The document outlines 7 common mistakes that small businesses should avoid. These include having an ego that prevents accepting input, failing to create a strategic plan, having a poor online presence, hiring too quickly without properly screening candidates, failing to raise sufficient startup funds, neglecting existing customers, and hastily expanding into new markets or launching new products without thorough research. The key advice is to have an open mindset, carefully plan strategy, establish an online presence, selectively hire the right people, obtain adequate funding, focus on customer retention, and conduct research before expanding.

1. 7 Common Mistakes Small
Business Should Avoid

2. Introduction thoughts
Small and new businesses have a major disadvantage – they have a lot of catching up to do with
established businesses in the industry.
Therefore, every step taken by them should be based on logic and a clear understanding of the
industry they function in.

3. 1. Leave your ego at the door
“Despite common perception,
one of the biggest roadblocks
to good results isn’t a lack of
information or skill, it’s a
leader’s inability to put aside
his or her ego.
If you want to be successful in
starting a business, invite
input and keep an open mind.
If you can do that, you’re much
more likely to do what’s right
for your business.”

4. ““If you fail to plan, you are
planning to fail”
It doesn’t matter if you take a
couple of weeks or months to
arrive at a strategy document.
The key here is that you have a
document that serves as a
roadmap to drive your company
forward.
2. Spend time planning

5. 3. Having a poor online presence
“We live in the digital era. It is
important that efforts are
made to strike a chord with
online audiences.
Make sure you have a primary
website while pursuing
followers on social media at the
same time.”

6. When you’re small, every
individual can have a
disproportionate impact on
your business.
You will have to scan the
market to shortlist the right
candidates who are willing to
join your company’s journey
towards further greatness.
4. Don't hire too quickly

7. 5. Focus on raising sufficient funds
It’s important to become
financially self-reliant.
Approach family, friends
and outsiders to invest in
your company.
Don’t rely on profits
alone. It’s a big mistake
committed by a lot of
small businesses.

8. 6. Pay attention to existing customers
Existing customers are
often a neglected lot. Most
offers and discounts are
geared at new customers.
The older ones have to
shout loudly to get their
voice heard.
Do you have a strategy to
keep existing customers
happy and faithful to your
brand?

9. 7. Launching new products or entering new
markets at the wrong time
Finally, we come to the most important mistake committed
by small businesses. They often think of expansion or new
product launches immediately after a success.
This can have disastrous consequences if not planned well.
Rely on thorough research before you start thinking of
newer horizons!

10. hello!
I
AM
Susan
Smith
You can find me at:
@susansmith012
Or email: susans{at}promodirect.com
References:
http://blog.promodirect.com/2016/05/small-business-mistakes-to-stay-away/
https://www.entrepreneur.com/article/252775