Business Development

5 Things not to do in a small business

Owning your own business can be exciting and rewarding, the world is your oyster! That is, until you get trapped in an oyster you didn’t expect.

We have revealed 5 things not to do in a small business:

  1. DON’T try to do everything yourself
    When running a small business, you often try and do as much as you can yourself. You may be confident in your field, but lack experience in another. Seeking advise from an expert can majorly free up your time. A task that you may not be confident in may take you 10 times as long as it will take an expert. Remember, time is money.
  2. DON’T see failure as a negative
    Sometimes things will work out and sometimes they won’t, it’s a fact of life. The things that go wrong are the things that teach us how to get it right.Okay, I understand that it can be disheartening when things don’t turn out the way you envisioned, but as the old saying goes, practice makes perfect.
  3. DON’T over work yourself
    I am writing this point for myself as much as I am for you. When starting a business, the work load and tasks pile up very suddenly. It becomes very hard to switch off your brain.The best way to switch off is to literally SWITCH OFF. Turn off your phone, close off your computer and close off your mind from all things work related.
  4. DON’T ignore unhappy customers
    It is a known assumption that if a customer has a bad experience, they will tell 10 people. However, if they have a positive experience, you’re lucky if they tell anyone.Getting a bad review can impact your business more than you think. If a customer is unhappy with your service or product FIX IT! Offer them a refund, give them a voucher, make them forget about their bad experience.
  5. DON’T lose sight of why you wanted to start your business
    It can be easy to get caught up in your business and forget why you started it in the first place. Always keep your long-term goals in the back of your mind and keep that as your driving force. You set out on this journey for a reason.

Power2 can assist you to understand the complexities of running a business.

Click here to offload your workload on to the experts at Power2 Accounting and focus on your business today.