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Running a Business is no easy task. There are multiple stakeholders involved, finances, supply chain management, inventory control, and not to forget your sales process. While managing all aspects of your business, you are bound to make a few mistakes along the way.

 

Here a 5 Mistakes you are probably making as a business.

 

1  Avoiding New Technology 

Technology has become a part of our lives. But often as a businessman we forget to integrate this into our business. New Technology may be intimidating, but in the long run it helps in reducing your costs and managing your business more efficiently.

 

2  We don’t do enough Marketing 

We Often think we do not need to carry out any marketing activities, Business and Sales will come walking through the door. But we are often mistaken, these days marketing is crucial to the success of any form of business. This can be carried out via various ways, Word of mouth referrals, online marketing, traditional forms of marketing such as TV ads, newspaper ads and sending out flyers.

 

3  Not Understanding Market Trends 

Businessmen always feel what they are selling is always the right product/service. But these days customers have ample number of options and with access to the internet, to compare these options with ease. We must understand exactly the current market trend, what our customers desire and at what prices. We must have reports of our business to understand what customers are purchasing and in what numbers.

 

4  Workload is Not Delegated appropriately in your organization

 It is important to manage your workforce efficiently. It is important to delegate work equally to ensure productivity is at its best potential. Understand your team, and ensure everyone is aware of their duties. Keep track of work progress to ensure the team is doing their work effectively.

 

5  You are not managing your stocks as well as you think 

Stock management is the backbone to the success of a trading business. Many times people order stocks from suppliers at their will based on guesswork without a defined strategy. This leads to mismanagement of stocks and having a less efficient warehouse. It is important to keep the right stocks at the right time in a proper manner which can trace your stocks effectively.

 

This is no comprehensive list and neither do we have all the answers, however it is our strong belief that businesses falter when they take a lot of things for granted. Usually entrepreneurs are cautious at risks which are identified and they can tackle those. However it is where the risk is not clear that businesses ignore them and turn a blind eye to them that such mishaps occur.

 

Wishing you greater clarity and easier working on all your business challenges in the days to come.

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