5 Common Business Mistakes and How to Fix Them

Did you know that 90% of businesses online fail in just 4 months? 

Yes, you read that right! It's sad but it's true. 

So, if you are a business owner or if you are aspiring to be one, then let us share with you the Top 5 Common Business Mistakes and Tips on How to Fix Them: 

1. Unable to Establish a Niche or Focus - The online world can be overwhelming. With the endless possibilities and opportunities, one may also fall into the trap of being all over the place which in return, makes the brand easily lose its identity.  

It is important for brands to establish a niche or identify their area of focus in that way, people can easily remember and recall the brand when doing significant consumer decisions. 

TIP: When starting a business, ask the big questions because your answers can help you identify your niche.  

• What is the purpose of my business?
• What problems am I trying to solve?
• What gaps in the market am I trying to fill in? 

2. Targeting a Broad and Large Market - As great as it sounds, targeting a broad and large market might not be the most efficient way to spend your time and your marketing budget. We have to understand that not everyone can be our customers. The market is so diverse with varying needs, interests, and purchasing power.    

TIP: Know your target audience. Identify consumers who are likely to buy your products and services, and customize your digital marketing strategies to use to engage them.  Do not over-stretch your budget just because you want to reach everyone. 

3. Failing to Establish Online Presence - Whether we admit it or not, digital and online marketing is the way to go. According to a recent study by GE Capital Retail Bank, 81% of retail shoppers conduct online research first before making a purchase.

Thus, by failing to establish your online presence, you set your business NOT being considered in a consumer purchasing decision. 

TIP: Maximize the use of social media platforms like Facebook, IG, Tiktok, Linkedin, etc. 

4. Not Having a Blog - Many businesses build their company websites but miss out on the huge opportunity and benefits of including a blog. As business owners, we have to keep in mind that the goal is not simply to put up a business but rather to become an industry leader. 

By keeping an updated blog and publishing relevant articles, you market yourself and your brand as an expert in your industry. Not to mention your blog posts can get indexed which also helps in the SEO of your website. 

5. Unable to Maximize Online Resources - We just talked about creating a blog and yes, we know that content creation may be a bit challenging for some. However, it is not a sufficient excuse that you don't do it. 

If you don't have a blog because writing is not your forte, or you tend to avoid social media because you don't know how to create posters or edit videos, then you are making the biggest mistake in running your business. There are so many available online resources available now that can help you with your content writing or graphic design needs. 

There is even a database of all the popular tools for digital marketing that you can use so, you don't have to search all over. These tools are user-friendly making it possible even for non-tech-savvy individuals to harness the benefits of using these online resources. 

Indeed, running a business is not easy however, by avoiding these simple mistakes we can increase our chance of success by being focused, creative and resourceful. 

A Home that Cares: Home Credit Extends HMO Coverage to Domestic Partners to Strengthen Inclusivity Efforts

As Home Credit Philippines (HCPH) continues to foster inclusivity and support diverse families in the workplace, the leading consumer finance company now includes domestic partners as dependent in its medical benefits program for eligible employees.

Home Credit Philippines Chief People Officer Alpha Omega Aquino noted that this new policy is aligned with the company’s commitment to prioritizing the well-being of its employees.

“With this initiative, we hope to create an environment where every employee feels supported and valued. We want to help promote a caring and nurturing work culture that feels like home to empower our employees further,” said Aquino.

With this new policy, qualified employees can now extend their HMO coverage to their domestic partners if they meet certain criteria. The employee and domestic partner should be both single and never married and not related by blood, whether legitimate or illegitimate. The partner must also be of legal age and not more than 65 years old.

If eligible, the employee can enroll the partner by submitting the following requirements for the medical benefits program: barangay certification of co-habitation, the partner’s Philippine Statistics Authority (PSA) certified copy of birth certificate, and PSA certificate of no marriage (CENOMAR).

“By extending our medical benefits program to domestic partners, we aim to enable our employees to build strong and healthy families, regardless of marital status. The coverage will encompass inpatient and even outpatient services, including checkups, laboratory tests, rehab, therapy, emergency care, dental, mental health care, and pre-existing conditions,” Aquino added.

As a strong advocate of Diversity, Equity, and Inclusion (DEI), this initiative complements the Same-Sex Partner HMO Coverage that Home Credit started to offer its employees in 2021 to provide medical benefits to LGBTQIA+ partners. Currently, the company already has several employees enjoying this benefit.

“At Home Credit, we believe that our employees are our greatest asset. We remain committed to fostering a workplace that promotes DEI, allowing us to embrace different perspectives and backgrounds to make every employee feel welcome and appreciated. We will continue enhancing our programs for our employees as we believe our success will not be possible without them,” Aquino remarked.

As a testament to Home Credit’s commitment to upholding DEI practice, the company recently received another Gold Stevie® for the Innovative Achievement for Diversity and Inclusion category during the tenth annual Asia-Pacific Stevie Awards last June.

To know more about the latest updates from Home Credit Philippines, visit its official website, www.homecredit.ph. You may also follow its official Facebook, Instagram, and TikTok accounts. Customers are also encouraged to download the My Home Credit App on Google Play to learn more about the latest promos and see what’s new in the Marketplace.

Home Credit Philippines is a financing company duly licensed and supervised by the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP).