As a small business owner, you’re responsible for everything that happens in your organization. While making mistakes is just part of learning, one mistake in business can be costly. Here are 10 mistakes to avoid.
Social Media Advertising Fraud
The online world has a lot of trust issues. When signing up to work with influencers, do your due diligence. It’s estimated that about 20% of social media influencers are fraudulent. Don’t waste marketing dollars on potentially fake accounts
Not Having a Plan for Hard Times
Every business is going to ebb and flow. Instead of waiting for your business to slow down, have a plan for when times do get tight.
Not Adjusting to New Marketing Attitudes
Consumer behavior dramatically changed in 2020. Businesses that didn’t adjust their marketing efforts found themselves in even harder times.
Small business owners get very busy and often work alone. Combat isolation by making sure that you’re maintaining your relationships and work-life balance.
Not Finding Your Career Path
Many small business owners aren’t really sure of their focus. You need to follow your calling in running your business.
You need to adapt your business to innovations and opportunities. Complacency has destroyed many small businesses.
Not Improving Communication Through AI
Artificial intelligence can improve your engagement with your customers, but many people still think AI is out of the 90s when we followed a telephone script. Modern AI can do much more.
Ignoring Customer Service
Customer service is more important in today’s marketing landscape. You have to treat customers well to grow your brand.
Putting Personal Assets at Risk
You need a corporate veil to protect your own assets in a legal dispute because of your business. Don’t mix your business and personal finances. Have a lawyer do some planning to protect yourself.
Dismissing the Need for a Dedicated Business Line
With email, messenger, social media and text, you may feel as if a business line is just another wasted expense, but a dedicated phone for business can help you take back your work-life balance and give you a new communication channel for customers.
Contact Topfund Capital for more information about financing your small business.