Feedback Form

The Seven Deadly Business Sins

The Seven Deadly Business Sins

During my years in the corporate world and as a coach I’ve found seven practices that can adversely affect any business. It’s my Top Seven Business Sins list. These sins are not the mortal sins spoken of in religious doctrine. They won’t condemn you to an eternity of torment. They can, however, be fatal. Fatal to your business, that is. Many business owners believe that they won’t get punished unless they get caught. But, if you commit these sins, by the time you realize you’re being punished it’s much too late to claim ignorance.

You may recognize some of these sins in others. If they make you feel uncomfortable, good. Take action now to correct the problems standing in the way of your success.

7. Not using your professional team
You’ve got an accountant, a lawyer, a banker, an insurance agent, and probably a financial planner. They are a resource that you can choose to use or ignore. These are knowledgeable professionals whose expertise is invaluable, if you use it wisely. When I hired my lawyer, I told him I expected him to keep me out of trouble, not defend me after I got into trouble. Make them members of your team. Keep them informed and get feedback before you make any major decision or commitment.

6. Lack of Systems and Procedures
If you were in an accident and unconscious for three days could your business run without you? Do you have an operations manual? Even if you can be at your business every day, would you hire a fox to guard the henhouse? Of course you wouldn’t. You’d even keep an eye on your trusted dog. So why would you let a single employee control all your deposits, write all your checks, or provide pricing to customers without a second pair of eyes checking the transactions? As President Reagan said, “Trust, but verify.” Put procedures in place to protect your business.

5. Failing to plan
Some businesses succeed by accident and some people win the lottery but most who consistently succeed in business do so because they develop a good plan and then follow that plan. Sure things change, but if you don’t know where you want to go it really doesn’t matter which road you take. Failing to plan is planning to fail! So, plan the work and then work the plan.

4. Ignoring your customers
Have you told your customers lately that you love them? Unless you are the only business in town, your competition is trying to convince your customers to become theirs. Research has shown that for the majority of consumers the intangibles like customer service, quality and convenience are more important than price. If your business is like many service businesses, you probably get 80% of your revenue from 20% of your customers. Invest 80% of your attention in your best customers.

3. Doing, not leading
Many people spend too much time working “in” their business instead of working “on” their business. Leaders determine the goals and the direction of the company. Managers implement that plan and employees do the work. You are responsible for setting the tone, not doing the work. Get the train moving and then control the speed. Don’t shovel the coal. Ask yourself, “What is the highest and best use of my time?” Focus on the important things in business and life.

2. Not collecting receivables
I had a client once who said, “Billing is one procedure, Payment is another.” He believed in one but not the other. The majority of businesses that fail do so for lack of cash flow, not debt burden. Make sure your customers understand and agree to the price and terms and then follow up with them before payment is due to prevent problems. Recognize and reward prompt payment.

1. Making your business the most important thing in your life
Okay, I admit that this will probably not result in the failure of your business. As a coach I have to ask you to think about it, though. Why are you in business? What’s the purpose? What’s your goal? If I asked your friends and family what’s important in your life, what would they say?

Committing these sins won’t guarantee your failure, and renouncing them won’t guarantee your success. But, as a business owner, wouldn’t you prefer to invest your time and money in something that is more likely to pay off? Business owners who embrace good practices are much more likely to achieve their goals, experience less stress, and enjoy a more rewarding personal life.





The Seven Deadly Business Sins - To learn more about this author, visit Dave Ferguson's Website.

Like this article? Share it with your friends

Related Forum Posts Article Feedback
Article Feedback No article feedback found.
Leave Your Feedback

Related Articles Related Articles
More on Referrals
  The importance of referrals was included in one of my previous newsletters. And I mentioned how I was referred to Bill Cates, a referral coach. Bill recently wrote an article entitled "The 7 Deadly Referral Sins - ...
Seven Deadly Workplace Sins. First Up: Pride
  Recently, I read an article from Careerbuilder.com about the Seven Deadly Workplace Sins. I’d have to agree that they did a pretty good job pinpointing the vices that can surely get you in trouble at work. Missing o...
5 Deadly Decisions in Business and How to Avoid Them
  Think about this for a moment - Thousands and thousands of business decisions are made every day. Many of those business decisions can be and are deadly! And think how very difficult it is to avoid making some of th...
The Second Deadly Workplace Sin: Envy
  Recently, I read an article from Careerbuilder.com about the Seven Deadly Workplace Sins. Two days ago, I gave you my take on Pride. This morning, it’s all about Envy.
The Sixth Deadly Workplace Sin: Gluttony
  Recently, I read an article from Careerbuilder.com about the Seven Deadly Workplace Sins. Last time, I gave you my take on Sloth. Today, it’s all about Gluttony.

Related Forum Posts Related Forum Posts
Seven Deadly Sins Seven Deadly Sins
My entry My entry
Re: Congrats Shri! Re: Congrats Shri!
Exclusive: Interview with Results Exclusive: Interview with Results
Re: Teaching kids financial literacy Re: Teaching kids financial literacy
Book Sales Book Sales
Business Coaching Resources Business Coaching Resources
Book: 101 Best Home Based Businesses for Women Book: 101 Best Home Based Businesses for Women

Related Forum Posts Related Businesses - Evan Elite Authors
David Barr
David Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website

Jeff Foster
WebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. - Visit Jeff Foster's Website

Anne Barr
Anne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website

Casey Gollan
Casey Gollan, Business Coaching & Mentoring Programs. Add $1 Million to $10 Million in the next 1 to 3 years. Since 1996 Casey has to added hundreds of millions of dollars to businesses. Watch a free video see client results Business Coaching website. - Visit Casey Gollan's Website

Kim Castle
With 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

Bernard Reber
Back in late 1992, MS Access hit the streets. About that time the company I managed needed new software to handle their growing client base and I decided to try this new product. I had little difficulty writing and adapting a database to suit us and discovered a hidden talent for programming. A business was born. With business studies and 25 years of management experience in three different countries under my belt, I could offer a unique combination of skills and my customers agreed. From these humble beginnings my software 'invoiceit' emerged in 1999 and has since been taken to 49 states (hello Wyoming, won't you join us?), all across Canada and more than 70 other countries. From the very beginning the program included cashbook accounting, the simplest form of keeping financial business records. The Dictionary.com defines 'cashbook' as "A 'book' in which to record money received and paid out". For 'book' substitute 'simple software' and that's what I'm about. Now I have published Simple Accounting, an inexpensive spreadsheet solution which even you can master. For just $14.95 it costs less than a takeout meal! More at http://www.scrambled-card.com/simple_accounting_main.htm - Visit Bernard Reber's Website

Dr. John Oda
John Oda Ph.D NLP is a business peak performance expert, an author, and speaker frequently called upon to provide corporate training, workshops and seminars for many companies in the United States. He is an expert in coaching sales and business professionals in overcoming the behaviors and obstacles that may impede their sales results and affect their bottom line. Since 1995, John has created a speaking bureau such topics, which include: time management, sales training, human diversity, leadership programs and etc. He provides companies with a strategic plan to increase their bottom line by over 25 percent yearly. - Visit Dr. John Oda's Website

Leanne Hoagland-Smith
Are your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website


To learn more about the Evan Elite Author Program please contact us.

About The Author


Dave Ferguson
(Visit Dave's Website)
Dave Ferguson works with people in business - owners, executives. managers, sales teams and commissioned professionals - to help them to improve their performance and results. With a background in corporate operations, working for companies large and small and coaching people for 20 years, he knows how to help his clients confront real-world business challenges. He helps people to work smarter, not harder; to be more effective, focused, and strategic in their approach - to turn their dreams into goals, goals into plans, and then take the actions necessary to implement those plans and reach their goals. Through his workshops, his website, www.LakeCountyBusinessCoaching.com, his published articles and his complementary monthly newsletter he provides valuable tools and tips for improving your results.
About The Author

View Author Blog
View Author Blog

View Author Video
View Author Video

Free Downloads


Dave Ferguson's

Complete
List Of
Business-Coach
Articles

First Name
Last Name
Email
What's the color of the sky?
Blue or Green
 
If you enjoyed this article, get Dave Ferguson's Complete List of Business-Coach Articles For FREE!

More Dave Ferguson
Magic Moments
Its Results That Define Leadership
Take A Vacation To Improve Your Results
Choosing Not To Participate In the Recession
Ratlike Cunning Intelligent Persistence Singular Focus
What The Campaign Can Teach Us About Sales
Its Really Not Just About Winning It Is About How You Play
Stop Making Resolutions Start Making Plans
Half Full or Half Empty
The Seven Deadly Business Sins
Become An Author


 
 
 



Have A Suggestion?
Toronto Salsa Classes / Toronto Salsa Lessons Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
Have A Suggestion?

Featured Ebook


ebook Famous Entrepreneurs - Modern Empire Builders


Featured Ebook

More Evan Carmichael
Have A Suggestion?


Sales Lessons From Starbucks And Dell