WORLD ACADEMY OF INFORMATICS AND MANAGEMENT SCIENCES
ISSN : 2278-1315
by mobilizing household savings among smallholders and
SKIPPING THE PLANNING PHASE
low-income households. Financial inclusion and access is
Planning may be tedious, but without a solid plan for a
driven by both formal and informal financial services.
business that includes business idea research, startup business
Hence, it can be seen that though some progress is being
plan, resources and financial plan, and market potential,
made on financial inclusion front, especially at the policy
organizations will be operating in the dark. The most
level, there are daunting challenges relating to low financial
important plans to consider include a business plan,
literacy, insufficient infrastructural facilities coupled with
a financial plan, and a marketing plan.
inadequate technology-based facilities by financial
institutions. It should also be noted that the global
LACK OF GOALS SETTING
community can employ financial inclusion as a platform not
just for growing the financial sector but more as an engine
Goals can give business owners great direction when they first
for driving an inclusive economic growth.
start their businesses, then keep owners on track during the
day-to-day operations. By making sure your goals
Microfinance institutions could play a dominant role in
are SMART (Specific, Measurable, Agreed, Realistic, and
facilitating inclusion as they are distinctively placed in
Time-bound) goals, business owners can identify where they
reaching out to the rural poor. Many of them function in a
want to go and outline specific steps that will take them to
limited geographical area and possess a greater
where they want to go.
understanding of the specific issues of the rural poor. The
Undervaluing Products or Services : Many times, lack of
advancement in information and communications
confidence in our ability and fear of failure causes us to
technologies in this digital age also offers new opportunities
under-price our products and services. This is a dangerous
for the global community to enhance financial inclusion.
path to trade on; because it undermines the unique value a
However, this calls for financial awareness and literacy to a
business organization or company brings to the table and
larger degree. Consumers have to be fully informed of the
opens up the possibility of resentment and frustration.
costs and risks of financial products that are offered.
Recovering from undervaluing goods or services is a long
road, so startup and small business owners should explore the
market thoroughly as they start their businesses to identify the
CONCLUSION
To conclude, the global need of financial inclusion is
best price entry point for what they are selling. Either of the
indisputable. Beyond the potential of being able to uplift the
cost leadership or differentiation strategy can be adopted,
financially under-served poor from the endless cycle of
depending on the environment and business situation.
poverty, an inclusive financial system will contribute
towards greater social and economic stability.
LACK OF INVESTMENT IN NEW TECHNOLOGIES OR
AVOIDING NEW TECHNOLOGY
As small business owners, technology can provide new
Prepared by:
opportunities, help us do our work more efficiently and even
Orshi Terhemba Ephraim AAT, ACILRM, ACA
help business organizations or companies save money. New
COMMON SMALL BUSINESS MARKETING MISTAKE
technology may be intimidating, and require time to learn and
Starting a business isn't always easy. There are so many
understand, but an unwillingness to adapt to technological
things to think about and decisions to make; the pressure can
advances can hurt your business in the short and long-term.
cause startup owners or small business owners to make a
As a business owner, you must be flexible, alert and awake to
poor decision that can hurt potential success, or at least
new changes in technology.
create a business set back.
Being Afraid of Marketing: Marketing can take many forms
Marketing is an essential part of promoting business
from word of mouth referrals, to traditional advertising,
activities and growing sales. Yet too often small business
to Internet, online or digital marketing. There are no any set
owners try new marketing tactics without measuring the
rules when it comes to marketing; the best type of marketing
results and knowing how it aligns to their goals. Small
for your business depends on your business and your target
business marketers don’t have much margin for error. They
audience. The mistake is assuming you don't need to market
tend to be extremely short on time and resources. There’s
and that business will come to you. It is better to stay awake
often no cushion to fall back on. One mistake and they’re
and develop marketing to achieve the goal business success.
even shorter on time and resources.
LACK OF KNOWLEDGE OF WHO YOUR IDEAL
While there isn't a fool-proof plan to reach small business
CUSTOMER IS
startup success, there are several common and
dangerous mistakes many new business owners make that
One vital part of any successful marketing campaign is,
can negatively impact their businesses.
understanding who your ideal customer are. It's not enough to
create a marketing budget and try a little bit of everything.
Here is a list of the most common pitfalls in small business
Business owners need to do market research to identify who
marketing. Maybe as a business owner, you are not making
they are trying to reach, where they can find them and how
any of these mistakes. That would be great. However, you
customers will react to their marketing activities.
just might see yourself in one of these setups. Hopefully,
Here’s an example: Someone opens a sandwich and coffee
reading this article will help you reassess before it’s too late.
shop. They think their ideal customers will be soccer moms
and hipsters. Yet day after day, more than half their tables are
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