5 Mistakes to avoid for small businesses

February 15, 2023

When it comes to running a small business, we know there can be a number of pitfalls that you can unknowingly get yourself into. Here are 5 mistakes to avoid for small or micro businesses to ensure that your venture can not only survive, but to thrive too!

Not setting yourself an appropriate salary

It’s crucial to understand what your fixed costs are on a monthly basis. By knowing your fixed costs, it makes it much more easier and viable to set yourself targets to achieve and earn every month. This ties in with how much you set yourself to earn when it comes to your salary. This not allows you to not only sustain your business, but it also ensures your livelihood is protected.

Not properly defining your target market

This could be a potential hazard, as it would be very difficult to run your business should you not know who you will sell your products or services to. It would be difficult to validate whether your product or service is wanted or even interested by customers. This may leave these consumers with unfavourable perceptions about the brand, which could have an ongoing detrimental impact on the performance of the business.

Not utilizing customer’s data for promotions or target market

If you are not able to use your customer data you’ve garnered in your company, it may be difficult to learn from them and to apply effectively! As a result, it will be difficult to make or improve customer relation or even to engage with them.

Refusing to change your product to suit the market

This would be a missed opportunity to really capture what the market needs or wants. Whether it be from ergonomic changes in your products, or perhaps repricing your line of services, allocating certain calculated changes towards your business offerings can be heavily beneficial towards the growth of your company.

Not investing in proper filing and sales management systems

And how else would you be able to track that growth than without the proper filing and sales management systems? Relying on hand written notes or physical book keeping may be effective initially, but as your business grows, its important to invest in a proper system. Otherwise, this leads to a pathway of disorganisation.

Are any of these mistakes currently plaguing your business?

Semart is your one-stop solution into improving your business when it comes to addressing these oversights. Perhaps you’re not able to collect insights from your business in order to work out your salary, or maybe you’re unable to keep track of your sales records due to poor filing. By subscribing to Semarts subscription service, we ensure your business gives itself the opportunity to grow through our support and assistance with access to:

SEMART handheld POS
Menu Setup and Tech Support
Subscription to SEMART Dashboard (Business Financial Dashboard)

Interested?

Click on this link to be brought to our Subscription page on our website and level up your business today!

2 responses to “5 Mistakes to avoid for small businesses”

Tel-U

January 4, 2024

Have you encountered any of these challenges in your small business? If so, how are you currently addressing them, and have you considered implementing any changes to improve your business operations? regards Telkom University

Reply
1. Arief Nasrizal
  
  February 1, 2024
  
  Yes, we’ve encountered some of these challenges in our small business journey. For instance, addressing the issue of not setting an appropriate salary, we implemented a meticulous financial review and goal-setting process. By understanding our fixed costs and setting achievable targets, we not only ensured the sustainability of our business but also experienced personal and business growth.
  
  In terms of defining our target market, we conducted comprehensive market research to identify and understand our audience better. This allowed us to tailor our products and services to meet their specific needs, ultimately enhancing customer satisfaction and brand perception.
  
  Additionally, we recognized the importance of utilizing customer data for promotions and refining our target market strategies. Implementing data-driven insights has significantly improved our customer relations, enabling us to engage effectively and offer personalized experiences.
  
  Adapting our products to suit market demands has been another crucial step. We actively seek customer feedback, leading to product enhancements and strategic adjustments. This flexibility has not only met customer expectations but has also positioned us as a responsive and innovative player in the market.
  
  Lastly, investing in proper filing and sales management systems proved transformative. Transitioning from manual record-keeping to a streamlined system has not only reduced errors but has also allowed us to track business growth more efficiently. This organized approach has been instrumental in enhancing overall operational efficiency.
  
  Overall, these proactive measures have contributed to the continuous improvement of our business operations and have positioned us for sustained growth in a dynamic market environment.
  
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