Tuesday, April 16, 2024

Max Panych – Akita Digital – On Top 5 Mistakes When Starting A New Business

Leaders Perception Magazine is currently running an interview series called – What Are The Top 5 Mistakes People Make When Starting A New Business?

Today, we had the opportunity to interview Max Panych who is a Founder/ CEO at Akita Digital.

Interviewee Name: Max Panych

Company: Akita Digital

Max Panych’s favourite quote: Where there is no risk, there is no pride in achievement.

The Interview

Thank you so much for joining us today! Tell us a little bit about yourself. What is your backstory?

Max Panych : I am a digital marketing entrepreneur, investor, and PR link-building specialist with 9+ years of industry experience. I love no-fluff, data-driven marketing, and running my own tests. Founder at AKITA Digital, I have helped medium to large-sized businesses grow by building the best high-tier, press backlinks at scale.

In your opinion, what makes your company stand out? Any examples?

Max Panych : Our results make us stand out from the competition. For example, In the one-year span, Our traffic shot up by a staggering 106%, and search visibility on Google for different keywords increased by 274%.

What are the TOP 5 mistakes people make when starting a new business? Please share advice/examples for all of them.

Max Panych : I have observed two potential mistakes people make when starting a new business;

Wrong Pricing

Often ignored, this is a major mistake for new businesses that impact the business negatively. This is because, with the wrong prices, the money outflows due to the expenses incurred which later cannot be compensated. Thus, the financial organization of your business is affected, losing capital and interfering in other areas and activities. To avoid this mistake, you need to know the actual cost of your product to make perfect pricing. When you buy, besides the value of the bill, your product certainly has other costs such as taxes, shipping, interest on installments, and maintenance, among others. Remember to add all this to the cost of the product when pricing.

Incorrect Invoicing
Practically, I have seen many new businesses suffer financially due to incorrect invoicing in the first few years. The invoice is a document for accounting management. Invoicing serves several purposes, mainly to generate taxation, so not issuing them or making mistakes in their information/ issues is not legal for your company that can lead to fines or suspension of business. Through the correct issuance of invoices, you actually know exactly about the P&L (Profit and Loss) and can make strategic financial decisions for the years to come.

Leaders Perception magaizne would like to thank Max Panych for the time dedicated to completing this interview and sharing their valuable insights with our readers!

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