18 Issues That Could Be Secretly Dragging Your Business Down

Building your own business is one of the most exciting ways to pursue a lifestyle of freedom—it’s a dream job for many people, and if you can create success out of something you love, that’s an amazing accomplishment! Even with a small company, though, you might get overwhelmed with just how much there is to do, and it’s easy to let things slip through the cracks over time. Let’s look at a few common mistakes and oversights to pay attention to so they don’t become much more significant issues later.

1. Training Issues

Skipping employee training to save time or money? That’s like stepping over dollars to pick up pennies. Continuous learning and development keep your team sharp, skilled, and motivated. Having standardized training from the start will help new employees get up to speed quickly, and developing SOPs will provide an excellent reference for everyone to work with if they have questions about processes or where to find what. Consider it an investment in your company’s future—not an expense.

2. Inefficient Processes

Inefficiencies in your workflow could be silently draining your business. Audit your processes regularly, and if you haven’t developed SOPs already, now’s a great time to do it—add an org chart, commonly used templates for customer questions, a list of resources and services you use and why, and whatever information your team can find helpful before coming to you with questions. Streamline operations, automate where possible, and remove bottlenecks.

3. Cluttered Filing Systems

Some of us work just fine with clutter. Your personal workspace should be set up in a way that helps you be the most productive, creative, and efficient as you can be—but when it comes to working with a team, clutter isn’t your friend. We’re not just talking about messy workspaces; if you collaborate with your team online, making sure that you have a standardized and logical filing, naming, and archiving system in place is an absolute must. At best, a chaotic filing system is aggravating to work with. And if you don’t have a process, you can get in all kinds of trouble—think employees working on different document versions when they should be using the same one, or even worse, sending outdated or incorrect files to clients and vendors.

4. Outdated Tech

Using outdated technology can slow down your operations and be incredibly frustrating to your team. Failing to update your software or upgrade your hardware will cause major issues down the line as support for outdated systems wanes, apps get depreciated, and security issues increase. Plus, working with dinosaur technology is aggravating when you know faster, more reliable, and safer systems are available elsewhere.

5. Neglecting Your Network

Don’t let your professional network gather dust. Business relationships are like any other relationship in that they need regular attention and care to grow. Attend industry meetups, participate in forums and chat groups, and keep your social media presence polished and active.

6. No Marketing Strategy

If your marketing strategy is limited to posting across social networks occasionally, you’re missing out on effectively engaging with your customers. Marketing myopia—focusing only on immediate needs without considering long-term goals—can stifle your success. Keep an eye on market trends, customer feedback, and emerging tech to keep your marketing efforts fresh and compelling, and develop a long-term marketing strategy that focuses on engagement and growth.

7. Social Media Silence

Ignoring social media because you think it’s just memes and fights? Well, a lot of it is, but it’s also a powerful tool to build relationships and brand loyalty, especially among younger audiences who rely much more heavily on recommendations and interactions with brands on social media than they do on, say, Yelp or other business directories. Silence will make you out of touch and invisible on social media, and can alienate a whole subset of customers you might want to reach. Get active, engage genuinely, and watch your community—and customer base—grow.

8. Poor SEO

Your website might be up, but is it hidden from search engines? Sloppy SEO practices can bury your site under pages and pages of search results—and bad SEO practices can even block your site from search engines entirely. Invest in good, fundamental SEO techniques to ensure your site stands out and attracts more customers.

9. Not Using Data

If you’re not collecting and analyzing data, you’re missing invaluable insights that could drive your business decisions. Use analytics to understand customer preferences, operational efficiencies, and market trends. This will allow you to make more informed decisions that can significantly impact your business’ success.

10. Underestimating the Competition

Ignoring what your competitors are doing is a surefire way to get left behind. Keep an eye on their moves—it’s not about copying them, but rather about understanding your market better. Analyze their strengths and weaknesses and adjust your strategies to capitalize on market opportunities. Take cues from companies outside of your niche, too—it’s a great way to get innovative and think more creatively about what can make you stand out.

11. Weak Customer Service

Poor customer service can erode your client base faster than you can build it. Investing in quality customer service helps retain customers and enhances your reputation. Implement training programs for your staff, establish efficient systems to address customer concerns, and follow up to ensure satisfaction.

12. Ignoring Customer Feedback

If the thought of customer feedback makes you want to bury your head in the sand, you could be missing critical insights into your business. It’s not the most pleasant thing to handle customer complaints, and you might even feel insulted by unsolicited suggestions, but honestly, you need to get over it. Ignoring your customers, who are the reason your company exists and who decide if it’s a success or a failure, won’t end well—but if you embrace feedback and take time to pay attention to complaints, you can become more innovative, solve problems you might not know existed, and make your customers (and your team!) happy.

13. Ignoring Industry Changes

The business landscape is constantly evolving. If you’re not keeping up with industry trends and changes, you’re setting yourself up for a fall. Stay informed about new regulations, technological advancements, and shifts in consumer behavior. Being adaptable and proactive can protect you from becoming obsolete.

14. Lack of Goal Alignment

Are all your team members rowing in the same direction? If not, your business might be drifting aimlessly. Make sure everyone understands and aligns with your organization’s overarching goals. Regular team meetings and clear communication can align efforts and propel your business forward, avoiding the stagnation that comes from misalignment.

15. Time Theft

Time theft happens when an employee is clocked in but not engaged in work—for example, taking extended breaks, making excessive personal calls, or scrolling social media to the point where they’re not getting things done—in other words, stealing time. It’s totally unrealistic and brutal to expect your team to be productive and driven constantly—everyone needs breaks and personal time throughout the day, and not everyone works in the same style. But if you find that your team is disengaged and failing to meet goals, work with them to figure out how to foster a more productive and supportive environment. Time trackers can be quite helpful here, and can even be eye-opening to those who may not realize how much time they spend on non-work-related matters.

16. Toxic Culture

Speaking of disengaged employees: a toxic work culture can sink morale and productivity quickly. Check the pulse of your workplace culture regularly—there could be major issues with communication, pay structure, expectations, schedules, and support, and you might not realize it until your best employees start quitting for better opportunities elsewhere. Encourage open communication, recognize achievements, and address issues before they become monstrous.

17. Poor Financial Management

If you’re building a business without paying attention to your finances, you’re setting yourself up for failure. Effective financial management is crucial from day one! Be sure you have robust systems for tracking cash flow, investments, and expenditures. Regular financial audits and consultations with a financial advisor can keep you on track and prevent fiscal issues from undermining your business stability.

18. Failure to Scale

Is your business model scalable? If you haven’t planned for growth, you may be unable to seize opportunities when they arise. Consider future growth during your strategic planning—ensure your infrastructure, from your staffing to your IT systems, can scale up to meet increased demands. You don’t want to find yourself on the precipice of success and unable to grasp it because you didn’t have a plan to scale.

Over to you! What tips do you have for fellow business owners? Share your insights with the Frayed Passport community!

Featured image by Stormseeker on Unsplash