As a business leader, you will no doubt want to ensure that your company is doing things the right way. Of course, we all know there is more than one way to achieve an end result, and there are multiple “right” ways! The thing is; some companies spend so much time trying to achieve perfection they start slipping up by making the most basic of mistakes.
When those errors happen, they might seem insignificant at the time. However, a series of small mistakes could prove costly in so many ways. For instance, some customers may feel alienated from your brand. You might even end up offending or annoying certain groups of people with what you thought was a harmless marketing ploy!
You might not believe it, but your business could be making some major mistakes and not even know it! Here are 13 examples of common errors that many companies are guilty of making, and how they can be fixed:
- You treat your employees like robots
The people that work for you are your most vital assets. Without them, you wouldn’t have a business to run! The sad truth is that many company bosses treat their staff like machines and not as human beings. Just like you, they need motivation and challenges to achieve their best.
What your employees don’t need is condescending behaviour, demotivating tactics, and verbal abuse. Treat your staff with respect, and they’ll do the same with you.
- Your workplace is about as safe as a minefield
Employees have the right to work in an area that won’t harm their health or endanger their lives in some way. As a business owner, you have a legal responsibility to ensure their safety in your workplace.
If health and safety aren’t one of your strong points, you need some outside help! Fortunately, there are service providers that can show you where you are going wrong and help you put things right. Read more here to find out what kind of help your company can get.
- You aren’t measuring how well things are going
Some business leaders think that analytics and performance indicators are a waste of time. However, nothing could be further from the truth! It’s essential to determine how well various aspects of a company are running. For example, how many customers did your last marketing campaign bring in? And is the equipment your staff use for their work as efficient as they should be?
- Nothing is formal about your processes
Have you cultivated an environment where it’s okay to just “wing it” rather than following specific procedures? If so, you’ve got a big problem on your hands! You need to have some clearly defined processes outlined and followed by you and your team.
That way, if any problems happen in the workflow, it’s easy to determine the reason why and ensure those mistakes don’t happen again. If you just leave everyone to their own devices, and they do their own thing, you have little control over how things get done in your business!
- Your business is spending money like it’s going out of fashion
The golden rule of running a successful company is to make more money than you spend. The trouble is; some business leaders spend too much money and fail to keep a healthy bank balance.
As a result, those companies often experience cash flow shortages on a regular basis and staff may even end up getting paid late. Solving that problem is quite simple: you must keep a tight grip on your finances.
- You are spending money you need to pay corporate taxes
You might be a business that delays paying their suppliers, but you can’t do the same thing with your corporate taxes. Things like business rates, VAT, and corporation tax must all get paid on time. HMRC rarely allow companies to pay their bills late, especially when they have several months to pay them! Keep paying your taxes late, and your business could face bankruptcy in extreme cases.
- You haven’t got fresh talent on your team
You might think that things are fine and the way your business operates is okay. However, it’s a good idea to evolve with the times and stay on top of the latest industry trends. To do that, you need forward-thinking individuals on your team. Hiring some fresh talent will enable your company to have a competitive edge both now and in the future. Don’t stay in the past!
- You think you know better than everyone else
One of the biggest classic mistakes a lot of business leaders make is thinking they are the fount of all knowledge. Sure, as a company owner you might know a lot about your industry.
But, that doesn’t mean you know EVERYTHING about it! A successful business is one that is happy to learn from others in their industry. You CAN teach an old dog new tricks! Just make sure you are receptive to the idea.
- You aren’t outsourcing key areas of your business
Did you know that even the world’s biggest brands outsource a lot of what they do or need? Some people assume that well-known companies do everything themselves. The truth is, they rely on a lot of third-party suppliers and industry experts.
Outsourcing offers many benefits. For instance, your business can save money versus doing things in-house. Secondly, you don’t have to invest in technology or extra staff to carry out certain business functions. And, third, outsourcing means you can focus on other areas of your company.
- You don’t actively seek financial advice for your business
The sad truth is that many business leaders don’t make the distinction between accountancy and financial advice. The former is about looking at the past, while the latter is to do with the future!
It’s vital you steer the mighty ship that is your company to the right port. Getting sound financial advice from experts will ensure you don’t make any costly decisions such as launching the wrong services.
- You forget to listen to your customers
In the business world, it’s all too easy to become “snowed under” and not have time for your clients. The trouble is, not making your customers a priority is akin to throwing money out of the window.
Your clients are the people that keep your business profitable. It’s essential you listen to their concerns and follow-up on their feedback. Doing so shows that you care, and it can help grow your enterprise at a faster rate.
- You put too many eggs in one basket
Just because an idea might be profitable today doesn’t mean it will always remain so in the future! As a company leader, it’s your job to diversify and minimise risk. If one particular strategy doesn’t go well, you’ve still got other ones that will support your business.
If you stick with just one idea and it doesn’t work, it could potentially mean the end of your company. And that’s something you don’t want to happen!
- Your staff hate you
Are you always in a foul mood with your employees? Do they all go silent when you enter the office? If that all sounds like a familiar story, it’s likely your workers don’t think highly of you. In fact, they are probably only tolerating you because they don’t want to get fired!
The first point in this blog post talks about not treating your staff like robots. This is an extension of that point and one that many business leaders are complacent about. How do you make your employees like you? Simple: just be nice to them and help them out if they have any problems carrying out work for you!