4 Major Business Mistakes To Avoid In 2017

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It’s true – starting a business can be incredibly overwhelming. But once your business is off the ground, the work doesn’t get any easier. Managing and maintaining a growing business comes with its own set of unique challenges, and the more opportunities you have to grow, the more opportunities you have to make a serious and costly mistake.

Since there are a number of mistakes that can seriously harm a growing business, we want to review a few of them and help you avoid making them over the course of the year.

Major Business Mistakes to Avoid

1. Not Using Data

A lot of successful business owners know to listen to their gut. But that gut feeling is usual bred from years and years of data collection and analysis. Although it’s easier than ever to collect tons of data about how a business is performing, far too many owners continue to operate without this information at their fingertips. Identifying the most important metrics for your business and then finding the best way to stay on top of that data can prevent you from being caught off guard by a significant issue.

2. Failing to Plan

When a business is growing, it’s common for an owner to wear numerous hats, but having to hustle to keep everything moving in the right direction shouldn’t come at the expense of having a clear business plan. While you may prefer to operate with a short or long term perspective in mind, it’s important to plan for both so you know exactly what to expect from your business in a day or in a year.

3. Growing at the Expense of Great Hiring

When a business experiences sudden success, they can grow from just a handful of employees to dozens or more in a very short period of time. This can be absolutely great – but it can also cause a company’s downfall. It’s crucial to be smart about the growth of your business, especially when it comes to hiring. The wrong hire can have a tremendously negative impact, while the right hire can save you time, money and some major headaches.

4. Overpaying for Credit Card Processing

Growth doesn’t always equal increased profitability. This harsh reality is why it’s important to stay on top of your expenses at every stage of business. Businesses too often overpay for things like credit card processing, a charge which can easily add up. If you’ve been using the same processor for as long as you can remember without taking a look at the rates being offered by competitors, it’s time to take a look at what else is available across the credit card processing landscape.

Don’t get caught making these mistakes! Simple as they may be, they often cause businesses to lose money, which can be a deal breaker when it comes to your long-term success.

Posted on Monday, May 8th, 2017