Starting a business has all sorts of benefits. You can be your own boss, allowing you to pursue what you believe is important and meaningful. As nice as this sounds, starting a business is also challenging and there’s a good chance you’ll make some mistakes along the way. But hey, think of it this way: business mistakes don’t slow you down; they guide you toward a better path.
When starting a business, get into your new venture well-informed. Here are some common small business mistakes you don’t want to make, so you know what to look out for.
1. Not Going Digital
Some businesses consider going digital an expensive and pointless investment, preferring to stick to the manual way. As a result, they use a lot of paper when running their business. According to formstack.com, employees print 10,000 pages a year on average. That can get costly for a small business owner on a tight budget.
Going digital allows you to keep all your files online in the Cloud, so you can email documents and PDF files as needed rather than printing them out and filing them away. This not only saves time and money but also increases productivity because you can quickly and efficiently send the right files to your employees and business partners. What’s more, you can save on filing space because you’ll only need to keep physical copies of the most important documents you have.
2. Not Using First-Party Marketing Data
First-party marketing data entails collecting first-hand information from your target customer base. Salesforce reports that 68% of marketers are attempting to move away from third-party data. Though secondary data has advantages, first-party marketing data can provide an avenue for new opportunities, reduce risks and make informed decisions. First-party marketing data also helps you to understand the needs, tastes, and behaviors of potential clients, consumers, and stakeholders. There are different ways to collect this data. You could do online surveys, have a focus group, or conduct in-depth interviews (IDIs).
Marketing data helps your business maximize value and expand profits. If you have access to crucial industry knowledge and the other party doesn’t, you’ll be at a significant disadvantage.
3. Not Investing in Business Software
New software and the rise of technology have made work easy for various businesses. Not investing in technology in this day and age can limit the growth of your business. Business software aids in various corporate operations. For instance, it can boost business efficiency and help you save time while lessening your workload through speed and efficiency. Forbes claims that a Manufacturing Executive System (MES) can boost effectiveness and production, with some businesses witnessing 10% to 20% improvements.
4. Not Recycling Your Materials
Recycling discarded materials will help you create new materials and allow for the reuse of some items. Recycling offers businesses more immediate and valuable advantages, too. By showcasing your environmental responsibilities through recycling activities, you’ll attract more clients, increase your chances of landing contracts, and increase client loyalty. Reducing the quantity of waste you send to the landfill can result in significant savings on the landfill fee. Not only does it benefit your business, but recycling commercial waste results in less waste disposal in landfills and less environmental damage.
Figure out the best way to recycle some of the products you use. Let’s say you use an adhesive remover; according to ArtNews, adhesive remover typically comes in a 4oz bottle and is made to remove stubborn residues. After using the adhesive, what’s the best way to deal with the bottle and other products you use around your business?
Changing how your business operates is a big decision, and businesses are, understandably, cautious while doing so. But it would be best if you made some changes to stand out from your competition so your business can succeed.