Small business owners are vital to local communities but have an uphill battle in terms of growth. Busy schedules and limited resources can make it difficult to complete all the tasks for the day. Many owners start their business because they are passionate and skilled in a certain field; however, the other areas of business can be overwhelming. If those areas aren’t properly addresses it can lead to these common mistakes:
- Trying to do too much
As a small business owner, you may not have the time or the resources to complete all of the time consuming, but necessary, tasks on your own. You must learn how to properly delegate and how to allow 3rd parties to come in and take over the responsibility.
Some areas that can be delegated include the marketing, accounting, administrative support, and web presence of a business. Delegating these tasks will allow your business to run more efficiently.
- Not finding and focusing on your target audience
Creating your website and business plan without understanding your target audience can be detrimental to your business. Targeting too broad of an audience is also a mistake that can have a negative impact on the business (depending on the product or service the business offers). Make sure to take the time to find your target audience and cater your products or services to them.
- Not having an online presence
The majority of customers look online for their products and services. 90% of young adults aged 18-29 utilize social media and a third of them say the preferred method of communication with a business is social media. Social media is a vital and inexpensive way to develop an online presence, but so is have a working website.
You must create a quality landing page that creates a positive user experience and lets your audience know who you are.
Hint: Save Local Now is a great way to have an online presence, strengthening your social media marketing, email marketing, and will help create content to get higher on Google’s search.
- Overall budget
It is important to understand that, as a small business, you must have a plan when it comes to spending your limited resources. Make sure that you are able to pay for the fixed rent and utility costs, and stay away from flashy advertising and buying top-of-the-line assets if your business won’t be able to properly utilize them. Have a set amount that you are willing to spend on your marketing budget and stick to it!
Your personnel budget is also important when it comes to your businesses’ assets. Depending on the format of your business, your own funds can be heavily tied to your business. Being able to keep business funds separate from your personal funds is vital to staying organized and keeping your business on the right track.
- Not playing to your strengths
As a small business owner, there will constantly be fires to put out that can take up a large chunk of your day. The key for a new business owner is to know what fires to put out and what fires you can let burn.
For example, if your business is known for their superior customer service, then the focus should continue to be on your customer service and not issues involving something like product quality. On the other hand, if you sell a superior product over your competitors, then continuing to have a great product should outweigh the customer service. In a perfect world it would be easy to have both, but for small businesses that is not a practical goal. You can’t grow your business if you are not focusing on the strengths of your business.
You don’t have to be great, even good, at all areas of your business in the beginning, but you do need to create value for your current and potential customers, the rest will follow as your company grows.