Eager to launch your new business?  It’s worth taking note of these common mistakes and make the right moves to start out on the right track…

1. Neglecting to make a business plan

A business plan doesn’t need to be long or details, just take some time to ensure you have clear directions and goals for your business.  This will create some milestones for you to review and refer back to.

2. Inadequate financial preparation and resources

As part of your business plan you should also calculate the financial resources you need.  Financial projections can ensure you stick to your goals and assist with securing finance.

3. Failing to monitor progress and adjust

By continuously monitoring your progress and referring back to your business plan you can keep your business current and sustainable.  Adjusting your plans will drive your business into the future.

4. Buying assets with your cash flow

Using your operating cash for purchasing business assets can cause cash shortages and a flow on effect to other areas of your business operations.  Careful consideration should be taken when purchasing business assets and whether they are financed through a loan or business cash reserves.

5. Avoiding outside help

Get your business on the right track by hiring a coach or consultant.  They will give you the tools and training to ensure your business is a success.

6. Setting the wrong price

Pricing is so important, every cent counts.  Don’t make the mistake of pricing your product purely on what your competition charges.  Research your costs in detail and use this information to make sure your pricing is right.  Make a point to review your pricing regularly.

7. Ignoring technology

The use of technology can be a game changer for many businesses.  It allows for increased capacity through reducing time wasted on repetitive tasks.

8. Neglecting online marketing

Social media is an easy cost-effective way to market to your target audience.