Common Mistakes of New Business Leaders

Starting a business can be a huge undertaking that involves planning, money and exceptional leadership skills. Even rookies with deep pockets and amazing entrepreneur skills can make some common mistakes that can put a wrinkle in any well-laid plans. Learn from other entrepreneurs and their first-timer mistakes. Here is a quick guide of common mistakes to avoid as you set out on your new business adventure.

• Keep an Eye on Finances – Watching the bank balance can be nerve wracking but is in your best interest. Always have your finances updated and keep a regular check on your money owed and money earned. Cataloguing each can save you lots of heartache later. Knowing your cash flow will help you keep your mind on the ultimate goal of your company.
• Making Poor Hiring Decisions – Your team is one of your more important assets at your company. One bad hire can mean your business downfall. Hire for skill, talent and intelligence rather than convenience or pay scale.
• Poor Management – There is a balancing act between laissez-faire managing and micromanaging your company. Learn to balance by delegating and relying on experienced managers.
• Failing to do Research – New business leaders need to be aware of the changing market, sales, and the ins and outs of your competitors by researching completely. A dedicated development team can keep you up-to-date if you have the wallet for a team member who can keep you informed.
• Failing to Create a Business Plan – A great plans need to be changed and adjusted but failing to start with a goal and steps in the process can be deadly for a new business leader. Always have your eye on the goia whether it is long term or short term.

Categorised in: Blog, Business Plan, New Business