While we do not believe in naming and shaming our customer, there are several mistakes that many business owners fall into when starting up a new venture. In an attempt to stop other people making the same mistakes, we have listed the top 5 we frequently see.
- Not doing the right amount or type of research.
Most business owners do some research when starting up or attempting to launch a new product. The problem comes that most only do a cursory investigation and do not take on any advice that contradicts what they expected the research to say. From investigating customers’ behaviours to researching the most profitable ways to enter a market, insufficient research can quickly become a barrier. In extreme cases, it can easily turn into a financial loss and major risk to the business.
- Not wanting to get their hands dirty
Even if you are attempting to build a big company, the owner should understand every important aspect of their business. You do not have to perform the process; in fact, most business owners should delegate non-essential or time-consuming tasks to staff or outsiders. However, as an owner a deep understanding of your business helps your understanding when the outside specialist provides feedback for greater profit.
- Not creating a detailed plan
In our experience, we find that single-page, business plans do not provide the detailed information that will later be relied on to make decisions. By not adequately planning it also stops owners knowing the limitations and resources of their business and prevents them from plunging into opportunities that present.
Really, panicking is a serious problem for some businesses owners. They end up freezing, not taking risks when opportunities present themselves and ultimately hurting their business
- Focusing on the money
While not empirically proven, most businesses succeed more when they have a driving force or passion about their product or service. Operating a business based solely on the aim of making a lot of money does not succeed. While profit does play a part in decisions, when the entire business is run around meeting profit goals, it does not provide a service or product that contributes to the world.
One of the best ways to prevent most of the previous mistakes is to consult professional consulting business. Even when starting out, their advice can end up saving time and money later down the road. To talk to one of the top business consulting companies in Melbourne, contact us today for an appointment.