New businesses are popping up every single day, but unfortunately, studies show that less than half of all small businesses are still running five years after they have started in the UK. Even though there is plenty of help and advice available, unfortunately, there are some mistakes people make when starting a business that can have an effect on their long term success.
Here are five mistakes often made by businesses and how to avoid lasting damage if you happen to find yourself in a similar situation.
Failing To Plan
Before you even start a business you have to have a business plan, if you’re looking for financial backing, you will be asked about your business plan, and everyone you talk to about your business will no doubt ask you what your plan is. But once we get past the initial idea and start putting the work in then we can sometimes forget that we need to update our plan regularly.
In addition to this, small but significant plans such as health and safety and keeping up to date with fire alarm regulations is vital for your staff members. Researching information such as this guide to fire alarm legislation for businesses can be essential to your office. Never lose sign of your planning and you’ll always stay on track.
Sometimes the initial excitement of starting a business and the early wins can make you feel as though you have succeeded right off the bat, but unfortunately this can bring with it a false sense of security, and can lead to big problems further down the line. Keeping momentum and ensuring that you don’t get complacent during this time can improve your chances of long term success overall. So enjoy all the positives whilst still moving forward and keeping a close eye on things
Trying To Do Everything
We’re only human, even though we can feel ready to take on the world when starting our business, so only taking on what you can, and finding ways to delegate to other people can really make the difference. Either delegating to the team that you have employed or by outsourcing certain aspects of the business that you don’t need to be focussing on to move things forward, such as bookkeeping, photography or even cleaning the office, you will find you can be much more productive and not burn yourself out!
Being a business owner does not automatically mean you know everything there is to know about technology and how to use it. Some of the most successful businesses have been built through sheer determination and not necessarily the best technical knowledge. Knowing your craft is important, but then discovering and working out the technical side of things, can mean you stay one step ahead of the competition. Don’t be afraid to work out how to use technology.
Doing your research and being strict with your plans is essential, but avoiding common mistakes when starting a business, will set those foundations in place. However, taking a positive mindset and learning from mistakes is equally as important!