Odds are that you don’t want to run your business into the ground. But if you don’t know what big mistakes to avoid in the corporate world, then you may be doing just that without even realizing it. As experts in business efficiency, it is our goal to help every business we work with to succeed. So here are the top 3 ways that you can make your business fail and how to avoid these mistakes.
Avoiding Social Media
No, we don’t mean you should be spending your working hours on Facebook, watching GIFs of cute animals. However, avoiding Facebook and other social media platforms altogether is a bad idea for your business. These days, the majority of consumers turn to social media for recommendations on products and services. It is vital that your business has a strong social media presence on as many platforms as possible so that you can reach out to and better connect with your customers—and of course, hundreds of their closest friends.
If you take an “if you build it, they will come” mentality for your business, then you’re setting yourself up for failure. If you want customers to find you, then you need to be online. It’s as simple as that.
Working Your Employees to Death
You might think that if you crack the whip loudly enough, your employees will work harder and your business will be more likely to succeed. While you may see increased productivity for a brief time with this attitude, it is not the best route to long-term success for your business. Why? Simply put, your employees are going to hate their jobs, and they’re going to be looking for the first exit ramp they can take. The higher your employee turnover, the more time and money you have to spend on training new employees, and that’s not good for business.
Additionally, countless studies have shown that happier employees are actually much more productive than those who are pushed to their breaking points. So show your employees appreciation whenever you can. Encourage a good work-life balance, and if you need to give your employees some extra motivation, use incentives instead of threats.
Not Having the Right Tools
When you’re first starting your company, you want to keep costs to a minimum. However, there’s a fine line between saving money and refusing to make wise investments in your business. If you’re avoiding purchasing essential tools to increase productivity, just to save a few bucks in the beginning, you could actually be crippling your business before it even learns how to walk.
Take a step back and try to assess whether a certain tool, piece of equipment, or software program is going to make your business more profitable. If it is, then it may be worth it to invest in that tool, rather than trying to do without it and slowing down your own potential growth. Take document management software as an example. You might think that it would be best to go without for now and consider investing in the software once your business is more established. However, not getting DMS will slow down your employees, make you more susceptible to data losses, and cut into your profits. Thus, your business will grow more slowly than it would if you had made the investment upfront.
If a tool is going to add value to your business, then don’t make the mistake of going without it. Contact one of our business efficiency experts to see just how much value eFileCabinet can add to your business.