Many entrepreneurs start their business by only establishing their social media pages, jump straight into selling, and do not have a solid business plan. What else might you be overlooking in your business?
As more and more entrepreneurs show up on the scene every day, only a few businesses will remain open over the next few years.
Now, I know this is a harsh reality to face but the truth is sometimes we need to face our harsh realities, or even wake up from the fantasy world we live in.
Since being in business from 2014, I have certainly had my share of ups and downs. Throughout the course of those years, I have managed to launch a consulting business and a nonprofit organization, which have both opened up some amazing doors for me.
However, as I grew with my businesses I learned a lot. I also learned and I am still learning how to enjoy the process of being an entrepreneur.
When I reflect on that process, I realize that mistakes were often made when I overlooked a few things, and I see many entrepreneurs overlooking the same things I did.
Today, I want to share with you five things entrepreneurs often overlook in business.
1. Not Having a Business Plan
Many entrepreneurs start their business by only establishing their social media pages, jump straight into selling, and do not have a solid business plan.
Now I know this can be a bit bias of me to touch on this topic since one of my businesses is centered solely around helping entrepreneurs plan.
However, I want you to realize that there is a huge risk involved when you create your social media pages and do not have a business plan.
Besides how do you know if your pricing on your product is correct, what your goals are for your business, how you’ll manage your clients, what your customer service will look like, what your marketing strategy is and how your launch plan will roll out.
Quite often, we see other entrepreneurs launching products successfully, booking clients and really making their mark on the world.
Seeing this type of success is normally followed by, “how did they do it?”
I can assure you they had a plan. Do not overlook the need for a business plan — your Priceless Plan that is!
2. Doing Everything Manually
In the age of modern technology, there is always a business system to fill a business need.
If the business system is not yet available then I am almost certain that someone is working on it and in 6 months it will be on the market.
As modern entrepreneurs, most of us are parents, working a 9-to-5, students, and even have multiple businesses.
In having so much on our plates it is physically impossible to do everything manually within the business and without burning out. In order to rectify this dilemma simply use business systems, which can work for you.
Many ask when would be a good time to start implementing systems into your business and my response to that is, “as soon as your business starts.”
The goal is to work smarter and not harder. Do not overlook the need to automate your business as possible as this is a great way to save you time.
Inside of my resource library, you can download the free list of my Favourite Business Systems for Business Management plus 9 other productivity worksheets that will help you learn how to manage your business.
3. Running a Business with No Policies and Procedures
Running a business with no policies and procedures is something that makes me often question how serious someone is about their business.
Policies and procedures help to create boundaries for your clients and your team if you have one.
Think of it this way; if you are purchasing a shirt from a store in the mall, what store policies do they have? Most will have exchange and refund policies. As a customer of that store, you are now aware of the policy in which you must follow if you wish to do an exchange or refund within that store.
Therefore what policies do you need to have in place for your business? What will happen if a customer wishes to stop payment, misses a payment, or even failed to submit a document on time for the website that you are working on?
This is just the tip of the iceberg when it comes to policies but hopefully, you can already understand the importance.
Now when it comes to procedures think of it this way, does the chef of the restaurant leave his junior chef to cook without giving them the recipes?
Absolutely not! How will the junior chef know what is the protocol within the kitchen, or even the recipes?
It is exactly the same way when it comes to managing a team. What are the procedures that your team should be aware of?
Even if you are a small business or self-owned, do not overlook the fact that you still need to implement policies and procedures.
4. Refusing to Build a Team
In the world of building an empire, you have to realize that your empire cannot, and will not be built solely by you.
The sooner you create a team, train them, establish a relationship with them, and make use of team management strategies, the sooner you will notice all the walls of your empire go up.
I know that it can be hard to trust individuals and no one can work as hard for your business as you can. However, how far can your business get with just you?
When you look at millennial based empires such as Travel Noire being led by Zim Ugochukwi, Snobb Life being led by Ming Lee, and Role Models, Not Runway Models being led by Carrie Hammer, they all consists of teams.
If you envision yourself building an empire, then you should envision yourself with a team. Start to take those leadership classes, learn the art of delegation and trust because you will need it.
Do not overlook that if you are refusing to build a team, then you are also refusing to build your empire.
5. Not Giving Back to the Community
I am not here to force religious or spiritual beliefs on anyone. However, what I am certain about is that as successful entrepreneurs we are blessed to be a blessing to others.
This is a simple act of humanity concept. Therefore, to be making a substantial amount of income within your business, and to not be sowing into the community that supports you is selfish.
Community initiatives in any form of giving back are a huge part in being a successful entrepreneur.
Popular entrepreneurs such as Mark Zuckerberg has given financial support to the New Jersey school system, Oprah has built schools, and even local mom and pop shops throughout the world give back through toy donations during the holidays.
Do not overlook giving back to the community in your business. It is a great way to place yourself on the map throughout the community and get acclimated with other aspiring or existing entrepreneurs.
As an entrepreneur overlooking important factors in business is inevitable, as no one person knows it all.
In fact, there was a recent article in The Calgary Herald which stated, “New entrepreneurs tend to overlook the value of having a consistent, scheduled weekly time to work “on” the business instead of “in” the business.”
Once again, this shows how a new entrepreneur can easily overlook something in business. It is not important to beat yourself up over the fact that you may have overlooked something in business. What is important is how you recover from it and continue to grow your business.
Failure to move forward after these mistakes will slow down and stall the growth of your business. What is something that you overlooked in your business? Comment below and let us know.