Success in small business has much to do with avoiding operational mistakes. Okechukwu Nnodim writes on common errors committed by entrepreneurs in the small and medium business category.
Nigeria’s harsh economy has posed business planning challenges to many small and medium scale entrepreneurs. In a bid to thrive, some of these business entrepreneurs often commit errors. Below are some common mistakes made by small businesses.
Lack of focus
This mistake is common among small business entrepreneurs. Owners of businesses in this category often lack the resources to go after multiple markets at the same time. When they try to run businesses simultaneously, their marketing message gets muddled up most times. Experts say specialisation simplifies your life and maximises your profits. It is therefore important that you focus on a particular business for some time, as this helps you define your customer and minimise opportunities.
Owners of small businesses often fail to monitor their key business indicators. Experts say it is vital to routinely monitor activities that make your business grow. They note that this helps the entrepreneur to identify problems in the making, adding that he can also track his lead generation activities as well as his production or service processes.Continue reading