Being business owner growth is your hunger…but while moving towards growth you must not underestimate few thing which kills your business presence and drag you to shut down your business.
Today it's my pleasure to share this article with my heart.
Why I am authorized to write this because I have experienced the failures and then turn those failures into SUCCESS.
I started a journey towards the Entrepreneurship which shaped and changed my outlook to live life to its fullest
I failed into previous 4 business attempts but today I am running like KING without any fear of losing job because I am leaving whenever I want and I am grabbing whenever I want..
Those failures taught me lessons and also I got good\bad experiences…
Sometimes being human we are doing blunder mistakes, but some mistakes drag us on the land.
So from my own experiences, I am curating some such mistakes which you never think but must but if you address those I am damn sure your business will grow..
Let me break it down for you!!
You are trying to do business without any business mindset. Business mindset doesn’t come up as a gift but you have to develop it.
Ignoring business mindset and directly jumping into business is something like keeping open SWORD on the neck that will kill you someday.
Being a business owner, having a good business mindset, good leadership quality and decision making capability is one the best asset to drive business.
The imbalance between leadership and decision taking capability leads to several losses.You must not ignore your mind.
Business mindset doesn’t come up until you dig into business but for some people its exception as they are born in the business-minded family and since childhood, it’s in their vein.
#2 Ignoring business plan
If you ask about what is the base to start and run the business then business planning comes into the picture.
80% of business failed due to 20% of incorrect business planning and 20% business succeed due to 80% of business planning.
Being business owner if you are not looking into the business plan then its one of the biggest mistake you are doing.
You are keeping AXE on your own shoulder as business is evolving, dynamic, adaptive process and as a business owner, there are many different reasons why you may need a plan.
● For Applying Business Loan.
● Searching for Investors.
● Making Improvement in your existing business.
● To map the Business future
● Create a new business.
● Develop new business alliances.
● Share and explain business objectives with your management team, employees and new hires.
● To set specific objectives.
● To identify Market and Competition.
You must identify 5W(What, Why, Who, When, Where) of the business plan.
Incomplete knowledge is always dangerous.
Don’t think that you are too smart, there are n number of knowledge-full humans on the earth.
Knowledge doesn’t come since birth, you have to continuously learn, learn and learn to grow it.To drive business it will turn your best WEAPON.
See how continuously I am getting questions request related to business, how to grow\run business, startups, careers etc on Quora because I have taken the taste of business and learned about it and started my new business.
The portals like Quora are free to use and best source of knowledge. It is also useful in driving traffic to the business.
Use portal likes Quora to develop knowledge and to grow networking.
Always learn and learn…
Are you using FREE tools or just neglecting those and giving importance to traditional marketing media?If YES then it's your biggest mistake.
This is digital era and you must not ignore the importance of social presence.
Hacks:- Create product\services awareness before launch. It will save cost later on advertising.
Look at below, how my social presence on Quora creating awareness…
Connect with the People, Influencers with similar interest and grab your first leads(customer)
When it comes to running organization you must not rely only on the core products.You can convert the core products into digital format.
Suppose you have a book, magazine publishing services then you can turn those into digital forms like eBooks,eMagazines.
Anything or some part of anything can be converted to digital products…
You can boost profit by 10x and create awareness by simply adding digital products.
Note:- Webinars, Online Workshops, Blog, Training, etc also part of Digital Products…
If you are dominating constantly to your biggest assets i.e your employees then you are striking hammer on your own legs….
A good leader, an entrepreneur should be model to the organisation.
Yes, I agree to begin owner you have to be bold sometimes but not always…
Give respect take respect its one of the best policy to work on…
Healthy employee minds create healthy environment and healthy environment creates quality products.
You should regularly take feedback and understand the pain of your assets and try to solve problem
Being owner you must take part in forming policy, I have seen much organisation wherein HR and HR management are forming policy and at last business owner opinion taken into consideration.
Forming policies is like any project, so you must be part of it from the first day.
Don’t be ideal after forming policies, you must take quarterly feedback and analyze the result.
Unhealthy policies create bad result and bad review across\outside of the organization
Best to run surveys, forum, one to one meetings within your organization to gather feedback on policies and take a further actions.
Don’t wait to change the policy only on the year-end you can optimize policies quarterly or half yearly.
We have seen there are many scams happens due to unhealthy management.
As the owner, you must know every aspect of your organization.
Don’t rely too much on the management.You are not just there for signatures but you should always be questioners, so that chances of business scams are rare.
If you are still doing donkey manual work then you must use automation to boost and multiply your result.
Donkey work like attending every meeting physically, writing every mail, keeping the notes manually, too rely on the assistant…
Automation is there to help you…
There are n numbers of applications, software to run the automation like LivePlan, IIFT, Email marketing tools like MailChimp.
It’s natural law that
Too much is always harmful and nothing much is also harmful
If you are calling too many meetings for useless things then those are always poisonous… and also no meetings are poisonous….
Don’t keep your calendar too much busy that you are unable to chase to the lower employee to reach…
Be there whenever you are essentially required else delegate and keep the audio to verify the things…
I feel above-mentioned mistakes can be taken care and repair if we address it properly.
To focus quickly first address your mistakes which is in the business plan, all mistakes will be automatically taken care as the business plan is a pillar of business.
Above mention mistakes are sufficient to at this point if you think I missed anything then hit comments and engage…
I am glad to help all of you and all the best…
Bonus Tip - Appreciate and share other’s work if you found it helpful. It isn’t expensive and you’ll be noticed more often, which increases the chances of getting followed back.