Common mistakes made by business owners


If you are thinking of launching your own business this year, here are a few tips from our team when it comes to avoiding costly mistakes. 

Don’t skip the planning process 

Planning may be tedious, but without a solid plan, your business could fall flat on its face. You’ll need a business plan, financial plan, and a marketing plan. 

Set SMART goals

Goals will help you keep on track when you’re knee-deep in the day-to-day operations of your business. SMART goals are specific, measurable, attainable, relevant, and time-based. 

Don’t lose your confidence 

Understand the value of your products and/or services. Don’t be tempted to discount your offering because it will undermine your value. 

Embrace new technology 

Having access to the latest banking solutions is key to steering the ship. You’ll appreciate the benefits of a business account, credit card, and perhaps even a loan. 

Embrace marketing tactics 

From word of mouth to social media, use marketing to help grow your business. Understand where your target market gets its information and make sure you are delivering your message. 

Seek advice 

Many entrepreneurs have walked in your footsteps so it is helpful to seek them out, meet with them, and learn from them. 

Make sure you are committed to making your business a success 

Sure, you may need to double up on jobs for the short-term, but once you have enough capital behind you and your income begins to exceed your expenses you need to throw everything you have at making your business a success.

If you have any questions about opening a business account, our business credit card, or applying for a business loan speak with one of our team at our New Berlin, Springfield, Modesto, or Palmyra branches.