5 Mistakes I Made When Starting My Business (So You Don’t Have To)
Starting your own business is daunting. Things can go wrong when you least expect them to.
Whether it’s your first or latest venture, the challenge remains the same. That’s why advice from those who have been through it before can be incredibly helpful.
I should know. I’ve started a few online ventures, including a leading VPN site. But I’ve made some mistakes along the way.
If you want to avoid these costly mistakes, here are the five biggest ones I made when starting my business.
1. Micromanaging my team
Starting a new company can consume your every thought. It’s tempting to micromanage, but it’s not the best approach.
Hire people you trust and let them do their jobs. Stay informed, but avoid constantly checking in. It will free up your time to focus on more important tasks.
2. Failing to keep a bird’s eye view of all employee workflow
Micromanagement doesn’t mean you shouldn’t monitor your team’s progress. Use tools like Trello to facilitate workflow and oversee progress without delving into the details.
Different team members require different levels of input. These tools allow for flexibility while ensuring efficient workload management.
3. Wasting time on weekly meetings
Weekly meetings can be unproductive and time-consuming. Engage with your staff in open-plan offices and use web chat services like Slack and Zoom for communication.
There’s no need to drag remote staff into the office for meetings. Removing unnecessary meetings improves communication and saves time.
4. Not renting my own office sooner
While working remotely seems convenient, having a physical office is essential. It provides a central hub for meetings and allows for a productive work environment.
Additionally, remote staff may need a place to work when not in meetings. Having a small, occasionally used office is a wise investment.
5. Not implementing a “12 week year”
Breaking the year into quarters, known as the “12 week year,” brings a sense of urgency and motivation to staff. It allows for shorter deadlines and more regular reviews.
Implementing the “12 week year” has revolutionized my business. I highly recommend it for new business owners.
Mistakes can be a good thing. Learn from mine so you don’t have to repeat them. Reading this won’t guarantee a smooth journey, but it can help you avoid some common pitfalls.
Hello!
I’m Andrew Brooks, a seasoned finance consultant from the USA and the mind behind phonenumber247.com.
My career is built on a foundation of helping individuals and businesses thrive financially in an ever-changing economic landscape. At phonenumber247.com, my aim is to demystify the complex world of finance, providing clear, actionable advice that can help you navigate your financial journey with confidence. Whether it’s personal finance management, investment strategies, or understanding the nuances of market dynamics, I’m here to share insights and tools that can propel you towards your financial goals.
Welcome to my digital space, where every piece of advice is a step closer to financial clarity and success!