Are You Making These 11 Common Business Owner Mistakes
Even big businesses fail frequently. The following are common mistakes made by most business owners, large and small, which can lead to business failure if left unchecked.
1 Keeping the Books in Your Head
Most business owners have a reasonable idea of what their financial position is and what their profit margin is, but most also sail terribly close to the wind and even end up embarrassed from time to time because their financial feedback is not current, well-designed, or able to give fingertip control. Poor financial “engineering” is like trying to steer with a spanner instead of a steering wheel – dicey stuff!
2 Failing to Systematise
Whenever systematisation is absent, errors and inefficiency abound – there’s just no getting away from it. If you are a business owner who does not work from prioritised, scheduled lists, and does not have detailed written procedures for every task undertaken, then you (and every member of your staff) are certainly wasting as much as 50% of each day in repetition, correction of errors, information seeking, and re-decision.
3 Failing to Replicate/Delegate
While ever an owner is working “in” the business rather than “on” it, he or she is robbing the business of the most important contribution he/she could make: the vision and passion that caused them to start the business in the first place! You can’t take the wider view, and provide appropriate guidance, when you are “on the tools”, and you can’t easily grow your business either.
4 Failing to Plan
Every business needs a detailed map of where they are going, apart from the business plan. This will contain, amongst other things, key indicators for infrastructure acquisition, tied to financial events. To attempt to grow without this in place is like trying to sail through a rock-infested strait!
5 Not Understanding the Difference between Profit and Cashflow
In most businesses there is a substantial difference between profit and available cash. You need to take steps to minimise that difference, and to plan activities based around a sound understanding of both!
6 Overestimating the Importance of Price in the Client’s Mind
So you’ve got a great product, at a fantastic price, backed up by great service. You’ve advertised and now you expect people to flock to you? Trying to sell on the logic of product/price/service will only have you tearing your hair out. Certainly these things matter, but not half as much as the EMOTIONAL NEED your client is actually satisfying by purchasing your product or service. If you don't know what that emotional need is, or how to communicate to your client that you can solve it, then you will certainly be on struggle street.
7 Guessing Instead of Testing
In business there’s a great tendency to do things because that’s the way it’s always been done, or because that’s the way other people do it. If you’ve had scientific training you’ll understand that just because people “believe” something is true doesn’t mean that it is. Make decisions based only on the evidence available to you. Is a piece of advertising (that you’re paying big bucks for) actually working? Where is the cold, hard evidence!
8 Fudging on Consulting – Going for the “Cheap” Solution
Some of the best marketing strategies in the world are free or almost free, but you’ll have to pay to acquire them. Trust me, trying to re-invent the wheel will cost you far more than paying an expert with a sound track record to show you the way!
Likewise, don’t even think about trying to write your own copy for your web site, brochures, or other public documents. Pay a talented copywriter to make your message compelling!
9 Failing to Design and Implement Strategies to Attract and Retain Talented Staff and/or Contractors
In this shrinking labour market, and with loyalty at an all-time low, it pays to work on becoming an “Employer of Choice” through implementation of proven staff management strategies. Sure you’ll have to pay an expert to help you set this up, but you’ll save ten times that much in staff losses, absenteeism, and re-training! You'll also find that productivity increases by at least 30%.
10 Failing to Look After Themselves
Small business owners are notoriously bad at self-care. They forget there’s more to life than business, and rob themselves of opportunities to enjoy and grow in other areas. They’re dancing on thin ice, because they’re also robbing themselves of their passion, energy and creativity for their business.
11 Failing to Realise the Importance of Continued Learning
Business owners need to become rabid learners, not just to keep up with developments in their field and in the market, but to even survive!
There are other mistakes that business owners make, but these eleven above are certainly the most common. Eliminating these mistakes will put you in the top 10% of successful business owners. As a member of Speed Business Networking, there are a wealth of resources to help you avoid business mistakes, and leapfrog to success using proven strategies.
Once you become a member of Speed Business Networking, just hop on the forums and click "reply" in order to post your questions and get fast help to execute these and other essential business development strategies!
Wishing you the greatest success
Christine Sutherland
PS: Mark Walsh, president of VerticalNet, says that business people who avoid on-line strategies are “like dinosaurs that gather together to eat the last leaves."
Don’t be a dinosaur, take the plunge into on-line business communities and reap the benefit, not just today, but for your future!
Your Simple Steps to Easy Business Development
1 Download the free ebook “Speed Business Networking – the Manual” to understand a much more effective (and more fun) approach to utilising networking to get real results. Your business community is your key to success if only you know how to build it, not only for referrals, but for advocacy, strategic alliances, and generous sharing of expertise.
2 As well as attending your business community’s networking events (and of course we recommend you join Australia’s ORIGINAL Speed Business Networking group), and getting help to carry out your own schedule of informal networking for warm referrals, diarise at least one hour a week where you will LEARN and USE far easier, faster ways to take your business to that next level, enjoying more success than you ever dreamed possible, with far less stress than you have experienced up till now.
3 A vast range of business development resources is available free of charge on www.betterbusiness.speedbusinessnetworking.com.
Are You Making These 11 Common Business Owner Mistakes - To learn more about this author, visit Christine Sutherland's Website.
Like this article? Share it with your friends
![]() | |
| |
No article feedback found. |
| |
Leave Your Feedback |
|
| |
| |||
Leanne Hoagland-SmithAre 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 |
|||
Anne BarrAnne 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 |
|||
Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
|||
David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
|||
Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
|||
Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
|||
David BarrDavid 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 |
|||
Casey GollanCasey 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 |
|||
|
To learn more about the Evan Elite Author Program please contact us. | |||
![]() | |
![]()
| |
![]() | |
|
| |
![]() | |
|
| |
![]() | ||
|
| ||
![]() |
| Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details. |
|
|
![]() |
| Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media |
|
|
![]() |
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"
Click Here To Learn More |
|
|
|
|
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
|
![]() |
|
|
![]() | ||
|
Top 50 SEO Posts - 2007
Top SEO Posts of the Year | ||
|
Top 50 Social Media Blogs
Top 50 Social Media Blogs | ||
![]() | ||
![]() | ||||
| ||||
| ||||
| ||||
|
|
|
|
|
||||||||||||
|
|
|
|
|
| ||||||||||||
| ||||||||||||













Subscribe to Christine's articles











