 Five things not to do running a small business The way you structure your business from the beginning can go a long way in determining how efficiently your business will grow and Perform in the future. The truth is that at some point say five or six years into the business Certain challenges are likely to surface and depending on some of the decisions you have made in the past Your business might either experience tremendous growth or fallback Little wonder a good number of successful entrepreneurs today became successful After one or two failed businesses because of the lessons to learn from previous experiences They were eventually able to make smart decisions that helped their business To avoid being a victim of this pitfalls It is paramounts to research and understand certain business principles and guides for effective management In this video, I'll share with you five things not to do running a small business This I believe will help you become a successful person If you're new here consider subscribing Show that you won't miss other interesting videos like this one. Don't put off record keeping Starting a business can be tough and it requires a lot of work Staying up late working long hours moments of self-doubt and juggling so many roles all at once Within your startup can be very demanding and mentally tasking as a matter of fact However, ignoring the role of budgeting as well as implementing financial records can do your company more harm than good in the long run According to a research by Stanford University professor George Foster and Antonio de Villa to measure the impact of early Implementation of financial reporting systems while studying 79 startups They found out that firms that quickly instituted formal mechanisms such as operation budgets cash budgets and financial monitoring systems Tools that measure profitability customer acquisition costs variance from actual budget and so forth Had higher growth rates in terms of revenue and headcount They also had greater and more rapid increases in Valuation at successive rounds of venture capital funding You see having a good financial record can help you make smart decisions Instead of relying on your instincts and feelings. It can also help you gain credit to Don't try to do everything yourself in a bid to cut cost Most startup entrepreneurs tend to run the entire show all by themselves You know what always happens in the end they get tired and discouraged and perhaps quit because they lose the initial enthusiasm due to tiredness and Exhaustion the truth is that even if you were perfect and had all the skills necessary to run a business You still can't run it alone because there is a constraining factor It's called time on most days You'd be lucky to finish up your to-do list and what you plan to get done when you started your day Learn to delegate and hire people who can take care of certain aspects of the business and also Outsource to make the most of your skills and benefit from outside experts That way you can devote more time to doing other important aspects of production and also focus more on business development For instance, you can hire an accountant or a bookkeeper to help you manage your finance and finance records properly three Don't rush into a partnership Okay, we get it. You don't want to do everything all by yourself But rushing into a partnership might not be one of the best decisions for your small business Especially if chosen for comfort's sake for instance to relieve you of some work stuff Rushing into a partnership might land you in a poor business Relationship that can affect the growth of your business for all you know Your partner may not even be best qualified for the appointment when determining to take on a partnership Certain factors need to be considered you both need to be willing to make the business twice as successful As it will take one person you both must be willing to share your vision and walk at the same pace This means that your business partner must be granted full access into the business as much as you have be prepared for the worst Especially in the case of partners dispute. It might mean the end of the business Both partners must be committed to making each other successful Of course, it might be easy on some days After all that's why you both resulted into a partnership to begin with right However on some other days, especially when one part no longer shares the same goal or vision It becomes a challenge to commit to the growth of the business You see a partnership takes a lot than most people ever imagine Which is why it is important to consider carefully before Russian into one you can consider taking a partnership because of their network of context There's specialized skills or their willingness to oversee an aspect of your business that you would rather not touch And not just because you feel the need to ease yourself off some extra duty For don't fail to differentiate your business every business Irrespective of its business model industry and market must have a unique value to offer Otherwise, what makes you different from the others? I mean why should anyone come to you when you can offer the same thing other business would to find out what Differentiates your business you need to do market research and determine if there is a demand for your product If there is it's left to you to find out how best to present your product to the market in a way That shows your unique value So even if several businesses with similar products have saturated the market already Then you have a unique product to offer your business will flourish nonetheless It can come in the form of your prices Services or slight modification of the product five don't fail to invest in marketing You know how they say build it and they will come well I think it's high time we change that to Build it and invite them a good number of business owners do not understand the essence of effective marketing Let alone invest in it Most people often rely on free marketing such as referrals and social media marketing Of course free marketing can be excellent, but it will take a significant amount of time to become effective So you need to create an effective marketing plan if you want your business to be successful The bottom line is that there are a lot of challenges that business owners are faced with at the start of their business However, knowing what some of their pitfalls entail can help them prepare against it Giving them better chances at managing their business properly Summary as a small business owner looking to succeed in your business Be careful not to make these mistakes while running your small startup. Don't put off record keeping Don't try to do everything Yourself don't rush into a partnership Don't fail to invest in marketing. Thank you very much for watching our videos We'll like to give you another interesting video for you to enjoy next But before then our team will be very happy if you can like this video and share it with your friends on social media If you're new here, don't forget to subscribe so you won't miss other interesting videos like this Look at your screen now to see two other videos. We handpicked for you to enjoy next. We Love you