Mistake #1: Hiring for Lack of Weakness Rather Than Strength. (online business ideas)
“The worst error I’ve made is recruiting in a hurry,” This frequently occurs when a growing company waits too long to begin the hiring process and then hires swiftly to relieve stress on their current staff. When this happens, the firm is mainly concerned with finding someone to fill a short-term requirement, and it often overlooks key considerations such as, ‘What else should this individual be doing?’ ‘How will the role change as the business expands?’ ‘What personality characteristics does this person need to be happy here?’
When you hire on the spur of the moment, you tend to expedite the onboarding process in order to get the new employee up and running as quickly as possible. This results in a significant decline in productivity over the next few weeks or months, as well as increased stress for both the new recruit and the rest of the team. (online business ideas )
Moreover.. (online business ideas)
“As a result of these encounters, I’ve learned two major lessons: The first is that it is preferable to recognise a need for additional assistance before it becomes an issue. Many business owners put off recruiting in order to maintain profit margins and maximise efficiency, but they fail to consider what would happen if their crew is overworked. Productivity and morale plummet, and the quality of the job produced falls significantly, resulting in dissatisfied clients and a loss of money.
“The second thing I learned is that rather than hiring for a lack of weakness, you should always recruit for strengths.” Just because someone is capable of performing the task at hand does not indicate they will be excellent at it. If you want to expand your business, you need to hire people who are better at their occupations than everybody else.”
–Mike Bal, Single Grain’s Director of Social and Content
Failure to Delegate Work to My Employees (Mistake #2)(online business ideas )
“The worst error I’ve made in my career is assuming I can do it all,” says the author. When you feel deeply for a product or service, it becomes your ‘baby.’ You have a hard time believing that someone will treat it with the same care that you would. However, I quickly discovered that I was spreading myself too thin and was unable to dedicate 100% of myself to anything since I was devoting little percentages to everything. I wasted a lot of time trying to figure things out on my own when smart hiring could have fixed the problem in half the time, if not less. It’s difficult to quantify the value of your time. You may believe that doing something yourself will save you money, but when you factor in the additional time it will take you to complete the activity, it may really cost you more.
“I picked things up quickly.” By not delegating, I was doing the company a disservice. You must learn to prioritise hiring and seek out people who are brighter than you so that you can trust them to provide the finest care for your child while also learning something new. You’ll like being able to devote your whole heart and soul into a few things and truly give it your all, while also having workers or contractors that make it their mission to offer 100 percent to things you were previously only committing a fraction of yourself to.”
–Meredith Wood, Funding Gates’ Chief Community Officer
Mistake #3: Failing to Verify That Clients Are a Good Fit
“When we first started our consulting business, one of the biggest mistakes we made was taking on clients and projects that we knew weren’t a good fit. We did this mostly to meet our financial obligations, but we were also lousy at saying no. As a result, we deviated from our core skills, accepted work outside of our skill set, and agreed to engage with tough clients that had unreasonable expectations.
“Some of those interactions went badly (as we expected…), and that disturbed us a lot. So we made a vow to improve our prospect qualification skills before they got in the door, and to stop taking everything that came our way since we knew it was healthier for the company’s long-term health.
“Now that we have a solid client base, we have the luxury of being picky about who we partner with.” We usually pass on a new client who does not check all of our boxes. We’ll know it’s a good fit and we’ll be able to give value this way. We didn’t have that luxury when we first started. We might not be in business today if we hadn’t grown proficient at qualifying.”
–Ken Lyons, Measured SEM Co-Founder
Ignoring My Inner Voice (Mistake #4)
“My biggest business error was mindlessly following everyone else’s example and listening to everyone else’s counsel.” Of course, reading about other people’s experiences and taking their advise is beneficial, but there comes a time when you must make your own route. I had to learn to combine industry guidance with my personal aspirations and ambitions. You’ll be more unhappy than ever if you disregard your inner voice and mindlessly follow someone else’s choices (and I can say that from personal experience).”
–Carrie Smith, Careful Cents Founder
So, how about you? Did you make an expensive blunder when you first started your company?