Like every sphere of life, the world of business has its own set of “rules.” My sojourn in the field of Business and Accounting has shown that those who are doing very well in business have been observed to be the ones that are running their businesses with the observance of these rules.
If you check out businesses that are not having impressive results or those that have packed up, you are most likely to observe that they have been making the mistake of relegating these “rules” to insignificance.
Please check out my list of 12 common far-reaching mistakes business owners and mangers have been making:-
1. Partial or total disregard for what your competitors are doing or what they are up to. This is tantamount to trying to catch a penalty kick without looking at the player who wants to do the kicking 🙂
2. Not having anything new to offer your consumers over a space of time. Successful businesses are ever-creative and innovative.
3. Leaving your front office (lobby or reception area) without a staff on a regular basis. How many customers or would-be customers have the patience to wait for someone to attend to them? A lot of businesses have lost good deals as a result of this. First impression goes a long way in business.
4. Disregard for staff welfare. This leads to low staff morale, low productivity, criminal tendencies, lack of dedication and much more. No matter how much business acumen you are endowed with, you need people, your staff, to show how good you are
5. Refusing to play “catch up” with fast-changing global business trends. You are known as the static business owner who has nothing new to offer. This reflects on the way you run your business in totality. Thus, your business is known obsolete ideas, practice, reasoning and even products.
6. Giving more priority to profits over customer satisfaction and loyalty. Very few successful businesses stayed up there for long with this approach to business. Durable business success can only be guaranteed if you have large scale customer satisfaction and loyalty.
7. Disregard for high labour turnover. If you always boast that you will always have replacements when your workers leave, then be rest assured that the new ones will not stay long too. Hence, address the reasons behind the high labour turnover. Hey! You don’t want to be known as the employer or manager who cannot retain his staff for long. Do you? Constant change of workers is one of the greatest causes of slow growth and stagnation in businesses.
8. Allowing an angry or dissatisfied customer to leave with the annoyance or dissatisfaction. Through one angry customer, you can lose so many others.
9. Seeing staff training costs as too expensive rather than seeing it as a form of profit-yielding investment and a means of boosting staff morale and productivity. Globally, training has been known to be a powerful tool for business success.
10. Giving priority to nepotism rather than merit in staff selection, especially at the top echelon of the business. If you do this, then you have placed your business on the path of slow or stagnated growth, perpetual obsolescence, mediocrity, dearth of creativity and innovation and in extreme cases, eventual collapse ! There are too many businesses out there to use as case study. You probably know some.
11. Not engaging in marketing activities such as market/marketing research and promotion (advertising, sales promotion, public relations and personal selling) before and after commencement of operations. I know so many businesses that opened for business and simply waited for customers to come without doing anything to attract them. Have you ever wondered why the blue chip companies vote thousands and millions of dollars to marketing activities?
12. Not giving location a well-deserved consideration at the planning stage of the business. A lot of businesses are facing difficult times as a result of this seemingly insignificant issue. Where you locate your business matters a great deal and impacts on operational costs, extent of marketing efforts needed, number and caliber of customers, societal perception of your business/products and much more. All of these affects your business a great deal.
I hope my compilation was worth your time. If it did, please share this post. If it did not, please let me know. I am always willing to learn.
Thanks for your time 🙂