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Business - January 22, 2022

3 Business Mistakes You Should Not Repeat in 2022

Every year entrepreneurs make business mistakes. This is to learning from the past and making the best of 2022. 

There are so many business mistakes entrepreneurs repeat every year that can be avoided in 2022. However, in each business year, we learn something new, which no amount of reading can provide because as the saying goes “experience is the best teacher”. But just as we learn something new every year, we make mistakes also every year.  

Being an entrepreneur is a profession as you go deeper into your sphere of business. Every choice you make from the first day you start your business can have a domino effect in the coming years.

It is important to be cautious of the little mistakes in your business and try to control it before it intensifies. Here are 3 prevalent business mistakes you should not repeat in 2022.

Overlooking the Dynamism of Social Media

No one is an expert in social media. Experts are people that have studied something for a long time and know everything to know about a particular subject. But social media changes every day. With new updates like Facebook live audio room, YouTube Shorts, Twitter Spaces.

The unique way to become a “social media expert” is to accept the dynamic nature of these platforms, and take part in using them. Use every new update to your business advantage.  

Ignoring Partner Relationships 

Once you feel that your business is stalling and there is no longer an inflow of new customers on a regular basis. You should start considering a partnership. This brings your business to a new space.  

You can take advantage of the paid partnership feature on Instagram that allows you to partner with another business. This feature allows your business to be seen by your partner’s audience as well.

A lot of businesses should think of partnerships this year and just any kind but creative ones. Reach out to companies you feel are a good fit for collaboration to enhance and broaden your scope. 

Spending money in the wrong places

It is logical that you will have to spend money to make money. The problem is where and how to spend it. Everyone wants a fancy office and it can be tempting to create a perfect and modern space for yourself. And people actually work better when they are in sync with their environment. 

However, in the early, stages of your business, you will need to skip the fancy office. Start simple. If there are interns, have enough to pay them and celebrate occasions in the office like birthdays and holidays seasons with cheap catering.

As you grow in your business, feel free to extend your money limit on expenses. Ensure to spend your money in the right places is this year.

READ MORE: Top 5 African Investors funding businesses in Africa

 

 

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