changes will ensure you remain relevant and stay on top of your game. Your business might have started off successfully but to remain so you will need to be content with watching it change and grow.

Choose good partners – Business isn’t only about money, but people. Choosing a good team is essential to your successes as both an entrepreneur and as an individual. Working with people who help you make the best decisions and share your vision will help you business flourish; working alongside people who don’t are more likely to decrease team morale and make work a less enjoyable place to be.

Don’t run yourself into the ground – The workplace can be stressful and keeping it all to yourself can only add to the pressure. Delegating tasks, sharing the workload and talking to people can be hugely beneficial to your mindset. Avoiding communicating with your team might lead you to take time off work that could have been avoided. When starting a business it might be tempting to work at it all day and night, but downtime will help you start new tasks with a clear head.

Steve Witt is Managing Director at The Travel Franchise