10 COMMON BUSINESS MISTAKES WHILE PLANNING THE STRATEGY
10 COMMON BUSINESS MISTAKES WHILE PLANNING THE STRATEGY
We all make mistakes and misjudged choices, nobody is perfect but we learn from our mistakes. Mistakes can be made twice or thrice, but not multiple times.
Do you ever want to wave a magic wand and undo the mistake?
Starting a business isn’t easy, right?
And planning the strategy for business without making mistakes, is a kind of fantasy.
Most of the start-ups shut down without even tasting the success, and that is so sad.
Every entrepreneur puts their heart and soul into their business, and just because of few mistakes in their strategy their start-up fails.
And the worst part is even if you are experienced, you can’t avoid making mistakes.
A good plan includes:
4. Finance
But what does that thing that’ll turn a great business strategy into a poor plan?
Is there a way out, where one can avoid going through that trouble?
Yes, let me share some common mistakes that most entrepreneurs make while planning a strategy for their business:
Here are some of the common mistakes that you can read and learn from and play smart:
But what does that thing that’ll turn a great business strategy into a poor plan?
Is there a way out, where one can avoid going through that trouble?
Yes, let me share some common mistakes that most entrepreneurs make while planning a strategy for their business:
Here are some of the common mistakes that you can read and learn from and play smart:
1. Starting a business with no vision at all.
What are you going to do with your business if you don’t know why you started it in the first place? You must know the answer to the ‘why’. Having a purpose in life kept us going, for some that purpose is their ambitions, for some, it’s their family or their passion. I mean, it can be anything but everyone needs a purpose in their life, so does your business. You can’t start writing a story without having a story plot in your mind, can you?
Just like that, your business needs a plot, a purpose, a ‘why’ you are doing this.
2. No SMART goals.
I read it somewhere,
You should have an aim while planning your business strategy. What is the result that you want out of all your planning? That’s why your goals should be SMART.
People make the most common mistakes by setting unrealistic goals for their business.
Which fails. Stop letting yourself down by setting some unreal standards for your business.
3. No experts to plan the strategy.
I understand the struggle a start-up faces with the finances. Hiring a team of experts for every department can a lot. But can you do everything on your own? I am sure you have prepared yourself to handle the pressure but did you prepare yourself to strategize the whole business plan? Even if you have the expertise in planning and strategizing, you still need someone to share the idea with and get some advises and changes. Think of your team as an asset to your business like an investment, it will be going to pay off.
4. Poor marketing strategy.
Most people think marketing their business online is all it takes. Just make an account on every social media platform and start posting. No, this is all wrong. You need to come up with a strong strategy to market your business, online and offline. Study your competitors, gather facts and statistics, get insights into the market, do this all before you start making a marketing strategy. You need to know it all about and around your niche.
5. Lack of management skills.
The new business owners lack many skills, and one of those things is management. Strong management is necessary from handling finances to the team. A business’s health is a reflection of its owner and the people who work there. Good leadership is the need for a sound working environment. An owner needs to deal with the finances as well as the intellectual state of the business.
6. Lack of focus.
Do you ever start a business or thought of starting it while you still have a job in your hands or are you normal?
Because of the risks involved financially in business, people usually start it part-time while doing their job. They don’t walk out of their jobs because of the feeling of the financial security a job gives to them.
Hence, they only pay half of the attention to their business.
You need to understand this, your business needs full-time attention of yours.
7. Copying competitors.
I have two advice for you:
· Don’t be a copy cat in the first place, be original.
· If you still can’t think of something original, copy but do it with some modifications and improvisations.
Business strategies work differently for everyone. You can have the same target market as your competitor but your approach needs to differ from the others. You can’t expect loyalty from your audience by not giving them the authenticity that they deserve.
8. Oversharing your ideas with others.
It’s good to keep transparency with the ones you are working with, but giving them up all the insights and your plans is not a smart move to go with.
9. Don’t just run off for the numbers.
Starting a business and expecting huge profits is very dreamy. But there are other factors also that need your attention, not just the profits.
You need to focus & make a priority the overall growth of the business. Your growth of the team, the satisfaction of the customer/client, your mental peace, etc.
10. Setting their prices way too low.
To get clients/customers, start-ups convince themselves to give away their services/products at lower prices. No, never do that. I am not asking you to overestimate your product/services but do not underestimate them either. You and your team are working hard for it, tag the price that it deserves.
I can state more common mistakes, but that would make this article too long to go through with. You must remember this; you can always consult before jumping to a big decision. You can ask a friend or a family member. Or, you can seek professional help, several agencies specialize in building a strategy according to the nature of your business. If you are stepping up on quitting your job and starting a business, your plans need serious consideration and guidance. Don’t rush into things too quickly and don’t miss out on the opportunities. I know these things can be overwhelming, but you need to stay focused and calm.
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