If you are a young entrepreneur you should be very proud. There is no doubt that you have worked very hard to get where you are. While the road has not been easy, you are surely starting to realize that it has been worth it. Now all you have to do is build on our business and make sure that it continues to thrive. Easier said than done, right? You can start by avoiding these common mistakes:
Not Saying No
As a young entrepreneur, it can be tempting to say yes to every opportunity that comes your way. After all, you are looking to grow your business. However, doing so may actually be causing more harm to your business than good. According to Forbes, over-committing yourself can lead to fatigue, making every aspect of your business suffer. Growing your business is not about quantity, it is about quality.
Instead of trying to do too much, choose three main areas of focus. When you have a streamlined vision of where to spend your time, you will be able to do a better job at the tasks at hand. You will be less frazzled and able to give your best at everything you do.
Not Sticking to a Financial Plan
When you started your business, you probably had a full business plan that detailed every single aspect of the forecasted financials. You created this plan to prove to investors that you could be profitable. However, as time goes on, it is tempting to stray from this guideline. Even if you have the best intentions, doing so is not a good idea.
Always remember that your financial plan was created for a reason: to keep you profitable. If you have already strayed, keep an eye out for ways to get back on track — streamline your expenditures, look for low-interest business credit cards offers and stay focused on your goals. Once you are more established there is more leeway to stray, but doing so too soon could be your downfall.
Not Building Trust
The Young Entrepreneur advises you want to avoid is skipping the trust-building stage. When you are starting out, you need your employees and your clients to trust you. If they do not trust you, they will not feel confident spending money with you.
To help build trust with your clients and employees, take time to really get to know them. Show them that you are interested in more than what they can offer you. You also need to prove yourself. When you say you are going to do something, do it. Once you build a solid foundation, you can reap the benefits for years to come.
Not Leaving Your Desk
Avoid being stuck at your desk all day. Even though you have a lot of work to do, it is very important that you don’t spend all day every day sitting in your office. Under 30 CEO states that the key to growing a business is socializing with people. If you are not out and about, you are missing valuable networking opportunities.
To help push yourself to get out more, put networking activities on your calendar. There are several networking groups you can join, but even going to regular social activities can help. Commit to going out once a week, with your only goal being to add new contacts to your list. Remember, it only takes one golden contact to completely change your life.