• Legal Escrow & Arbitration Services Ltd.

    Escrow news

Five mistakes that every small business should avoid

Posted on by admin

mistakes made by small businesses

You’ve got the business plan, you’ve got the funding. So, what next? More SME’s are being launched than ever before, but not all of them are succeeding. Some fail due to poor products others due to poor planning. If you don’t want to join the ranks of the must-try-harder, then make sure you read our five mistakes made by small businesses in their first year.

Goal setting

This might sound obvious, but all too often business owners are so focussed with getting off the ground that they forget to set their goals. You need to implement measurable targets from the get go, so that you and your team know what you are working towards and in what time frame.

Marketing matters

Fear of the competition or doubting your experience are all common amongst entrepreneurs. These feelings are just feelings, not fact, yet they threaten to hinder your growth if you don’t keep them in check. Be confident in your services and products, and market them boldly. Because if you don’t believe in them then no-one else will either.

Safeguard software

Startups want to keep overheads to a minimum, but not at the expense of your clients. Your services need to be seamless and accessible at all times. Investing in bespoke Software as a Service (SaaS) is vital to stay head in the digital age and you will need to protect your SaaS access. SaaS escrow actively monitors your providers to maintain your software access. If your providers cease trading, SaaS escrow enables you to identify potential risks in advance and move your software provision if necessary.

Customer feedback

Carrying out market research on potential customers before launching is important, but gaining customer feedback is key to ongoing success. Knowing what your customers want is important as you plan your business, but knowing what they think about the products or services they received is essential. Make sure that their opinions are heard and take on board suggestions to develop and improve your products in the future.

Team work

Although we all start small, no multi-million-pound business owner ever got to the top on his or her own. When you launch your own business, the temptation to micromanage everything and everyone is great, but effective leaders must learn to delegate. You cannot be all things to all people, in all places, so give responsibility to trusted team members so that your time can be better used elsewhere.

Share it now!