Country by country, the COVID-19 lockdown is getting more relaxed. The pandemic led to a very high number of job loss leaving many to develop ways to make money for themselves, many have also taken it as a realization that paid jobs are not for them and they would rather start something of their own. This has led to the creation of many business ideas and hence, it is almost definite that entrepreneurship is going to reign more and many businesses are going to spring up after the lockdown.
The question then is how to build a business and ensure it achieves the goal it was created for. It is important for every newly intending business owner to have an understanding of s/he is getting into when starting a new business or expanding a current one.
These common mistakes made applies to many small and medium scale businesses and is something that should definitely be looked into to avoid falling into the same pit or to change some current things about your business.
The saying “experience is the best teacher” is still as valid as ever. However, it is much better to learn from the experience of others so you can have speed, avoid many business potholes and make your business strong. These five mistakes commonly made by businesses are factors that must be considered when building a long-lasting, blooming business or brand.
- Failing to have a USP.
It is true that there is nothing new under the sun, but there are certainly many modifications to things that exist. Every business must have a unique selling point. It is okay for a million other people to do the same business you are doing, but it is very poor and ineffective when your business is run the same way. Every business owner must know what makes their business stand out and why people should patronize that business instead of the other 999,999,999 people doing the same thing.
What makes a business stand out is its USP. The methods, strategies, selling propositions must be different from any other.
Therefore, as a business owner, you must ask yourself, what is the entry point of my business? How will it stand out from others? What is its USP?
- A Logo is Not the Most Important Thing.
There are very few small/medium business owners that do not fall into this trap.
The noise about brand identity and brand recognition is very important but it has put many businesses on the wrong track because when talking about brand identity, a logo is what is imagined. However, it is way more than that.
A logo does not have to be the first thing created or the thing that disturbs a business from starting or getting to all the necessary platforms. Putting your business name in a nice design suffices for the main time to focus on certain other necessary investments. Marketing and brand recognition goes way beyond a logo.
If a business does not deliver value, a logo is pretty much useless. Start your business, deliver your value, let your brand name be known, but lack of a logo is the last thing that should tie a business down.
- Not Optimizing Social Media and Digital Marketing.
Any business with less than 60% online presence is making one of the hugest mistakes possible in this age and time. The world is almost, if not entirely digital now. While many businesses are on social media, many make the mistake of not using it effectively.
The social media pages and website of your business should be updated. Constantly put out content that delivers value not just content to make sales. More than anything, build consumer interaction, grow the loyalty of your customers. If these are not things you can do as a business owner, make the investment of employing someone. A great business must have a topnotch online presence.
Social media is the best connection you have to your customers, don’t waste it.
- No Business Plan.
According to the research I conducted, only 1 out of 10 small/medium businesses have a business plan. This is a big flaw. “Fail to plan, plan to fail” also works in the business world. Any business that wants to last long will be making a big mistake if they fail to create a business plan.
Your business plan should contain your vision, mission, values, target market, SWOT analysis, future goals, budgets etc. it is pretty much the guiding map for your business. Without a map, your business could get lost and swallowed in the hustle and bustle in the world.
- Chasing Money Over Value.
Lastly, most brand owners start a business to make money and this is not entirely bad. However, the businesses that have existed for long and are still surviving are not entirely focused on making money anymore, but rather on delivering value.
While trying to make money, make it part of your passion to deliver value, to solve a problem. This mentality helps you make the right decisions and grow your business fast.
…an extra addition for coming this far.
Many businesses choose their methods, or as it is professionally called “business models”, but stay too long using a model, trying to make it work. It is a very common mistake businesses make, but it is a terrible one. As a business owner, it Is crucial that you know when to change your business model or strategies. Whatever isn’t producing maximum results for you should get out.
Any business that is able to overcome these mistakes will do great. These mistakes are major stumbling blocks to the growth of small businesses. Adopting these in your business makes your business much better.
Good luck in your new business or in making your existing business better.
Share this article to enlighten others as well, haring can also make your business grow.
Written by: Ifarajimi Oyinkansola.