According to Failory, 90% of startups fail. Agreed, most of the factors that trigger these failures could have been avoided if they were identified early, acknowledged, and followed up with deliberate steps to maintain the sustainability of the business. Building a sustainable business is about making your business profitable with less negative impact in the environment, without jeopardising the hope of the future generation. As a woman operating business in a developing country, achieving this will be a herculean task if you do not identify and avoid some costly mistakes that can cripple your business. This is even more challenging if you’re a mother in business or a stay-at-home mum trying to juggle multiple roles. Below are 5 costly mistakes to avoid if you must build a sustainable business as a woman.
- Not Taking Business Sustainability Seriously: Although building a sustainable business may not look like a big deal or something you want to take seriously, ignoring it can threaten the survival, progress and future of your business. Beyond evaluating the environmental risk impact of your business and the social and economic impact as well, there are other silent dangers you need to pay attention to as far as the sustainability of your business is concerned. Things like your customers’ satisfaction, attitudes and commitment of your team members, brand image, etc. Joking with these is synonymous with joking with the sustainability of your business.
- Ignoring Product Quality and Impact:
Selling low-quality products will ruin your brand and make your customers search for an alternative. One unsatisfied customer has a large chance of making you lose many other customers. More so, the safety of the product is crucial. You do not want to sell things that can endanger the life and health of the users. Hence, only deal with reliable and trustworthy suppliers. Pay attention to the process of production (if you’re a producer) for quality output. Also, have alternative suppliers in case of eventualities.
- Unintentional Team Recruitment
You cannot do everything yourself if you are looking at building a long-lasting business as a woman. You need trusted hands that will replicate the business culture and standards knowing that you have a lot to deal with as a mother or stay-at-home mum. Imagine looking after the kids and doing school runs, overseeing the house chores, meeting the needs of clients and other activities needed for the efficiency of your business. Who you select to work with you, largely determines if your business will run effectively or fail. Look out for loyal, competent and diligent hands that will make your business a priority. Ensure to treat your workers well and provide a conducive environment for growth. Furthermore, always evaluate their activities at intervals to keep them on their toes, knowing that you get what you inspect and not what you expect.
- Paying Less Attention to Sustainability Risk: risks are inevitable in business. The ability to spot these threats and weaknesses early is priceless as a woman in business. Things like environmental factors, the policy of your business or government, market trends, customers complaints and more, require immediate attention else ignoring them will pose a bigger problem for the business.
- Poor Financial Management: your business finance is crucial for the survival of your business. knowing you have to support the family, and attend to children’s needs, even your extended family might be expecting help from you too. To complicate matters, if you do not have good financial habits, growing a healthy business as a woman, might be daunting. The following tips below can help.
- Identify activities, products or aspects of your business that generate more and focus on them for increased income.
- Invest in assets, tools and machinery that will boost business efficiency and profit.
- Reduce unnecessary expenses.
- Separate business resources from your finances and also be careful not to eat into the business capital.
- Establish a saving culture for your business.
All these and more, are costly mistakes that should be avoided if you want to build a sustainable business as a woman. Which of these mistakes are you going to pay more attention to? Kindly share.
Ngozi Eneh a researcher, drives sustainability, inclusion and womens development.
