Second chances are a precious thing. Unfortunately, when you’re in business, they are things you don’t often get. This is because mistakes aren’t just mess-ups but have a financial cost to your company. Of course, with enough of these, your business budget could be completely wiped out, and your company can fold. That is why it’s crucial to know what tasks and choices you need to get right the first time. A topic you can find out more about in the post below.
Cutting the marketing budget
It never ceases to amaze me that business all over the world continue to think that marketing and PR are non-essential part of their strategy! It’s not optional people! If you want customers to find you that is?
In fact, running a business with little or no marketing is like setting up a store on a complicated freeway and not providing any signage or directions. You’ll be fortunate if anyone ever finds you, even if your products are fantastic.
Of course, I’m not saying that you have to spend a fortune on marketing especially in the begging, because strategies like soft launches that cost a little less can work well, and help you to get your choices right when you do go all out. Just don’t forget to market your product and promote your site entirely, as this is a mistake that can cost your business big!
Scrimping on your premises build
Another major mistake that could cost your business serious money, in the long run, is not spending enough on building and equipping your premises. Now, I know this may sound a little contradictory, but sometimes in business, you need to spend money to make money, and this really is in one of those situations.
Of course, the problem here is that if you go for cheaper options in terms of equipment, and even features like flooring it will wear out faster, and so need to be renewed sooner. The issue with this is that not only will you have to pay out again for this cost, but work will have to stop to allow this to happen as well, something that can further cost your business.
To that end, investing in the right equipment, computers, and even custom concrete flooring that will be long-wearing is crucial. Otherwise, you are just setting yourself for up for additional costs and productivity issues later on down the line.
Rushing the employment process
You are days away from opening, and you still don’t have a full team. It’s a common situation to be in. However, you could be making a big mistake if you chose to rush the interview and employment process, especially if you are looking for someone with a particular set of skills that are vital to the success of your business.
Instead, it’s always better to take time over your employment decisions and, as an owner be as involved with them as you can. The reasons being the effort and cost of finding the right person for a role is much less in the long run than mopping up the damage and mistakes that the wrong person can cause!
