Most Common Mistakes New Business Owners Make in Ireland
By Tasc
Published On May 1, 2021
Mistakes are inevitable in life. Managing a business is no different. You are about to make a lot of mistakes throughout the course of your successful venture. The best part is, these mistakes will become your success pillar as you progress.
In this article, we will walk you through the most common mistakes committed by the new business owners in Ireland.
#1: Not conducting a SWOT analysis
Have you heard about SWOT analysis? Well, of course, this is a theoretical aspect, but whether you believe it or not, the impact it gave to your business is simply amazing.
S-Strengths of your company
W-Weakness of your company
O-Opportunities of your company
T-Underlying threats of your company
This is what we call S-W-O-T analysis. This is something every business owner must conduct so that you could analyze the stability of your business, anticipate the opportunities and foresee the underlying threats.
#2: Not having a proper website
Websites have now become the real storefront of every business. The online revolution has made websites at the top of the priority list. You can’t have your digital identity unless you have your own website. If you ignore this aspect, then competing in the modern business arena will be a real tough job.
#3: Hiring employees-compromising quality over salary
As financial aspects become tougher and tougher, there is only one thing that business owners do, hiring employees with less payment. They start compromising skills over low-scale pays. But you have to understand that quality is one thing that you have to keep on focusing on no matter how hard you got hit. The rest will follow.
#4: Not keeping up with the advancements in technology
Technological advancements are progressing at a pace that we couldn’t even imagine. So it’s our responsibility is to keep up with the pace and make sure the business is still on its track.
Remember how the introduction of SAMSUNG android phones taken down the old giants NOKIA. Failures are the best medicine for success. So make sure you hold your end and your business on the right track in terms of technological advancements.
#5: Not conducting PESTLE analysis
SWOT is where you analyze the internal factors that affecting your business analysis, whereas PESTLE is analyzing the external factors.
P-Political factors
E-Environmental factors
S-Social factors
T-Technological factors
L-Legal factors
E-Economical factors
If you could give proper considerations to the above factors, then the smooth and successful functioning of your business is guaranteed.
#6: Forgets to delegate work and responsibilities
Yeah, the intensity to take care of each and everything by yourself is well understood. But if you are doing so, you are making a mistake.
Running a company is not at all a one-man’s job. If you have a team of professionals, then you must delegate the work. Work delegation and decentralization of power are one of the most strategies young business professionals must follow.
#7: Not listening to others opinions
Listening to others isn’t always sweet as it hears. But you must exhibit the patience to listen to people who you think are worth listening to.
You will never know the input and knowledge it can provide to your progress.
#8: Not focusing on digital platforms
Digital platforms are the modern business’s heaven. Whether you want to advertise, share something, or put an offer, it’s all about digital platforms.
Frankly, it is the only space that will have unlimited people presence amidst social distancing and other regulations. The population is so huge that the marketing opportunities are unlimited on these digital platforms.
Why choose TASC Accountants to form your company in Ireland?
When you start registering your business on your own, you may feel confused during the process. TASC Accountants has been in this industry for the past 10+ years and when you set up your company with us, we will allot you a dedicated team of experts through the incorporation process. This team will focus on giving a real stress-free assistance throughout the process and help you to overcome all the hassles and complete your incorporation process successfully within a minimum time frame.
Contact our experts and experience the best company formation services in Ireland.
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