7 Costly Mistakes Every Business Owner Should Not Make

Running business is not a smooth ride. It requires time, sacrifice and discipline. And over the years I have observed that most businesses fail not because the idea was poor but because the owner did something wrong which could have been prevented. I have also done and still do some of these mistakes myself and I have also seen other business owners repeat these. That is why I would like to discuss these expensive errors which should be avoided by all business owners. Confusion of business money and personal money is one of the most hazardous habits. When I began I did this myself. I used to raise funds through sales and spend a short period of time buying food or paying family bills. At the weekend, there was not much more to develop the business. Later on I discovered that business money is not the same as personal money. Treat it so and your business will never grow. The prudent thing to do is to keep your money and salaries apart and to pay yourself a small salary. In that manner, your business will be able to breathe and expand. The other error is the failure to maintain good records. People attempt to maintain sales, costs, and debts in their mind but this never happens. I then thought that I could recall all, when I felt I was running in the dark. Writing things down is a mirror, which reveals you are progressing or not. A simple notebook can also make you know whether your business is progressing or retrogressing. With no record you are only hazarding a conjecture.  [Image Source](https://pixabay.com/photos/business-businessman-closing-couch-3047316/) Customer service is an additional field where most businesses break down. I have observed in Nigeria that there are certain individuals who speak to their customers proudly or unmindful of delaying them. However, customers are the blood line of any business. I always remind myself that a single satisfied customer can refer to ten others and a dissatisfied customer can send away twenty. There is no money in treating customers well but the returns are immense. I have also witnessed business owners such as myself at a certain point denying to learn and adjust. The world is evolving by the day and business is no longer the same as it was five years ago. There is new technology, new competitors and new ideas. When you stick to the mentality of doing things in the same way that you had been doing it, your business will not go anywhere. The fact is, the more you learn the better you can adapt. An attendance at training and reading books or even seeing successful people can open your eyes to how you can run your business better. The other error is attempting to be a one man band. I understand how it is so tempting to do everything in your business on your own, at least at the start. At some point in time, I attempted to be the buyer, seller, marketer and the customer care agent simultaneously. It seemed alright, but very quickly I got exhausted and made more and more mistakes. I was later to find out that you do need assistance no matter how small a business is. You can outsource or hire part time even in instances where you cannot afford personnel. A company cannot expand by the power of a single individual.  [Image Source](https://pixabay.com/photos/man-entrepreneur-business-manager-5475187/) One of the bad mistakes is poor marketing as well. There are those individuals who think that the customers will locate them. On one occasion I had a product that remained long on the shelf yet nobody knew about its existence because there is no one as a result of publicity. I wasn't promoting it well. The bloodline of any business is marketing. Your product can be taken a long way on social media, word of mouth, little adverts and customer referrals. A product is a good product and without marketing it is a hidden treasure like no one will see it. Lastly is the risk of fear of risk. Some entrepreneurs like to play on the safe side and will never venture out. I know this fear as I used to have such fear. I also understood that unless one risks, then a business will not grow. It is to make calculated risks, that is, research, plan and act. Without being constantly afraid, growth will not occur. Managing business is an equivalent of nurturing a child. It demands care, discipline and attention. These errors include money confusions, inadequate records, poor customer service, unwillingness to learn, going it alone, weak advertising and risk of taking a chance and these are mistakes which can slowly kill business unless this error is corrected. In my personal experience, I have gotten to know that success is not a one day show. It is based on consistency, discipline and readiness to make no mistakes. With such lessons learnt, we will not only make profit, but also develop businesses which will last the test of time.