It’s nearly impossible to have a flawless track record when it comes to hiring, so it’s inevitable that at least some of the people you hire simply won’t work out. Having the right people in place is critical for the success of any company, and it’s even more critical for small businesses. So, hiring the wrong person for a business can be just as important and can set your company up for failure.
Not defining your market
An entrepreneur might think a particular product or service is the best idea. But without knowing the target audience and which other companies are also focusing on them, it will be significantly harder to sell the idea. If a business’s market isn’t clearly defined, it is nearly impossible to decide on how to best position the product or service in a way that is compelling. Comprehensive market research is imperative in identifying robust customer personas prior to launching a business. By knowing whom to target and how to effectively communicate with them, a business will be strongly poised to successfully thrive and grow.
Avoiding new technology
As a small business, technology can provide new opportunities, help you do our work more efficiently and even help you save money. New technology may be intimidating and require time to learn and understand, but an unwillingness to adapt to technological advances can hurt your business in both the short- and long-term.