What NOT To Do When Running A Small Business

Running a business is a struggle, especially at first. After speaking to many entrepreneurs, from both corporate companies and small businesses, below we have rounded up what NOT to do when running a small business.

1. Thinking you can do everything

When running your business, you can get into a habit of trying to do everything and leaving out the most important thing which is the growth of your business. Before doing anything ask yourself whether this task will help you achieve your goals. Although expenses will grow when you outsource some things, it will make your business much more productive and can leave you to do what is important.

2. Chasing the material things

When we think of success, many people think of driving a flash car, having £1 million in the bank or buying a nice property. But is this really success? You can drive a flash car whilst your business is crumbling, it isn’t a symbol of success. Try focusing on what you believe success is, whether that’s doing a job you love or making the world a better place.

3. Believing the customer is always right

When we learn about customer service, we are told the customer is always right, but this is most definitely not the case. Sometime’s they are just plain wrong. If you start to act like the customer is always right, you risk letting them walk all over you and essentially training them to treat you and your company badly. If a customer has a problem, respect that person and try to rectify the problem, but don’t let people swindle you.

4. Forgetting their roots

Take time to remember why you started your business and what your original goals were. It’s easy to get distracted from what you wanted, especially when you start to have other people involved and telling you what to do. For instance, did you start your business so you could build people the amazing websites they deserve? That’s awesome, but you must continue to build these websites amazingly otherwise you can lose the client base you fought so hard to obtain.

5. Rushing the hiring process

Hiring your first employee is an amazing experience and is one of the first signs that you’re on the right track, however, many business owners often rush into decisions that they will regret. Even if you need somebody on board right away because you have a large new client, don’t do it! Think about whether they are the right fit for your business, ie could you imagine working with them each day? Have they got all the necessary skills?

6. Not using automating software

Many small business owners waste time by doing everything separately and have no automation system in place. Yes, some things can’t be automated but a lot can. Simple things like Social Media, invoices, and taxes for international trading can be automated. 

7. Not taking care of your own finances

Many business owners are incapable of doing their own finances and so take no involvement in it whatsoever, but this is the worst thing you can do. Your finances are like the blood that runs through the veins of the business, you should keep yourself up to date with what’s in the business bank account. If you don’t, you risk running yourself into debt by budgeting badly and draining your account. If you struggle with your finances, find someone who can write monthly reports and a budget. This won’t stop you going into debt but could help you anticipate it happening at an early date.

8. Not evolving

When you start your business, nothing is set in stone. As you get more data and insight, your strategies and business plan will have to change to adapt. In business, everything is constantly evolving and every industry is affected by this. As a small business, you must be aware of the current state of your industry and have the ability to pivot if need be. Your business can still have the same brand values and be flexible at the same time.

9. You don’t stand out

Nowadays, everything you need is a couple of clicks away and so you must stand out from your competition. What will make me come to you instead of your competitor? Find out what makes you unique and focus your branding around this.

10. Getting discouraged

Nobody ever said that running a business is a breeze, and if they did they’re lying. Growing a business is a journey and an exhilarating one at that. Sometimes you won’t have clients for a while, and sometimes you will have more than you can handle, this is just a reality of business. Just because everything isn’t as “perfect” as you thought it would be, doesn’t mean that you should give up. You must pick yourself back up and learn to be resilient and how to handle stress.