1. Not knowing your customers
Make sure you know your customers inside out. All the products and services in the world won’t make a difference if you don’t know what your customers want or if you don’t keep abreast of their changes in preferences. If you don’t have the right products or services right now then make sure you can be a resource for your customers. Find out what their buying patterns are, what they want now and what they’re likely to want in the future.
2. Getting stuck with just one idea
Be prepared to change, move and swing with the circumstances. Don’t get hitched to a single idea. Play with lots of ideas and work out which ones bring money and success, or whatever else you might be after.
3. Ignoring your cash flow
Make sure you have your finger on your cash flow pulse at all times. Your customers won’t necessarily respond to your products and services within the timeframe you think they should. Make sure you’ve got enough cash to tide you over. Work out your cashflow at least 6 weeks in advance so you can see any potential problems (shortage of cashflow!) in advance and rectify it before you get there.
4. Forgetting about your employees
Managing, motivating and training your staff is often a tough challenge. Without your persistence and “people skills” problems could multiply in the blink of an eye. Productivity and profits (not to mention morale) can be destroyed in no time flat. Don’t ignore your employees.
5. No marketing plan
A good marketing plan will help you and your employees focus on getting in front of the right types of people, companies etc. There are lots of ways to market your business at very low, or even no cost. A good marketing plan will eliminate the need for “cold calls”. It will be able to be implemented effectively, efficiently and consistently.
6. No Sales Plan
There’s no other serious way to gauge the financial growth and progress of your business unless you have a good sales plan. You’ll need to know where the sales will come from, how they’ll come, and who they’ll come from.
7. Confusing possibility with reality
Business owners often live in the realm of possibility and probability. If you want to be a successful business owner you certainly need to spend time in the world of possibility, but make sure you spend money only in the world of reality.
8. The lone ranger syndrome
You can’t do everything yourself – not if you want to grow at the same time. You might be the key to your business, but as it grows you will need help. Make sure you hire the right staff and delegate responsibility effectively.
9. Get an expert opinion
Get an advisory board, a mentor, or a business coach. Don’t pass this off as a silly idea for a small business – it’s not! You need someone independent of your business to review your business plans and results. Having someone to bounce ideas off and get an objective opinion is critical.
If you need help with any of these 9 small business blunders, click on this link: www.fullfocus.co.nz/what-we-do/business-coach/