As entrepreneurs and business owners, we’ve all had bad experiences or made bad decisions. We can, however, learn from our mistakes and regrets. Here are my 3 biggest business regrets!
Even the best business people have regrets, whether it’s not taking advice sooner or taking advice they shouldn’t have, waiting too long to take a risk or making a bad decision.
What distinguishes great businesspeople from average ones is their ability to pick themselves up with a positive attitude, learn from their mistakes, and share their knowledge with others while moving forward.
3 Biggest Business Regrets:
1. Not branding myself enough
Consumers may get the impression that you don’t care about their needs if your branding is poor. Failure to integrate your branding throughout your company can result in inconsistencies, giving the impression that you are unconcerned about your customers’ needs.
Since the COVID-19 pandemic, the number of consumers purchasing online has increased dramatically. As a result, competition in the online marketplace is fiercer than it has ever been.
Businesses are encouraged to include their brand score among the KPI metrics they should measure in order to determine their brand’s reputation and equity across all channels in order to remain competitive.
2. I did not hire enough people
Hiring costs money and time, which can be discouraging, but you can’t scale without it. Now, I used to think I could cost down if I don’t have a lot of people in my team. Turns out, I am not good at everything which got me even MORE frustrated getting busy with miniscule tasks. You will squander time on tasks that others can do better or cheaper than you.
Gladly, I hired good people on my team now. I am talking specifically about virtual assistants and freelancers. They are great people who work for companies and business owners.
3. Procastinaed on tons of things
Do NOT sabotage your business!
People procrastinate for a variety of reasons. Some do it because they are overwhelmed, lack focus, are afraid of failure, or simply lack motivation. Others do it to avoid having to deal with unpleasant tasks. Whatever the reason, procrastination can harm your business in a variety of ways.
Procrastination frequently results in missed opportunities. When an opportunity presents itself and you wait until the last minute to act, you risk losing it to another company.
TAKEAWAY:
The business is like a baby for entrepreneurs and small business owners. You give it life, nurture it, and sacrifice sleep, money, and other resources to see it through its growing pains and get it to where it is now. The emotional attachment is immense, and giving up on it may appear unbearable, even if it is the only rational and logical option.
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