Starting and managing a small business is no small undertaking. The reality is, 20% of small businesses fail within the first year, and only 50% of small businesses survive to see their fifth year. By understanding and avoiding the mistakes that lead to small business failure, you can set your organization up for success. Here are some of the most common small business mistakes to avoid.
Failing to create a business plan
The key to the long-term success of a small business is a well-designed business plan. A business plan is a helpful tool used to guide all business decisions, track progress, and strategize for the future. Your business plan will also be useful when it comes to recruiting new talent and raising funds from investors. Be sure you develop and write a thorough plan for your business and revisit it regularly to mark your progress and make changes.
Not having an online presence
Today’s consumers do most of their research online. Without an online presence, it will be difficult for your business to reach potential customers, foster relationships with the community, and promote new products or services. Set your business up for success by creating an informative website and using social media to engage with customers on a daily basis.
Waiting too long to delegate
Another pitfall many small business leaders face is the failure to delegate. However, delegating tasks to employees or a third-party specialist is an important way to improve productivity and prevent burnout among management. By delegating or outsourcing daily tasks such as overseeing product assembly, accounting, or marketing, you can focus on your strengths and prepare your business to grow.
Are you looking for a product assembly solution for your small business? Ohio Valley Goodwill Industries is the outsourcing provider you can trust! For more than 100 years, small businesses in Cincinnati, Northern Kentucky, and Southeast Indiana have turned to our Industrial Services Division for their outsourcing needs. From product assembly labor to fulfillment and shipping services, our large, diverse labor pool will ensure your projects are completed correctly and on schedule. Contact us today for a free quote and receive a free tour of our facilities.