Accountancy Business Mistakes
We tend to be very good at researching how we can make a success of our businesses, with key activities to generate positive outcomes. What we don’t do so much of is look at the things we are doing wrong, that could be hindering performance.
A successful business hinges on two factors – increasing our successes and minimising our failings. In short, we need to look at it as a whole picture and that means putting as much effort into recognising and fixing mistakes as executing winning strategies.
Let’s face it, mistakes get made. We are only human. Even machine learning still has its moments. What’s important is learning by those mistakes and ensuring they don’t persist. However, if you are in the know, you can take more of a pragmatic approach to ensuring these mistakes don’t get made in the first place.
So, what are the top mistakes we make in business?
- Unclear objectives
Your objectives pave the way for business growth. They are benchmarks put in place, so that you have goals to work towards with your activity. If you don’t put objectives in place, you have nothing to aim for, making success very ambiguous. Objectives should be set early on and should be realistic and achievable. They can change, but the time to change these is after a review, such as a quarterly or annual look at performance, when objectives can be tweaked.
- Poor planning
Likewise, planning is key to understand your pathway to achieving success. This means having a clear strategy of activities. Your business will not survive without a strategy. ‘When a strategy succeeds, it seems a little like magic, unknowable and unexplainable in advance but obvious in retrospect. It isn’t. Really, strategy is about making specific choices to win in the marketplace’. — Roger Martin, Playing to Win.
- Ignoring stats
Stats don’t lie. They are important insights into how your business is performing and the key areas you need to focus on. Businesses often neglect stats. Sometimes this is due to poor understanding whereby businesses don’t have the right analytics software, or they have it and don’t know how best to use it. Sometimes though this is because business owners simply ignore the stats and go with what they know.
- Over-spending / under-spending
ROI is important. You want to know that you are getting something back for your money. Businesses often fall into the trap of over-spending or under-spending and this really comes down to failure in executing the above. If you know your end goal, you have a strategy and you understand your stats, you can separate out the activities that bring you the most return and invest heavier in them. You can also look at ways in which you can adjust the activities that are wasting your budget, to get a better return.
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