Is saving a wage actually costing your business a fortune?

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Hello everyone, I’m Surayansh, an executive business advisor from FoundersGO2. I was chatting with an associate of mine and we were talking about a commonly known fact of how 80% of the businesses fail when first starting out. We were wondering what is the common mistake that most business owners make, especially in the early stages of their business?

There is one thing that kept coming back to us - attempt to save a wage sometimes that ends up costing businesses a fortune.

Think about it this way - When you are an employee, you are required to be proficient in limited aspects of a business operation. But as a business owner, you need to be good across all aspects of your business. So for a lot of business owners who switch from being an employee to a business owner, the challenge is how does one upskill across all these areas of the business in such a short time span? If you look at it this way, it becomes obvious that it is practically impossible.

Unless luck has your side, trial & error without experience & skills can be much costlier than executing with the appropriate support. So what should we do? Assess your strengths & gaps across all key areas of your business. Establish how to fill these gaps. If the business can’t afford to, hire staff to fill these gaps, don’t just punt it. Take support from a mentor or a coach.