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Common Mistakes New Business Owners Often Make …..

Common Mistakes New Business Owners Often Make …..

If you’re starting a business get ready to wear a few hats, it’s unavoidable.  What is avoidable are some common mistakes made by new business owners.

Walk a mile in your clients’ shoes

To effectively help you client you must know your client.  Spend time in their office and with their staff before you wow them with big presentations and proposals.  More often than not less is more.

Spend  Money

If you’re starting a business you will need to have furniture, fixtures and supplies.  It’s okay to buy these necessary items for your start up business.  What’s not okay is to go overboard on purchases.  Buy affordable but good quality items.  You may need to wait on the top of the line items until the business is up, running and profitable before upgrading.

Focus on the big picture

It’s easy to get wrapped up in the minutia.  Counting paperclips or trying to make your staff accountable for office supplies, personal internet usage, office lighting left on etc.  can be counter- productive and often makes for a less efficient office.  Focus on the big items such as revenue, customer service and satisfaction,  the rest will follow suit.

Be trusting but check references

When starting a new business you may be using vendors that are new to you.  A referral from a friend or colleague is good but don’t leave anything to chance.  Ask for and check references.  There are many on-line reference sites available for just this purpose.  Getting multiple recommendations is always another good idea.

Be financially savvy

Having the right financial resources helps elevate stress and lets you focus on running your business.  Don’t wait until you’re in a pinch before you seek financing.  There is a number of options to fit almost any need that include traditional bank loans, invoice factoring,  credit cards and private equity .  Find what suits you before the need arises.