The biggest mistakes businesses made in 2017

The biggest mistakes businesses made in 2017

It seems like a distant memory, but as we enter a new year its never been more important to reflect on 2017, and take the lessons learnt with us to ensure we don’t repeat some costly mistakes.

Niran, a Director here at Nexgen, but better known as our ‘business guru’, spends his life dedicated to ensuring businesses run efficiently. With ‘solutions for growth’ always at the forefront of his mind, he urges businesses to not repeat some of the costliest errors he witnessed go down in 2017.

“Reflection is always key in business – what did you do well in 2017? What went wrong? How can you do better? I’m very lucky to be in the front row when it comes to watching some of the best businesses in New Zealand grow to exponential heights and reach their goals. But its not all winning moments, I saw too many businesses in 2017 regress due to some common mistakes. Your business should aim to avoid these in the new year;

Not understanding cash

It sounds hard to believe but countless business owners don’t understand the fundamentals of cash. Its ok if you admittedly don’t understand it, but then make sure you align with someone who does.

Procuring bad contracts

Whether it’s a lease on a building, hiring a new employee or selling parts of your business - bad contracts can be the death of business. Not only are they costly to get out of, but they also evoke huge levels of stress around you. Get everything looked over several times by different parties to make sure nothing has been missed.

Not knowing ideal customer

If you don’t know who you are targeting, then you are punching blind. In a world where there are a million marketing and advertising messages bombarding potential customers, its never been more important to heavily define that ideal customer so your business cuts through the clutter.

Staff retention

Having a high staff turn over is costly as well as disruptive to your business. Hiring a reputable recruiter who understands your needs well, paired with a thorough onboarding process ensures staff are engaged and committed.

Not utilizing the power of networking

Networking and partnering with positive, educated entrepreneurial minded people can mean the difference between a good business and a great business. There is always opportunity to work together and do more.

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