5 Mistakes Every Entrepreneur Needs To Avoid When Starting A New Business

2020 is done and dusted. And in a year that presented so many different challenges, it is worth looking ahead to determine the ways in which 2021 can be better. And when it comes to running your own business, there are a few considerations you’ll want to bear in mind to make next year successful, no matter what happens.

Read on to learn about some mistakes to avoid making in order for your business to have the best possible year.

Mistake 1 – Not Having a Business Plan

If the pandemic events of 2020 ought to have taught business owners anything, it would be the importance of having a solid business plan, not only for the everyday running of the business but also a business continuity plan in the event, your model should be forced to change very quickly. Not having a business plan may spell out certain death for your business in the event of an emergency.

Mistake 2 – Being Afraid to Go Virtual

Along the same lines as developing a plan, if your selling point is able, don’t hesitate to shift your brand onto the internet. If you hesitate in this area, you miss out on a continued connection with not only your existing clientele but for any new people that SEO keywords might bring in.

Mistake 3 – Failing to Keep Up with the Supply Chain

As long as the world exists in the shadow of the 2020 COVID-19 pandemic, it is absolutely necessary to keep good tabs on the supply chain, as there is a potential for the supply chain to slow or stall. Failure to know where your products (and the material they’re made of) come from, or failure to have a contingency plan in case of shutdowns or product unavailability, runs an unnecessary risk for your business.

Mistake 4 – Failing to Keep Up with the News

It’s important to be aware of conditions inside your state and city of operation, as these may impact any measures you may need to put in place. Failure to be well informed may hinder your productivity until details become clear and decisions are made.

Mistake 5 – Not Prioritizing Your Customer Outreach

The events of 2020 have also made it clear how vital a strong business-customer relationship is.

Use any online presence that you have (email, social media, etc.) to communicate business updates to your customers. Let them know exactly how it is that you’ll be operating within the pandemic situation, and what they can expect if their experience will change (e.g. longer telephone hold times, decreased employee capacity, reduced product availability, etc.)

Failure to be forthright and perhaps even sympathetic with your customers can damage a once strongly held trust, and make bouncing back from any time down difficult.

A Final Word

2020’s COVID-19 pandemic has, in many ways, set the bar for what entrepreneurship ought to be in the “new world.” It is increasingly important, then, to take these lessons into the coming years to ensure that your bottom line doesn’t get turned upside-down even if the rest of the world does.