There are many success stories of small businesses that started with a side hustle experiment and turned into something much bigger. This has been especially true during the pandemic. Now many new entrepreneurs are wondering how they can take their side hustle and turn it into a small business powerhouse. It's important to recognize that not all small businesses make it to the next level. In this article, we will explore 7 common pitfalls of small business and how they can be avoided to give you the best chances to succeed!
Pitfall #01: Lack of planning
One of the main reasons small businesses fail is because they do not have a clear plan or strategy in place. Without a solid plan, it can be difficult to make progress and achieve your goals. Make sure you take the time to develop a detailed business plan that outlines your vision, mission, goals, and strategies. If you need help with this we at Impact Management Group can help! We are a small management consultancy solely focused on helping small businesses thrive.
Pitfall #02: Poor marketing
If you do not have a solid marketing strategy in place, it will be difficult to attract new customers and grow your business. Make sure you invest time and money into marketing efforts that will reach your target audience. This could include things like online advertising, PR, and social media marketing. This is a key part of your business plan efforts. Reference our blog "5-Step Guide to Creating a Business Plan" to get you started and let us know if we can help!
Pitfall #03: Lack of funding
One of the biggest reasons small businesses fail is because they do not have enough money to sustain them. This can be due to a lack of capital, poor budgeting, and/or excessive spending. Make sure you have a solid financial plan in place and are setting aside enough money to cover all of your expenses. Again, this should be a key focus of your business planning efforts. But it doesn't stop at planning. Achieving these financial results will take time, discipline, and a commitment to the bigger picture. At Impact Management Group we know a thing or two about this. Let us know if you'd like to talk.
Pitfall #04: Poor customer service
If you are not providing a great experience for your customers, they will likely take their business elsewhere. Make sure you always put your customer's first and provide them with exceptional service at every touchpoint throughout the buying process. This could include things like friendly customer service, quick turnaround times, and quality products/services.
Pitfall #05: Lack of focus
If you are trying to do too many things at once, it can be difficult to make progress and achieve your goals. Make sure you focus on the most important tasks and priorities that will help move your business forward.
Pitfall #06: Poor leadership skills/team management
If you are not able to lead your team and effectively manage them, it can be difficult for your business to grow. Make sure you provide regular training for new hires and establish clear guidelines that everyone is aware of. You should also regularly check in with employees to make sure they are meeting your expectations and have all the resources they need to be successful.
Pitfall #07: Not taking advantage of technology
If you are not using technology to its fullest potential, you are missing out on a lot of opportunities. Make sure you invest in technologies that will help improve your business processes and automate tasks. This could include things like CRM software, social media management tools, and e-commerce platforms.
Bottom Line
If you can avoid these common pitfalls, your small business has a much better chance of succeeding! For more tips on how to start and grow your small business, check out our blog post, or reach out and let's chat!
At Impact Management Group (IMG) we have a simple mission, to "help small business thrive". We aim to surge and scale to support any small business need while keeping our overhead very low so that we can provide top-tier consulting services at a fraction of our competitor's rates. We would love to help your small business thrive!
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