Running a business can be tough. There are so many things to think about, and it can be easy to get into bad habits or resort to short-sighted measures in order to earn or save a quick buck. In this blog post, we will discuss four bad business habits that you need to break today.
1.The pricing trap
Especially when you first start out in business, it’s tempting to offer discounts and deals left, right and centre in order to win over new customers. However, this can actually be very damaging in the long run.
When you underprice your services or products, you are trapping yourself into a cycle in which you can never increase your prices without losing customers. You also devalue your work in the eyes of your clients or customers.
The best way to break this habit is to start by charging a fair price for your services and products, and then gradually increase your rates over time. This will help you to build a strong reputation as a business that provides good value for money, and it will also make it easier to attract new clients. Focus on your brand positioning and reputation so that you’re not always forced to compete on price.
2.The DIY approach
When you’re starting out in business, it can be tempting to try and do everything yourself. After all, you’re the boss and you want to save money wherever possible. However, this can actually be very damaging to your business in the long run. By trying to do everything yourself, you’ll quickly become overwhelmed and bogged down with work, which prevents you from focusing on the most important tasks and from growing your business.
The best way to break this habit is to realise the value of your time. As the business owner, only you can take your business to the next level, whereas you could most definitely outsource admin, accounting or copywriting.
Learn how to delegate tasks to other people in your team and realise that outsourcing is more about saving money than spending it. This will free up your time so that you can focus on the most important things, and it will also help you to grow your business more quickly.
3.Always looking for the lowest price
When you’re starting out in business, it’s natural to want to find the best deals and the lowest prices. However, this can be very damaging to your business in the long run.
By always looking for the lowest price, you’ll find yourself skimping on quality, whether that means employing under-qualified staff, buying cheap materials or cutting corners in other ways. This can lead to poor customer service and a negative reputation for your business, which in turn traps you in a cycle of competing on price.
Of course, you don’t want to waste money, but when it comes to products, services, supplies and staff, remember to focus on value rather than price.
4.Not seeking financial advice
It’s easy to get into the habit of not seeking financial advice, especially when you’re starting out in business. After all, you’re the boss and you should be able to make all the decisions yourself, right?
Wrong. In reality, this is a very risky approach.
By not seeking financial advice, you’re putting your business at risk and you’re not taking advantage of all the resources that are available to you.
The best way to break this habit is to find a great accountant or financial advisor who can help you to make sound financial decisions for your business. This will help you to avoid costly mistakes, protect your business from risks and take advantage of opportunities as they arise.
Summary
The four bad business habits you need to break today are trapping yourself by undercharging, trying to do everything yourself, always looking for the lowest price and failing to seek financial life. These mistakes cause you to miss out on key opportunities that will help your business grow faster and in a more sustainable way.
The good news is that by breaking these bad habits today, you can watch your business grow and flourish for years to come.
Book a free call with us by visiting our website here.