Small and medium businesses are in a constant flow of trial and error. They get to experiment a lot on their path to find that sweet spot that works for them.
In this process that could last years, many mistakes are made. Some manage to recover while others are crushed completely.
This is for the business people as well as potential entrepreneurs here to laugh and learn from these mistakes, while identifying what not to do when their time comes.
Please share some of the mistakes you’ve seen being done by orhers or your own experience as a business person. This is a safe space. #letslearn
Failing to Understand or Serve Their Target Market Many SMEs jump into business with a product or service they like, without deeply researching whether there's actual demand, who their ideal customers are, or what problems they're solving. This leads to: Wasted resources on marketing that doesn’t coRead more
Failing to Understand or Serve Their Target Market
Many SMEs jump into business with a product or service they like, without deeply researching whether there’s actual demand, who their ideal customers are, or what problems they’re solving. This leads to:
Wasted resources on marketing that doesn’t convert.
Weak branding that doesn’t resonate.
Low customer retention due to poor alignment with needs.
See lessNot investing in financial management softwares like quickbools and excel soon enough. The process of moving financial paperwork to a new system can be taxing and cause issues especially is the business has grown. Implementing such systems sooner or at least having a plan and preparing for the changRead more
Not investing in financial management softwares like quickbools and excel soon enough. The process of moving financial paperwork to a new system can be taxing and cause issues especially is the business has grown. Implementing such systems sooner or at least having a plan and preparing for the change saves you another later on.
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