How to Make Fewer Business Mistakes

Making mistakes in business is very common no matter how talented you are, however, you need to know how to avoid making crucial mistakes and this way business success will be much easier for you. In this article, we shall discuss ways to help you make fewer business mistakes.

  • Avoid Looking Expenses in Isolation

Most of the big business mistakes are as a result of failure by the businessperson to keep looking at their cash-flow projection and their budget. As a businessperson, you are likely to be bombarded with reason to spend cash that you had not budgeted for, in fact, some of this reason usually seems great since they come from people who are close to you such as your employees, relatives and of course there those that come from the salesperson and the ads. Once you have a habit to make such expenses once or twice a week, you will find out that your long-term budget and profit projection will just be a fantasy.

  • Walk Before You Leep with Marketing

Marketing is one sector that you are likely to make a lot of mistakes since it is almost impossible to be certain of what will work in marketing and what won’t work so there is no need of being afraid of making the small mistakes. However, there are significant mistakes you need to avoid while marketing, for instance, avoid investing heavily in a marketing program till you are certain it is bringing in money.

The other marketing mistake to avoid is assuming that other businesses’ advertisement programs will work for your business just because you are competitors or you produce the same products. In marketing, it is hard for anyone to guarantee results including the marketing experts and the ads agencies so it is important to conduct some small tests so as to measure the results of the marketing program and please remember to be involved. It is always advisable to ask your customers how they came to know about your business since this will help channel your promotion effort in the right direction.

  • Nurture Relationship with Your Key Customers

Most businesspersons spend most of their time making sales and they forget to make relationship with their customers. A businessperson who has established a good relationship with buyers of the business and most importantly the key decision-makers is always better situated when compared to a businessperson without a good relationship with his customers.

The reason why it is important to have a relationship with key decision maker and not just the buyer of the business is because in case of any problem such as faulty products, discount or payment terms you are likely to solve the problem in a more friendly manner since you won’t be a stranger to the key-decision maker. You can imagine if one of such problem occurs and it is the first time you communicate to the key decision maker which means you are likely to meet on a negative circumstance.

  • Hire the Right People and Let the Wrong One Go

It is advisable to take keen consideration before you hire a person to fill a given position since this is one of the most difficult and sensitive decisions. Also, try to avoid hiring relatives or friends unless you are certain he or she is the right person for a given position. The reason I say so is that in business you will have to expect and face some business challenges which can lead to the destruction of the personal relationship between you and your relatives or personal friends. Traits such as eager to learn, qualified, strong work ethics and capability just to name a few are very important to consider before you hire someone. It is also important to know your weakness so that you can hire people with traits that compliment your weakness. If you notice with time that some of your workers are not performing, give them some training if they still do not perform replace them.

  • Keep Your World and Respond Promptly

Responding to an email or a voicemail from your customer or any other interested party should not take more than 48 hours, in fact, it would be better if you were able to respond within 24 hours. Responding to an email or voicemail does not necessarily mean you have to solve the customer’s problem instantly, but letting him know that you have received their message helps build some confidence. In case you are unable to meet a given deadline or maybe you forget to return a call, please call the customer and apologize since that will help build a relationship with them. However, it is extremely important to try as possible to keep your world since it plays a major role in building or destroying your reputation as a reliable businessperson.