6 common mistakes your business may suffer from…

Are you dreaming of starting your own business?

Here is a glimpse of the typical mistakes observed in small businesses to ensure a flawless and smart venture on your part…

Location, location, location!

Firstly, where you choose to begin your adventure is crucial to your success. No matter how innovative your business idea is, the location could see the failure of your organisation. If your chosen city is not welcoming to new entrepreneurs or the industry you will be working within, you can’t really go forward with your venture. Of course, your location should favor your particular trade, and also offer great growth potential for start-ups. London has proven to be the most favorable city for small businesses in the UK. The city withholds entrepreneurial spirit, also holding the advantage of how populated it is.

Business plan.

Are you thinking of tackling problems as they surface? This technique often won’t be ideal for big-scale challenges. For this reason, a well thought through business plan is necessary when planning your start-up. With all things considered it will, not only reveal potential problems, but also highlight where and when you should set your targets. A thorough business plan will aid you with solutions and alternatives for when a problem strikes.

Inadequate notion of customer base

Do you have the characteristics of your consumer base clearly identified? It is fundamental to have a clear idea of needs, expectations and solutions of your target market in order to make your mark. Subsequently,  market research is imperative when launching your business, you must know the requirements of potential leads in order to succeed.


A common mistake is to be so focused on production that marketing can be pushed to the bottom of your interests. To make your mark within the industry, you have to successfully spread the word with adequate advertising. You must use innovative ideas across every possible avenue with the aim of reaching your target market. This then allows you to analyse your strategy after your business has grown, enabling you to identify the most successful channels for you.

Motivating employees

Employees are the main horsepower in any business. Having a skilled team is simply not enough to generate high productivity. You must motivate using different theories to find out what works for your individuals. Many business share the common mistake of being under-active in motivating their staff – thinking of it as a last priority. It can be achieved by the establishment of an easy communication channel, creation of a favorable workplace, maintenance of impartial treatment for all, acknowledgement of efficiency and foundation of a bond of trust.

Funding – this is where acorn.finance can help…

Start-ups are often leaning on capital to help begin their venture. You still must be pro-active to improve the situation of your development. There are certain necessary expense areas which every startup has to meet to run efficiently. For example, if you think you can reduce employee expenses by manning most of the jobs yourself, you are soon to burn out and so is your business. While overspending is a strict no, you have to be careful about “sufficient” funding. Invest in attractive sales pitches to pull in investors. This is where acorn.finance can help, we will find you the most suitable lenders to aid your business growth.

Whether it’s the start up capital you need to raise, or funding for that upcoming VAT payment, we are here for every business!

Give us a call on 01904 693700 to get started today.