Common Small Business Mistakes and Cures

Avoiding Common Small Business Mistakes

Wouldn't it have been great if you received road map and formula for success when you incorporated your business? Every small business makes mistakes in the journey to success. Great football players fumble, great tennis players double-fault, and great coaches make coaching mistakes–it doesn't take away from their greatness. Stay alert to the pitfalls by planning ahead and taking steps to avoid common mistakes. Most of all, learn from your mistakes.

 

For Business Owners Looking for Inspiration

I have met with and worked with numerous small business owners. The most successful small business owners have a group of common attributes: they are leaders; they are passionate about growing their business; they are excellent self-promoters; they instinctively make savvy decisions as the CEO; they surround themselves with superior talent to do the things they can't.

If you are "good at what you do," but lack the leadership skills to move your business forward, there is one way to remedy this–STUDY. Read about marketing, branding and closing the deal. I also highly recommend Jack Welch's, "Winning,"
Stephen R. Covey's, "The 7 Habits of Highly Effective People," and Pete Carroll's "Win Forever."

—Matt

 

Can You Relate To Any of These Mistakes?

One. An over-reliance on the "vision" and an underdeveloped plan to get there. Your goals are the easy part to define. Work tirelessly on a disciplined strategy toward achieving these goals.

Two. Not sustaining your passion for your business through the tough times. We all have times that "test us." This is the time to dig down deep and remember why you are in business and renew that hunger for success and passion for what you do. Remember, Thomas Edison had about 1,000 failures before finally inventing an electric bulb that worked.

Three. Coasting when things are going well and becoming lax about sustaining an aggressive business model.

Four. Not diversifying. You should always have new plans and look for new ways to expand on your initial offerings.

Five. Not budgeting enough money for branding, advertising and marketing. Business owners frequently fail to set aside adequate funds to get the word out and look credible.

Six. Not setting your business apart from the competition. Actively make your product or service distinct from your competition and use this distinction as part of your marketing and advertising.

Seven. Neglecting loyal existing customers. Word of mouth is powerful free advertising, so keep your good customers happy and content. Always try to improve customer relations. However, if a customer becomes a major distraction to your business, find a diplomatic way to let them go and move on.

Eight. Not being focused on efficiency. Time is money, so let others help you reach your business goals if they can do a task better and faster. If you know the best possible way to do something, teach those around you. This will free up your schedule to focus on business growth.

Nine. Doing things on your own, when you need help. Sometimes we let our ego cloud our judgment and we don't realize that we would have been better off hiring an expert. While often times cost is the true inspiration for doing things on our own, there are times when doing things on our own proves to be costly.