For small businesses, the world is their oyster. There are so many benefits to help them soar including flexibility to change at a rapid rate, the ever-evolving world of research as well as the abundance of technology options. However, with this, comes easily-changeable mistakes which businesses can make. Here are some of the top mistakes which can be avoided.
1. Trying to be a Jack-of-all-Trades
Businesses need to have clear goals and structures in place knowing exactly what their product/ service offering is and where the boundaries lie, instead of offering a little of this and a little of that. Failure is imminent when businesses try being to be all things to all people. The crucial question for businesses to ask is what do your key audience need and how can your company best offer that. Having well-defined goals and KPIs in place will keep you on track. Many business owners, with modest reason, try adopting the a jack-of-all-trades approach, due to capital and workforce constraints, which may be short-sighted.
2. Taking your existing customers for granted
Remember the first customers you had? Remember the time and effort you put into nurturing those relationships? So why stop? Small businesses need to avoid neglecting its existing customers and solely focusing on attracting new customers, albeit still crucial, otherwise their business will start to crash. Customers have a plethora of options today, more so than ever before. Without customers, there is no business. Happy customers are one of the most valuable assets you can have, now and in the future.
3. All work, no play
Small business owners often have a “Go, go, go” mentality without hitting the brakes. Stress and burnout have become an increasing phenomenon. According to Statista, stress levels have risen by 37% in the past year. Having a healthy work/ life balance is key to any organisational success. Companies need to urge their employees to take some time out in order to both boost their productivity levels and improve employee wellbeing, whether this means giving their employees discounts to the local gym, having weekly or monthly staff gettogethers or encouraging everyone to take a well-deserved lunch break.
4. Hiring wrong people
Another expensive mistake small businesses often make is hiring the wrong people, either in haste or without the right expertise. It is easy to bring on friends and family members to save costs and help out initially, without considering the long term ramifications. According to CB Insights, 23% of businesses fail due to not having the right team in place. Not only is industry expertise and job specification knowledge key, but a cultural fit is a must! The right employees are indeed the greatest asset to a business as they are ultimately the company’s the voice and brand ambassadors.
5. Overworked, non-motivated team
One of the common workplace problem globally is overworked, underpaid employees who are not motivated. Research by the Centre for Labour and Social Studies revealed that Britain is becoming an increasingly overworked and underpaid nation, where three quarters of workers will be pushed to breaking point, leading to the deterioration of employee health and wellbeing. Companies need to adapt an employee-centric focus which emphasises improving employee working conditions in order to boost both productivity and morale.
Recognising the efforts of your staff by offering workplace rewards and employee perks can be one great way to encourage positive behaviour and motivate your team, including both financial and non-financial rewards. Another effective way to tackle this to offer employees an employee discount platform where they have access to hundreds of everyday savings, including discounted cinema tickets, gym memberships as well as discounts at supermarket and high street retailers. These employee perks don’t always need to be about money, but rather showing your employees they are valued and needed.
With Staff Treats, employers can treat their employees to over 3,000 discounts and offers, as well as access to ticketing and travel concierge services, from £4 a month.