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So, you've now raised some funds, brought in a few investors and began to gather your dream team for your start-up.
However, you've then hit a couple of obstacles on your journey to success, and you're not totally sure the best ways to manage them.
Yet, the reality is, plenty of start-ups encounter these issues. Here are 6 behaviors stopping you from growing a profitable business. When you understand exactly what they are, you'll be on your way to turning things around.
Related: Join Entrepreneurs and Investors at Entrepreneurs Retreat 2018
Particularly for businesses that are just starting out, not planning enough can be an entrepreneur's biggest nightmare.
However good your idea or service is, if you haven’t thoroughly planned out in advance on aspects like:
Most probably you’ll be struggling more and more as your company grows. While it’s exciting to get started, creating a business plan is the first thing you’ll want to do.
Although investing in technology can feel like an expense you can live without, overtime, you'll harm your business if you don't.
The ideal technologies – whether that could be an accounting app or a membership to a website that assists in signing and verifying documents -- can spare you not just time, but also money.
If you have identified a technology you just can’t afford, usually there are alternatives out there that you can utilize for no cost. In case you consider yourself a conventional business owner, it’s time to switch things up and benefit from the innovations that can actually assist your daily tasks and most importantly, save you time.
Among the greatest mistakes brand-new companies make is not targeting the right customers. This could imply pinpointing the wrong customer segment, or advertising in the wrong places or creating a website that turns off users.
It could be too quick to assume that all you need is a good product. However, if you wish to break your bad marketing practices, have a look at this tutorial from HubSpot.
Related: 3 Myths of Starting a Crowdfunding Campaign
While it's beneficial to invest money where it matters most, it can be conveniently easy to get carried away and overspend.
Particularly in the early days of your company's development, you'll likely to spend money at new sets of problems that come to your way. However it's crucial to budget plan carefully; otherwise you might shell out more money than you have, and not have enough for the future.
Having effective cash-flow control is essential to dealing with this issue.
On the other hand , you might not be spending enough. In some cases, you want to hold on to money for later that you should be spending now, for instance, on very essential market research which will rapidly produce more income for the company, or employing experts for your group who can manage essential areas like fund-raising.
Among the worst practices you can have is depending only on yourself when it involves running your business.
When it's your own idea and vision becoming a reality, it's very easy to want to manage all facets, from finance, funding and content creation, to advertising and social media.
However not only will this behavior stress out rapidly, you'll likely have difficulty recognizing and addressing issues. With effective delegation, you'll have the ability to handle your group and get things done effectively and creatively.
Related: The best and worst places for doing business in Asia
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