Running a business is tough. And too often, business owners get so involved in day-to-day activities that they forget about critical, longer-term tasks they must do. Below is a dozen of the biggest mistakes I see business owners making on an almost daily basis. Eliminate these mistakes, and your business will be much better for it.
- Trying to be all things to all people.
To be successful you’ve got to be meaningful to somebody. All too often I see small business owners trying to be everything to everyone which ends up with them being nothing to no one.
- No clear reason for their business.
Lots of small business owners have ‘kinda’ fell into business and as such their business has no ‘raison d’etre’ or reason for being. They have no goals or no vision for their business. This ends up with them just drifting along.
- No Systems in their business.
You’ve got to set the rules of the game as they say. There’s a reason why I don’t go to restaurant openings and it’s because in the first few days and maybe even weeks they’re still working all the kinks out of the systems and processes. You can get a great meal and experience one day and it completely stinks the next time. Great businesses are fully systemised.
- Not getting stuff done.
A lot of people are all talk and no trousers. Small business owners don’t have the luxury of the general population. To be successful they have to get stuff done, and this means being ruthless with their time and productivity.
- Not having a getting customers system.
Let’s be honest, if you don’t have customers, you don’t have a business. A lot of businesses leave getting customers to chance. Their marketing consists of random acts of desperation. If you take time and build the right getting customers system it will feed your business all the customers you need.
- Giving up to early.
There’s a famous tale told in “Think and Grow Rich” by Napoleon Hill about a gold prospector who gave up his prospect just 3 feet from the gold seam which went on to be one of the biggest finds in the Californian Gold rush. Why is this relevant, well most small business owners give up on their best prospects way too early! Most prospects buy after 10-15 touches but most business owners give up after just 3 or 4 touches.
- Resolving Client Problems too slowly.
Having a customer or client experience a problem is only a matter of time. In this age of ubiquitous internet access, however, ignoring their dissatisfaction can result in bad reviews and negative publicity. Problems should be addressed and resolved as quickly as possible to avoid this.
- Fire A Bad Client
Some small business owners are so concerned with retaining existing clients that they will waste far too much time on one who simply cannot be pleased. Eliminating a bad client may be a scary prospect for some but it will allow precious resources to be dedicated to those clients who are more of an asset to your business.
- Bad business maths.
You must know the numbers that matter in your business. Many small business owners abdicate the responsibility of their numbers to either a bookkeeper or their accountant. Your bookkeeper or accountant will tell you all about your historical numbers and how much tax to pay. What they won’t tell you are the numbers that you really need to focus on, such as customer acquisition costs etc. You need to know these to be successful.
- Not having a Plan.
If you don’t design your own life plan. Chances are you’ll fall into someone else’s plan, and guess what they have planned for you..Not much. You can’t get to where you want to be without a clear plan of where it is you want to be and how you’re going to get there.
- Saying my business is different.
I hear this one all the time “My business is different or My Industry is different”. Being different is fine and necessary in some things but to be truly successful, creative adaptation is a winning strategy. When you see some tactic or strategy working in one business or industry you should be asking “How can I use that in my business”?
- Listening to the wrong people.
As a small business owner and entrepreneur, you’re a bit special, you’re trying to do things that most people don’t understand and to be honest have little sympathy with. Therefore you need to really think about the people who you listen to, are they on the same journey, do they understand the trials and tribulations that small business owners have and go through.
Get my help for 8 weeks at a huge discount.
In September I’m going to give you an opportunity to listen to the right people. I’m running my business success Academy in Beverley. You’ll spend eight sessions in business group coaching with us. You’ll understand why some businesses attract pre-qualified prospects like bees to honey and others cause them to “buzz” away! And you’ll get it at a DEEP discount from what we normally charge for Business Coaching at this level. (Click Here to Find out more)