As a rule, it’s best to learn from the mistakes that others make. It’s simpler, and it saves time and expense. Taking time out of your busy business routine to learn so that you can benefit requires discipline.
Mistake #1: Forgetting the Mission and the Dream
After incorporation or the official launch of your business, it’s easy to start focusing on the bottom line and the other markers of success. You’ve got bills to meet and customers to satisfy. However, as you scurry about, trying to make your business the success you know it’s meant to be, make sure that you don’t unintentionally sacrifice it. When you forget the mission and the dream behind your business, you may start to make decisions that compromise your original purpose. This might be related to business itself such as developing a product to solve a problem or it might be personal such as running your own business so you can set your own hours and be with your family.
Mistake #2: Refusing to Adapt
All industries change. The ecommerce field goes through a number as technology progresses and customers’ preferences change. The cell phone, once thought of as just another way to communicate, has become increasingly popular as a mobile browsing device as well as a miniature computer. A number of businesses insisted that it was going to go the way of the eight track. However, no one expected the mobile technology of the cell phone and the tablet to take off the way they did. Almost all ecommerce business have had to develop some part of their site and software to function on these mobile devices or else lose out on a significant portion of the market.
Mistake #3: Allowing Bad Leadership
When you first start out, you are probably going to be handling just about everything. Eventually though, you will expand. With that expense comes the responsibility of establishing leaders. What becomes tricky for many small business owners is that they feel close to the leadership that they cultivate in the business and perhaps close to everyone. Instead of enforcing discipline or requiring excellence, business owners let things slide. This is especially true with regards to leadership. Remember that you need to be able to trust the leaders that you put into place throughout your business. You must not allow them to be bad leaders in any respect, even if you know that it doesn’t come from any bad intention on their part.
Mistake #4: Wasting Money
This one should be an easy one, but one of the biggest mistakes in business is wasting money. However, as obvious as it seems, it often crops up in unexpected ways. For instance, you may not follow a budget, or you may buy more than you need. You need to make sure that you only spend what you need even as you prepare for development and advancement. Avoid buying all the bells and whistles if the basic package will do. And remember, a budget is your friend, not your enemy, but it will only help you if you follow it.