A lot of people, after graduating or quitting their job due to the fact that they don’t want to work for others, as the working condition may not have been suitable for them may decide to go into an entrepreneurship business. Well, let’s face it, being self employed is one of the best decisions anyone can make. You basically work for yourself, invest your time and money whilst making profit and watching your business grow day by day.
Although, a business isn’t as easy as it seems as it can’t grow over night. You need to be focused and determined but most importantly, you need to take your business to the public eye, which will in turn get you customers. What most people do is focus on one aspect and leave the other aspects which is why their business crumbles; despite all their time and investment. There are some do’s and don’ts of businesses; and here are the top 4 don’ts you should avoid if you want your business to grow over time.
1. Failing to Plan
A lot of businesses fail because the entrepreneurs fail to plan ahead in the long run; they only make plans at first but in time, they get stuck. Businesses, whether small or huge also needs a strategy: “How will you approach the customers?” “How much revenue will you need as time goes on?” “What ad will attract customers?” “Will you need a loan?” “How will you deal with losses?” “Will you need a new strategy?” “How will you compete in the big market?”, etc. Once you fail to plan, especially in the two most important aspects of any business (customer and revenue), in the long run, your business will go down the drain as your competitors who have everything sorted out will crush your business.
2. Little Investment
As I earlier mentioned in #1, an investment (revenue) is one of the most important aspects of any business. Most entrepreneurs start small forgetting that in order for a business to flourish, it needs enough revenue especially when dealing with the losses, promoting the business, getting new products and reaching out to customers. You can’t hope on the profit you’ll get from your business because, businesses generally involve losses at some point in time and, if you lose part of your investments due to these losses, without any predetermined income to fall back on, you could lose your business as well. Any and every business constantly needs revenue being injected into it regularly in order for it to flourish and, this involves planning big no matter how small you start.
3. Waiting for Customers
In every business, the customers won’t just come to you because in a growing society where businesses grow and crumble everyday, no one knows about your new business. In order to attract customers, you need to promote your business through advertising which involves newspaper/billboard ad, tv commercial and online promotion, all of which involves revenue. Most times, if your product is as good as it claims to be in the ads, customers will even promote your business as they’ll tell other people. Although, in order to promote your business to make sure it gets to the right people and to know what advertising technique to adopt, you’ll need more information about your target audience. For example, a brewery company won’t want to advertise to parents with toddlers and, a child’s food company won’t use violent footages in their commercial.
4. Ignoring the Customers
The customers are the foundation of any business because, without customers, a business will crumble. A bad review from a customer could cost you a lot, which is why every business owner has to listen to their customers and take note of complaints in order to fix/correct those areas. After advertising to your customer’s and finally getting their attention, the next step is to make sure you listen to them. Most customers can be very rude but it’s part of every business, you just need to know how to deal with them. For example, a food company who sells a product with a dead cockroach in it will definitely receive complaints from the customers and, if ignored, other customers will know about it and not purchase from that company. Most times its best to compensate the customer which is a form of apology, in order to keep them glued. Note that any customer lost due to a business defect results in the loss of other customers.
Every business needs enough money in order for it to grow and withstand losses so, whether you’re planning ahead, advertising your product, or basically just starting out, money is a major necessity and, once your business can stand, you’ll need customers to make sure it grows as the success of every business depends on the customers. Losing sight of both aspects, as well as other aspects can result in the downfall of any business despite your time and effort.