8 Common Mistakes Small Business Owners Make and How to Avoid Them
Running a small business is both exciting and challenging. While it comes with the freedom to innovate and lead, there are pitfalls that can hinder growth and profitability. Some of these mistakes can linger unnoticed for months, quietly draining resources and limiting success. Here are eight common mistakes small business owners make and actionable solutions to overcome them. 1. Underestimating Project or Service Time Failing to accurately estimate the time required for tasks can impact profitability and efficiency. Why It Happens: Without a clear understanding of task duration, businesses risk underpricing or over-promising. Solution: Test tasks yourself or have your top employee perform them to get an accurate estimate. Add a “fudge factor” for unexpected delays. Pro Tip: Track time spent on various tasks regularly to refine your estimates over time. 2. Not Knowing Your Numbers or Setting Prices Incorrectly Basing your pricing solely on competitors can lead to ...