Are you making one of these common mistakes in your business?
The fastest way to no success is underestimating the impacts of these 5 common mistakes so many small business owners and entrepreneurs make. Are you making one of these common mistakes in your business?
Common Mistake #1 - Customer Confusion
“Don't find customers for your products, find products for your customers.” - Seth Godin
If there is any ambiguity on who you are serving and why you will have a very difficult time creating, delivering, marketing and providing an exceptional experience for your customers. You must know who your customers are to understand their needs and trigger points. You need to be able to speak their language. The ability to speak their language impacts your efficacy of the former. Get to know your people.
Common Mistake #2. Operating without a success strategy, how does that work?
“Strategy without tactic is the slowest route to victory. Tactics without strategy is the noise before the defeat.” - Sun Tzu
The wait and see what happens approach IS NOT a strategy yet many operate in this fashion. Whether you're a new or established business, you must always keep in mind what’s coming up next. That does not necessarily mean launching a new product or service, but should include consideration of solidifying your customer experience, capacity building and product or service extensions. Don't forget to keep a keen eye on the marketplace. Pay attention to relative trends in industries outside your own that can impact the way you do business. How will you adjust to changes in the marketplace locally or globally?
Common Mistake #3. The Number Mystery
“If you don't know your numbers, you don't know your business.” - Marcus Lemonis
Now this one, always surprises me. The importance to keeping track of daily transactions, both sales and expenses is most often overlooked by entrepreneurs. Particularly in the case of newer businesses the assumption is there no need for tracking because you aren't making any money. Well my response to that is how do you really know how close you are to"making money" if you have no sense of the your cost of doing business? You can not improve what you are not tracking. So eliminate the numbers mystery and spend time identifying what your your revenue cycles are or will be? What are your peak and low revenue periods? What pricing model will be most effective for your business model model, customer base, and your growth strategy?
Common Mistake #4. Sole Provider of all Services for and in the Business
“Success occurs when opportunity meets meet preparation.” - Zig Ziglar
When a single person holds the lifeline of the entire business in their hands, you put your entire business at risk. If that individual is unable to show up in the business what happens? Will the business be able to survive? Create a pathway to build a support team so that your business can be sustained and thrive.
Common Mistake #5. No S.O.P.
“Efficiency is doing things right. Effectiveness is doing the right things ” - Peter Drucker
Every business of every size and functionality should have an standard operating manual (S.O.P.). This manual documents what your work processes. How you deliver your products and services. What your fulfillment process is. It outlines how do you engage and support your customers. It is your personal business constitution. Watch here a quick video on why you must have a S.O.P.
Properly designed and executed systems are the lifeline to every business and is especially vital for small businesses and entrepreneurs. Be intentional about setting your business up for success in the execution of your daily operational tasks. Get a complimentary growth assessment to reveal strategies to optimize the performance of your business. Request a complimentary assessment here today.
Roxanne Iniece Charles,
Your Performance Optimization Strategist