Avoid these too-common errors as you rev up your business.
When running a business, it’s easy to get caught up in day-to-day concerns and lose sight of the big picture. Here are some costly yet all too common mistakes to avoid:
A formal business plan is not necessary, but there must be a sense of direction and purpose to guide the company and the people who run it. This doesn’t mean mapping out every step and detail in advance. It does mean having a goal to work towards. You should have a plan.
Wrong business partner
Choose your partner based on the qualities he or she brings to the business, but do not neglect the persons character. If you and your partner have trust and mutual respect, you have a foundation to build on. Choose your partner as if you were choosing a spouse.
Not enough money
Many businesses run out of money before the operation really has a chance to get off the ground. It costs money to start, operate, and grow a business. Keep costs low. Don’t buy gadgets you don’t need. Establish a line of credit with a bank before you need it. Have enough cash available to get you through the lean times. Stretch those dollars.
Trying to do it all yourself
Do what you’re good at and delegate everything else. When deciding what to delegate, ask yourself, “Is this the best use of my time?” Your company will not grow if you attempt to do it all yourself. Hire responsible people and delegate to them.