© Copyright Acquisition International 2025 - All Rights Reserved.

Article Image - Avoid Making These Common Small Business Mistakes
Posted 17th May 2023

Avoid Making These Common Small Business Mistakes

All business owners make mistakes, whether they’re new business owners or seasoned professionals in charge of multi-million-dollar corporations. While everyone is capable of making mistakes, that doesn’t mean you can’t avoid certain ones by being well-informed.

Mouse Scroll AnimationScroll to keep reading

Let us help promote your business to a wider following.

Avoid Making These Common Small Business Mistakes

All business owners make mistakes, whether they’re new business owners or seasoned professionals in charge of multi-million-dollar corporations. While everyone is capable of making mistakes, that doesn’t mean you can’t avoid certain ones by being well-informed. The more you learn as a small business owner, the easier it might be for you to avoid making some of these common mistakes:

Not Receiving Professional Advice

If you want to avoid painful business mistakes, aligning yourself with business experts is an excellent place to begin. Many new business owners want to save money when they launch their business for the first time, so they forgo enlisting the services of lawyers, accountants, and business mentors.

While these professionals can cost money, they might also save you a considerable amount of money with their helpful knowledge and advice. You might also rely on them to take care of a number of tasks that can be overwhelming for the average new owner, such as obtaining employer tax numbers, drafting employment offers, establishing budgets, and choosing a business structure.

Not Paying Attention to Your Competition

What our neighbors are doing is of no concern to us. Unless, of course, those neighbors are your competitors. While you might be more than satisfied with current business growth, your profit margins, and your customer base, there’s no harm in checking out how your competition is doing, any changes they’re making, and what their everyday operations look like. Competition keeps us on our toes, and when we know what they’re doing, we can do our best to stay one step ahead of them.

Spending Too Much Money

Starting a new business can be exciting, especially when you get to use your savings or a business loan to turn a premises into a perfect store or office. However, it’s important to remember that every business needs working capital.

While it’s tempting to purchase new furniture, vehicles, stock, and machinery all at once, think about your current operating costs and how you’ll afford to cover them. Instead, purchase goods slowly and as your business starts turning a profit. You might also like to consider leasing business vehicles and machinery, rather than purchasing them outright.  

Not Prioritizing Marketing

When you’re passionate about your products and services, it’s easy to assume that everyone else will be too, and that you’ll have a line out your door from day one. However, that’s rarely the case. Marketing can be crucial for building and maintaining a loyal following.

Even before your store opens, consider contacting a marketing company to assist with advertising options for an official launch. You might also look at marketing tools to help you master social media marketing, search engine marketing, and email marketing.

Working Alone

Even if you came up with the idea for your business and launched it on your own, that doesn’t mean you need to work alone and manage everything yourself. Being a business owner can be hard, and it’s easy to burn yourself out with long working hours. Rely on friends and family for support, consider looking for a business mentor, and hire staff to share the load.

Everyone makes mistakes, and there’s potential for you to make some of these common ones above. However, being aware of them might mean you stand a good chance of avoiding them and seeing your business thrive.

Categories: Corporate Social Responsibility, News


You Might Also Like
Read Full PostRead - Eye Icon
International Accounting Day 2023: Universal Accounting Center
Finance
06/11/2023International Accounting Day 2023: Universal Accounting Center

Since 1979, Universal Accounting Center (UAC) has been a post-secondary school for budding accounting, bookkeeping, and tax professionals, delivering premier training, certifications, coaching, and support to help them take their careers to the next level.

Read Full PostRead - Eye Icon
Four Must-Have Marketing Tools To Improve Your Business Success
News
20/04/2023Four Must-Have Marketing Tools To Improve Your Business Success

Marketing is undoubtedly one of the most crucial parts of running a successful business. In today\'s digital age, many marketing tools are available to companies of all sizes. But as you may already know, there are so many options; thus, it can be challenging

Read Full PostRead - Eye Icon
How Can I Borrow Money If I’m Self-Employed?
Finance
24/03/2022How Can I Borrow Money If I’m Self-Employed?

If you are self-employed, it is still possible to borrow money however the loan application process may be a bit difficult. The main reason for this is that you do not receive pay stubs or W-2s from an employer so it is slightly more difficult to demonstrate t

Read Full PostRead - Eye Icon
Global Means Business
Innovation
08/02/2019Global Means Business

Sintetica is a Swiss pharmaceutical company delivering innovative injectable anaesthetics and analgesics to patients worldwide through innovative science and excellence in development, production and marketing. Taking time out of his busy schedule is Global Ma

Read Full PostRead - Eye Icon
3 Tips When Remortgaging Your Home
Finance
02/12/20213 Tips When Remortgaging Your Home

To remortgage means that you essentially replace your existing home loan with a new one, with potentially better terms. The most popular reasons for refinancing are reducing monthly repayments, securing a lower interest rate, consolidating loans, or changing t

Read Full PostRead - Eye Icon
Hecla to Acquire Mines Management
M&A
24/05/2016Hecla to Acquire Mines Management

Hecla Mining Company (NYSE:HL) (Hecla) and Mines Management, Inc. (NYSE MKT:MGN, TSX: MGT) (Mines Management) today announced a merger agreement with Hecla acquiring Mines Management.

Read Full PostRead - Eye Icon
7 Reasons Why Businesses Prefer to use Online PDF Tools
News
12/04/20237 Reasons Why Businesses Prefer to use Online PDF Tools

PDFs or Portable Documents initially started to be used back in the 90s and have become some of the most popular document formats used in the modern day.

Read Full PostRead - Eye Icon
The Challenges of Foreign Investigations in Business
News
01/03/2024The Challenges of Foreign Investigations in Business

Technological advancements have been helpful for businesses and corporations operating across multiple countries. Global operations have allowed for more profit potential and advanced reach. However, they have also posed problems when a company has concerns ab

Read Full PostRead - Eye Icon
Zurich Insurance Responds  to International Demand  for Comprehensive Cyber Policy
Finance
08/04/2015Zurich Insurance Responds to International Demand for Comprehensive Cyber Policy

Zurich have launched their ‘Security and Privacy’ policy and ‘DigitalResolve’



Our Trusted Brands

Acquisition International is a flagship brand of AI Global Media. AI Global Media is a B2B enterprise and are committed to creating engaging content allowing businesses to market their services to a larger global audience. We have a number of unique brands, each of which serves a specific industry or region. Each brand covers the latest news in its sector and publishes a digital magazine and newsletter which is read by a global audience.

Arrow