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4 AVOIDABLE MISTAKES THAT COULD STOP YOUR BUSINESS FROM SUCCEEDING

Starting a business could be the key to finally building the life that you deserve. However, every entrepreneur will be aware that a large percentage of startups fail within just a few short years.

The good news, however, is that you can significantly reduce the risks by avoiding common pitfalls. Here are four you must consider in order to strengthen your position as you enter the competitive world of modern business.

1. Going It Alone

Your business is your baby. As such, it’s very natural that a part of you wants to control every aspect. However, the truth is that a strong workforce will be your greatest asset. Experts at Timberseed can connect you to the best candidates, allowing you to tap into their skills and experience to drive the company on. Crucially, this will give you more time to focus on the innovations that will direct your venture to greatness.

Having confidence in your team also means you can mentally switch off when taking a break. This is vital for your work-life balance.

2. Ignoring Expenses

It’s true that you will need sales to succeed. But you must not fall into the trap of focusing solely on revenue. Profit is a two-way street, which means you’ll need to focus on your overheads too. There is nothing wrong with spending money in business, but you should try to avoid waste. This guide to saving money in business will help. Ultimately, any saving that won’t compromise your output is a positive move.

Besides, it also means that your profit margins will improve. In turn, you should enjoy greater flexibility when it comes to product pricing models.

3. Leaving Yourself Vulnerable To Attack

Building a successful business is tough at the best of times. Therefore, you must not allow anyone to attack it. You may think that your SME would go under the radar of cyber attackers. Sadly, criminals know that you may not have the best protocols in place. So, working with experts like Total Group to prevent attacks could be key. Not least because over half of all victims close their businesses within six months.

It is also worth investing in intellectual property protection. Otherwise, counterfeit goods could severely hinder your reputation.

4. Focusing Only On New Customers

Winning new customers is immensely rewarding and will have a huge influence on your profits. However, loyal clients can be the catalyst for sustainability in business. Moreover, it can be far easier to remarket the company to people that already know and trust the brand. Loyalty schemes can be a great way to keep them coming back for more. Not least because feeling valued by a company can increase transaction values and frequency.

Better still, their positive reviews and testimonials can be an effective tool for bringing new fans to the company. You’d be a fool to ignore it any longer.

The Final Word

Even with the knowledge above, it will take a lot of hard work to achieve the desired results. When you do, though, the taste of success will be even sweeter than you imagined.

4 Avoidable Mistakes That Could Stop Your Business From Succeeding