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Hiring The Wrong People, And 4 Other Mistakes Small Business Owners Make

Plus… do you have a business bank account yet?
16 Mar 2020, 05:05 PM
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hiring the wrong people, and 4 other mistakes small business owners make

Image via www.theguardian.co.uk

As a businessowner, mistakes come with the package of running one. So, it’s best to find out what kind of mistakes that you could be making. This way, you’ll be able to prevent them from happening again. Don’t fall into the same trap again and again!

Read on to find out what they are:

#1 Trying to do everything on your own

hiring the wrong people, and 4 other mistakes small business owners make
Image via Shutterstock

It’s understandable that you feel like you need to have control over everything, but at one point, you need to let go and allow people to do their jobs. Trust them, and if they make mistakes, be there to guide them.  Everyone learns along the way.

#2 Having no common goals which can unite the company

hiring the wrong people, and 4 other mistakes small business owners make
Image via Shutterstock

A team made up of people with the same goals would be a powerful driving force. But when you have no rallying points and attract employees who have contrasting viewpoints on what they consider a success, there will be a rift within the company.

#3 Hiring the wrong people for the job

hiring the wrong people, and 4 other mistakes small business owners make

Image via Shutterstock

If you don’t have a clearly defined goal, chances are, you’ll end up hiring the wrong people for the job.

But even if your company has clear, defined goals, you should be aware of the people you’re hiring. For example, don’t settle for ‘good enough’ or people who don’t want to work in teams when you know that you need the best kind of employees to help your business.

#4 Not creating a company website and social media accounts

hiring the wrong people, and 4 other mistakes small business owners make
Image via Shutterstock

Creating a website for your company will allow people to find it easily. Plus, you’ll have a platform to list all your services and other relevant information in one place. Having a website also increases the reputability and trustworthiness of your business.

With Malaysia being ranked the highest in Southeast Asia for mobile social media penetration, it would be a mistake to not take advantage of this and not create social media accounts for your company. Having one allows you to engage directly with your customers while also analysing what they’re interested in.

#5 Not having a separate bank account and credit card for their business expenses

hiring the wrong people, and 4 other mistakes small business owners make
Image via Shutterstock

If you haven’t been separating your personal bank account with your business account… do it now! Separating your bank accounts will give you a better picture of your company’s finances. Plus, in the future you’ll be needing bank statements to fulfil financing requirements. 

Not having a business account and commercial credit card will affect your accounting book, and you’ll have no clean record of your business expenses… and you don’t want to fall into that trap.

If you don’t have a business account, open one now with Maybank

hiring the wrong people, and 4 other mistakes small business owners make
Image via Maybank

Business owners can now open a Maybank conventional or an Islamic business account from the comfort of their own homes, office, or even while they’re on the move. No introducer required!

Enjoy online banking convenience through Maybank2u Biz online banking platform, which you can use to place fixed deposits, transfer funds overseas, paying up to 100 employees/payees in one go, and more. Besides that, get cash rebates, Enrich miles and exclusive rewards on your business expenses when you spend with Maybank Commercial Credit Cards.

If you open a business account online via Maybank2u by 31 May 2020, you’ll also stand a chance to win your share of RM30,000 worth of petrol vouchers! Part of being in the business is grabbing a good deal—so don’t put this off!

Click here for more info.

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