When it gets down to business, it is a must for you to know by heart what your business is all about, who are your target customers, and how and what way you can promote your business. Even if these are just simple questions, it gives a great impact when you have the knowledge about your business. With that point, you will expect a growing and successful business.
Sad to say, there are a lot of businesses, especially to those who are still starting up, usually commit mistakes. Perhaps, they were not equipped with enough knowledge on what and what not to do when it comes to putting up a business. Well, if you are one of that business minded person who plans to have your own business, then below are some and most common mistakes you need to avoid.
1. Unregistered business
First and foremost, you cannot put up a business legally when you are not registered by Philippine Economic Zone Authority (PEZA). If your business belongs to a PEZA Zone, the government agency will give assistance by providing and tax holidays, and grant incentives to facilitate your business. Moreover, PEZA can also help you with investors, which is beneficial to your business.
2. Not doing enough market research
Putting up a business is not just about for the sake of having a business. Again, when it gets down to business, there should be a lot of thinking and careful planning to achieve the desired business growth. Yes, the first step can sometimes make us feel daunting and frustrating. That is why, it is also a must for you to have knowledge of what your business is all about. If there is anything that you do not know and understand, then it is your responsibility to make sure that you know every single detail of your business, to avoid loopholes when trouble comes.
3. Not focusing on your business
Whether you realize it or not, there are factors that contribute to the things that keep you from focusing solely on your business. Your job, for example, since there are a lot of deadlines that you need to catch up, thinking about your business may not be your priority as of the moment. Of course, you also have the need to attend all the other matters on your work.
4. Not choosing the right investor
Unless you can finance your business on your own, choosing the wrong investor is dangerous to your business. Finding yourself wondering where your money went when in fact, there are a lot of other investors transacts business with you, later did you discover that your cash reserves dwindle. When you plan on having a partner or investor, you have to make sure that you know every transaction that you have, especially when it gets down to money matters. You have to hand on with that matter if you don't want to waste your income.
5. Hiring too quickly
Yes, we understand that you need people to man your business. But it doesn't mean that you are going to hire people who are not capable and don't have any skills in doing the things that are related to your work. You also have to be keen when hiring a person for you not to regret your decisions later on. Moreover, it is also your duty to make sure that the people you want to hire meets the standard of your company. If not, then you have to make them understand your policies to avoid misunderstandings.
6. Not listening to customers
It is one of your downfalls if you are not going to listen to your customers. Of course, your business exists since there are still customers who avail your products. Just imagine your business without any customers, what will it look like? It is not a good way to achieve your desired income, right? That is why, whatever queries your customers have, you also have to take their suggestions. However, there's a caveat, though; it is also your duty to make sure that the suggestions from your customers are beneficial to your business.