{"id":2137,"date":"2019-10-30T11:00:57","date_gmt":"2019-10-30T03:00:57","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/?p=2137"},"modified":"2020-10-29T12:03:25","modified_gmt":"2020-10-29T04:03:25","slug":"20-mistakes-smes-make-that-can-lead-to-business-failure","status":"publish","type":"post","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/20-mistakes-smes-make-that-can-lead-to-business-failure\/","title":{"rendered":"20 Mistakes SMEs Make that Can Lead to Business Failure"},"content":{"rendered":"

[vc_row][vc_column][vc_custom_heading text=”20 Mistakes SMEs Make that Can Lead to Business Failure” font_container=”tag:h1|font_size:36|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]

<\/div>[vc_column_text]Experience goes a long way in refining one\u2019s skills as a business person. This is why it is common for new entrepreneurs to make seemingly silly mistakes when starting out. Most of the mistakes are usually harmless and crucial learning points. However, some mistakes can cripple and eventually ground your small business.<\/p>\n

30% of new SMEs do not survive the first two years in business, and 50% go under within the first five years. Here is an insight into some of the mistakes that these failed SMEs make.[\/vc_column_text]

<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”1. Lacking Mentorship” font_container=”tag:h2|font_size:24|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]
<\/div>[vc_column_text]The best entrepreneurs do not just come out of the blues. They have mentors who coach and mold them into smart business people. A mentor will help prepare you for the hardships associated with running a business. If you don\u2019t have a mentor, you may as well be riding blind. [\/vc_column_text]
<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”2. Shutting Down Criticism” font_container=”tag:h2|font_size:24|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]
<\/div>[vc_column_text]It is never easy hearing that you are doing something wrong. However, criticism is meant to reveal your mistakes and inspire you to correct and overcome them. If you don\u2019t listen to criticism, you will go on making the same mistakes. You will also isolate yourself from potential mentors and coaches. [\/vc_column_text]
<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”3. Poor Networking” font_container=”tag:h2|font_size:24|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]
<\/div>[vc_column_text]Networking is not about accruing as many new contacts as possible. It is about talking to like-minded people and finding out how you can add value to their lives through your business. If you don\u2019t network well enough, you will not only be misguided but also isolated from the community. [\/vc_column_text]
<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”4. Shallow Business Plan” font_container=”tag:h2|font_size:24|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]
<\/div>[vc_column_text]You\u2019ve often heard that you should follow your passion, right? However, your passion should be backed by a strong business plan. Simply because you know what line of business you want to get into doesn\u2019t mean that you know all the little details. Come up with a plan for everything well in advance. [\/vc_column_text]
<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”5. Shallow Foundation” font_container=”tag:h2|font_size:24|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]
<\/div>[vc_column_text]A small business is like a tree. It needs strong roots to withstand all the problems it has to face before growing to something bigger. Most entrepreneurs often rush to establish their new SMEs. They do not make sure that everything checks out before going live, and this later comes back to haunt them. [\/vc_column_text]
<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”6. Over-Confidence” font_container=”tag:h2|font_size:24|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]
<\/div>[vc_column_text]Every aspiring entrepreneur dreams of running an exemplary business. This is good, but you shouldn\u2019t let it go to your head. Do not be over-confident. Realize that you will get out as much as you put in, so hinge all your results on your efforts. Finally, expect setbacks and plan for them. [\/vc_column_text]
<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”7. Under-Confidence” font_container=”tag:h2|font_size:24|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]
<\/div>[vc_column_text]Under-confidence is just as bad as over-confidence. It makes you second-guess yourself even if your business strategy is smart and effective. It holds you back at every turn and suppresses your creativity. [\/vc_column_text]
<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”8. Short-Term Planning” font_container=”tag:h2|font_size:24|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]
<\/div>[vc_column_text]The biggest corporations were built on a long-term dream. Unfortunately, most SME owners demean their businesses. They do not make long-term plans to accommodate their future growth and expansion. Short-term plans bear small rewards, and the business is not capable of accommodating new developments to sustain it in the long-term. [\/vc_column_text]
<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”9. Poor Marketing Strategy” font_container=”tag:h2|font_size:24|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]
<\/div>[vc_column_text]Marketing is one of the factors that drive sales. It is every smart business\u2019 core strategy. Unfortunately, most SMEs cannot spare enough resources to sustain a strong marketing campaign. Most SME entrepreneurs take it upon themselves to market their businesses, but they are usually terrible at it.[\/vc_column_text]
<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”10. Poor Online Presence” font_container=”tag:h2|font_size:24|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]
<\/div>[vc_column_text]The internet is the way to go when it comes to commerce. Virtually every respectable business has a strong online presence. Unfortunately, most SMEs do not invest enough in their online platforms. Most have dormant websites and tend to focus more on social media platforms. There is a need for a fully-furnished online store.[\/vc_column_text]
<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]\"timcole-idea\"Every business needs a strong online presence.<\/strong><\/p>\n

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<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”11. Poor Time Management” font_container=”tag:h2|font_size:24|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]
<\/div>[vc_column_text]Every entrepreneur should be highly organized. Albeit this is an unspoken rule, most entrepreneurs find themselves burdened with many activities when their SMEs go live. Their schedules are in disarray, and they do not dedicate as much time as necessary to the important issues. There is a need for clarity and proper planning. [\/vc_column_text]
<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]\"timcole-save-money\"Leave your administrative burden to the professionals.<\/strong><\/p>\n

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<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”12. Low Focus” font_container=”tag:h2|font_size:24|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]
<\/div>[vc_column_text]An SME is like a newborn baby. It is every entrepreneur\u2019s first dream. If anything goes wrong, the entrepreneur starts panicking and gets distracted. Losing focus on the important things leaves your SME prone to destructive elements. [\/vc_column_text]
<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”13. Poor Decision-Making” font_container=”tag:h2|font_size:24|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]
<\/div>[vc_column_text]SME entrepreneurs also double up as sole proprietors<\/a>. They do not have people to help them with decision-making. They are also inexperienced in running a business. These two factors make them poor decision-makers \u2013 they either make wrong decisions or do not make decisions fast enough.[\/vc_column_text]
<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”14. Insufficient Funding” font_container=”tag:h2|font_size:24|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]
<\/div>[vc_column_text]Funding is one of the main obstacles to setting up a new SME. Unfortunately, most entrepreneurs do not take advantage of all the funding opportunities available to them. Many set up their SMEs on a tight budget that cannot survive financial setbacks. [\/vc_column_text]
<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”15. Stingy Investors” font_container=”tag:h2|font_size:24|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]
<\/div>[vc_column_text]As mentioned, you SME will give back as much as you put in. You should invest enough money to ensure that your SME has access to every necessary resource. Proper investment is also necessary to cushion your SME from financial shock and sustain good cash flow. [\/vc_column_text]
<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”16. Personalizing Competition” font_container=”tag:h2|font_size:24|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]
<\/div>[vc_column_text]Competition is an integral part of being in business in the free markets. It is inconveniencing, but it creates a level playing field. As such, do not take competition personally. Instead, learn from your competitors and use them as an inspiration to achieve more. [\/vc_column_text]
<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”17. Poor Assessment and Analytical Skills” font_container=”tag:h2|font_size:24|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]
<\/div>[vc_column_text]Numbers don\u2019t lie. Unfortunately, most entrepreneurs do not care much about statistics and those who do fail to analyze and interpret them properly. For instance, many entrepreneurs seem more concerned about online traffic than they are about conversion rates. [\/vc_column_text]
<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”18. Poor People Skills and Relations” font_container=”tag:h2|font_size:24|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]
<\/div>[vc_column_text]Entrepreneurs do not hire a lot of people. However, they hire and fire more often than most established businesses. They don\u2019t bond well with their employees, which is bad for the business\u2019 stability. [\/vc_column_text]
<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]\"timcole-idea\"Need help with work permit applications?<\/strong><\/p>\n

Timcole’s extensive experience in providing work pass services<\/a> can assure you a streamline, hassle-free process.[\/vc_column_text]

<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”19. Obsession with Social Success” font_container=”tag:h2|font_size:24|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]
<\/div>[vc_column_text]Fame comes after success, but most budding entrepreneurs do not realize this. They seek to prove that they are worthy of the title before even showing it by establishing a strong foundation for their small businesses. This obsession with social success comes at the expense of business success. [\/vc_column_text]
<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”20. Desperation” font_container=”tag:h2|font_size:24|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]
<\/div>[vc_column_text]It is not always smart to take advantage of every opportunity that comes your way. It will stretch your resources thin and unmask your desperation. What\u2019s more, some of these opportunities may turn into liabilities.[\/vc_column_text]
<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”Final Word” font_container=”tag:h2|font_size:24|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]
<\/div>[vc_column_text]Only the best entrepreneurs grow their SMEs into big corporations. However, that doesn\u2019t mean that 50% of entrepreneurs are not good enough. Many of them go out of business owing to small mistakes that can be easily avoided. If you are an aspiring entrepreneur, take caution not to make the mistakes highlighted above \u2013 these are the mistakes that have led to the demise of most SMEs.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”About Timcole” font_container=”tag:h2|font_size:24|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]
<\/div>[vc_column_text]Timcole<\/strong>\u00a0is one of the leading company incorporation and accounting firm based in Singapore. Our wide range of professional services serve as a one-stop solution for your business, offering you the most affordable price for services conducted with the highest level of excellency.\u00a0Contact us to find out more<\/a>\u00a0on how we can help you with your company today.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"

[vc_row][vc_column][vc_custom_heading text=”20 Mistakes SMEs Make that Can Lead to Business Failure” font_container=”tag:h1|font_size:36|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”][vc_column_text]Experience goes a long way in refining one\u2019s skills as a business person. This is why it is common for new entrepreneurs to make seemingly silly mistakes when starting out. Most of the mistakes are usually harmless and crucial learning points. However, some…<\/p>\n","protected":false},"author":1,"featured_media":2142,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[50],"tags":[],"_links":{"self":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/posts\/2137"}],"collection":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/comments?post=2137"}],"version-history":[{"count":4,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/posts\/2137\/revisions"}],"predecessor-version":[{"id":2164,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/posts\/2137\/revisions\/2164"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/media\/2142"}],"wp:attachment":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/media?parent=2137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/categories?post=2137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/tags?post=2137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}