The Fatal Mistake Most Entrepreneurs Make and How You Can Avoid Them
The Fatal Mistake Most Entrepreneurs Make and How You Can Avoid Them
Some time ago I used the services of a mortgage broker who in the first instance was very prompt and appeared very efficient. Although it took some time for the refinance to go through (that was caused by the bank and their legal people), all went smoothly.
However, going back a second time to this broker, the cracks in his lack of systems really showed up. I had to chase him up to get things moving. It appeared he had more business than when I first used his services.
Here's what I've observed:
1. When he was out of his office, the phone rang out (there was no voice mail message or anything). This was a surefire way to lose business.
He could use have used a virtual assistant, divert his phone to his mobile or have voice mail.
2. He didn't plan and acted on the spur of the moment. (ie. when you call, he took action).
He needed to use a diary to schedule working on his business as well as the daily work. Unfortunately he didn't understand what working 'on the business' really meant.
3. He did everything himself...he had no assistance whatsoever.
With a virtual assistant he could pay them for the hours they worked.
4. He didn't know how to market his business effectively, he just kept running around.
Simple things like sending an ezine or newsletter on a regular basis or a phone call to follow up past clients would have made a major impact on his business.
5. John invested zero dollars in learning how to run a business. He was always going along to hear about what's happening in his industry (which is often free).
He needed business coaching to survive and thrive in his industry.
6. He had no clear focus so anytime someone approached him with a new idea that looked like it will make money, he ran off in that direction.
Writing down his goals and working out what and who he needed to help him achieve them would have given him clarity.
Basically he spent the majority of his time and money in the wrong areas. John told me he wanted to grow his business, but doesn't get it that he had to make changes first in the way he behaves. Without a clear plan, systems and assistance, he is guaranteed to waste time, lose money and be stressed out!
One of my clients is an award-winning mortgage broker. In fact she's in the top 100 in her state. (If I knew her before meeting John, guess who would be looking after me?) The contrast between her and John is like chalk and cheese.
Her business is booming, she's now ready to take it to the next level where she will be able to earn more while working less. The systems and people she has in place plus having the right mindset, knowledge and taking action will have a major impact on her profits and her life.
The Final Word
Personally I find dealing with most business people, very frustrating. They tell you how good they are and will get the job done but the majority are hopeless! They are totally disorganised and often look in the wrong places to make changes. The first change has to be made with yourself.
What will you do to ensure you avoid making the same fatal mistakes?
To find out more about ways to organize your time, your systems and your marketing so you have a business that is run effectively, much more profitable than it is now and still enjoy time off, get yourself a copy of the proven Productivity and Profit Home Study System.
It's the proven system I've used for years with my personal coaching clients and it will work for you too.
The Fatal Mistake Most Entrepreneurs Make and How You Can Avoid Them - To learn more about this author, visit Lorraine Pirihi's Website.
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Lack of time is the most common complaint I hear from entrepreneurs and small business owners. So if that's the key challenge why is it so difficult for them to overcome it?
Some time ago I used the services of a mortgage broker who in the first instance was very prompt and appeared very efficient. Although it took some time for the refinance to go through (that was caused by the bank and their legal people), all went smoothly.
However, going back a second time to this broker, the cracks in his lack of systems really showed up. I had to chase him up to get things moving. It appeared he had more business than when I first used his services.
Here's what I've observed:
1. When he was out of his office, the phone rang out (there was no voice mail message or anything). This was a surefire way to lose business.
He could use have used a virtual assistant, divert his phone to his mobile or have voice mail.
2. He didn't plan and acted on the spur of the moment. (ie. when you call, he took action).
He needed to use a diary to schedule working on his business as well as the daily work. Unfortunately he didn't understand what working 'on the business' really meant.
3. He did everything himself...he had no assistance whatsoever.
With a virtual assistant he could pay them for the hours they worked.
4. He didn't know how to market his business effectively, he just kept running around.
Simple things like sending an ezine or newsletter on a regular basis or a phone call to follow up past clients would have made a major impact on his business.
5. John invested zero dollars in learning how to run a business. He was always going along to hear about what's happening in his industry (which is often free).
He needed business coaching to survive and thrive in his industry.
6. He had no clear focus so anytime someone approached him with a new idea that looked like it will make money, he ran off in that direction.
Writing down his goals and working out what and who he needed to help him achieve them would have given him clarity.
Basically he spent the majority of his time and money in the wrong areas. John told me he wanted to grow his business, but doesn't get it that he had to make changes first in the way he behaves. Without a clear plan, systems and assistance, he is guaranteed to waste time, lose money and be stressed out!
One of my clients is an award-winning mortgage broker. In fact she's in the top 100 in her state. (If I knew her before meeting John, guess who would be looking after me?) The contrast between her and John is like chalk and cheese.
Her business is booming, she's now ready to take it to the next level where she will be able to earn more while working less. The systems and people she has in place plus having the right mindset, knowledge and taking action will have a major impact on her profits and her life.
The Final Word
Personally I find dealing with most business people, very frustrating. They tell you how good they are and will get the job done but the majority are hopeless! They are totally disorganised and often look in the wrong places to make changes. The first change has to be made with yourself.
What will you do to ensure you avoid making the same fatal mistakes?
To find out more about ways to organize your time, your systems and your marketing so you have a business that is run effectively, much more profitable than it is now and still enjoy time off, get yourself a copy of the proven Productivity and Profit Home Study System.
It's the proven system I've used for years with my personal coaching clients and it will work for you too.
The Fatal Mistake Most Entrepreneurs Make and How You Can Avoid Them - To learn more about this author, visit Lorraine Pirihi's Website.
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
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