In order for any business to be successful, it is imperative for entrepreneur and CEO alike to avoid the common pitfalls of running a business. No matter the size or success of your company, it may be one step away from falling prey many failed businesses have faced. However, knowing what to look for and what to avoid will help you keep your company on its path to success.
The best way to keep your company from falling into the predictable quicksand of failure is to understand what the most common errors that are more likely to bring your company down. By doing your due diligence and thoroughly researching the mistakes of past companies, you can put together a plan to keep your company afloat. Read on for three of the most common mistakes that you’ll want to avoid as you run your company.
1. Expecting Your Social Media to Grow Organically:
It is no secret that utilizing social media is a huge asset for gaining customers and increasing sales. However, trying to reach your audience through social media takes a more strategic approach than in the initial days of social media. In today’s world, expecting your company’s social media engagement to grow organically is one of the biggest mistakes you can make.
While it may upset more traditionally minded business owners, the best way to make social media work for your company is to pay to play. That means buying ads and spending money on other similar digital media solutions in order to bolster your other organic social media marketing strategies.
2. Collaborating with the Wrong People:
While networking is a must when it comes to professional growth, collaborations aren’t always in your best interest. Oftentimes, new business owners will fall into the trap of teaming up with other entrepreneurs that are all talk. These entrepreneurs will boast about their accomplishments and connections, all while telling you that you need to start working with them. You’ll soon find out that with these types of people, there is usually little to no action to back up all their talk.
3. Following Trend after Trend:
Trends often excite new business owners, promising that a better future can be easily achieved with the help of a particular service or product. As with any other kind of trend, these typically are short-lived and offer little to no growth for your company. In some cases, these types of trends may even hurt your business. While trying a few trends may seem like a smart decision, spending time chasing these dead ends is a guaranteed way to kill your company.
Don’t be afraid to try new things with your business, but do be careful to avoid these common entrepreneurial mistakes. As you work to grow your company, do take time to invest in your social media presence, focus on vetting the people you work with, and avoid any flashy superficial trends. While no two businesses are alike, companies that fail to avoid these common mistakes will end up on the same path to failure.
Yorkville Advisors, LLC is a privately owned hedge fund sponsor.