Learning from mistakes can be part and parcel of any entrepreneur’s journey. Whether it’s a first time business or a first foray into an industry previously unknown to you, it won’t take long to learn that a few missteps are just an inevitable part of the CEO lifestyle. There are some common mistakes you can watch out for though, and getting a heads up based on the experience of others is a great way to skip the potential pitfalls you might encounter.
Ignoring the competition
You might have the best product, the most innovative idea or the most efficient service, but underestimating your competition’s ability to undercut, source better resources or otherwise take the rug from under your feet is a real oversight. They say you should keep your friends close but your enemies closer and this is no truer than in business, so and how you can keep on top.
Forgetting to be a leader
Strong leadership skills are essential for any budding CEO. Workforces will rally around someone they believe in, and if you’re not strategically minded, technologically savvy or appreciative of your team’s efforts, they’re not going to find a lot of faith in you. Take a precedent from leaders who’ve inspired you, and don’t be too proud to to effectively take charge of your company.
Going in without a plan
Like we’ve said, learning as you go is all a part of what makes your business unique, but just thinking you can play the whole thing by ear is naïve and dangerous for your future success. advocates the use of SMART business goals. It’s a clever, simple way to project what you want to achieve in the coming years ahead – that’s a SMART plan.
Neglecting digital security
Hiring a security guard to protect your physical assets is one thing, but the reality is that your digital information is now under 24 hour threat. Mallfunctions can lead to losing valuable data and information, or vulnerabilities in your network can leave you and your customers open to cyber-attacks. Invest in a cloud archive that will keep your information secure and accessible when you need it. It means having an environment where you can store data for long term retention and compliance purposes. Systems like are examples of the comprehensive services you should explore.
Having no marketing plan
Your first impression on a customer is pretty unlikely to be when they walk into your office or premises, so it’s important to recognisze where and how you’re reaching your potential customers in the first instance and the messages you’re giving them. Marketing has long been thought a dark art but there are now some very accessible resources that help explain what a good marketing plan is. Lookwhose explanations can really inspire thought about how you’re selling your business, and show it doesn’t have to be a costly exercise either.