You’re all fired up and ready to take your new business to great heights, but don’t forget to be on the lookout for these common pitfalls. Running a business is an all-consuming exercise – we all know that. But in the midst of your busy schedule, it’s important to take a few minutes to avoid some (or all) of these mistakes…

Micromanaging
Yes, it’s true, you do know how to do everything better than anyone else. But if you don’t let your employees do the work you’ve hired them for, you’ll end up doing it for them, and then who’s going to do your work? Put proper systems and processes in place, clearly define your job description and what you expect from your employees, and step away from what isn’t actually on your To-Do List.
Not being financially-savvy
It’s tempting to write a business plan and then wait to think about all those little financial details until the year is over and you have a mountain of paperwork to wade through. But you need to be on top of your finances from the first day – particularly with regards to tax. Planning is essential if you want to minimise your costs and maximise what you can get back from tax – so speak to a financial consultant and get on top of your money matters before they get on top of you.
Growing without changing
It’s very exciting when your company starts to grow – and just as thrilling when you realise you’re reaching a new stage in growth. But if you want to expand your company in a meaningful, sustainable way, you’ll need to change it. Strange as it may sound at first, the business tactics that got you to where you are today are not the tactics that will let you reach the next level of success. You need to systematically manage growth, and the only way to do that is to adapt to your changing circumstances.
Quick fixes
No matter how wonderful your business is, and how loyal your employees and customers are, problems are going to arise. One of the most common business mistakes is to ignore these problems because there’s just no time to deal with them properly or, just as bad, to do a quick fix in the hopes that it will enable business to continue as usual. But quick fixes often make the problem fester, and that means the solution will be even harder and more time-consuming when you eventually get to it. The solution? When you notice a problem, fix it – and fix it properly.
Not recognising strengths and weaknesses
Believe it or not, there are some things you don’t know how to do, or at least not very well. Knowing where your strengths and weaknesses lie will enable you to hire the right people or develop the right skills to counteract those weaknesses. Take a good look at yourself and your business, and make sure you’re doing all you can to make it thrive.

These are some of the classic business mistakes to be aware of, but there are obviously many others… are you making any of these mistakes?