Are you dreaming big about your small business? To help guarantee your success, there are five deadly mistakes you need to avoid.
Not having a business plan.
An astounding 70 percent of small businesses don’t have a business plan. Yet this document is your roadmap to profitability. Sure it takes time to put it together, but once completed, you will have a clear picture of your goals along with ways of achieving them.
Not hiring motivated staff.
To help you hire motivated people, read some books about conducting effective interviews. Most business owners have no experience in hiring people, and they rely on their personal judgment to make hiring decisions.
Not providing genuine appreciation for employees.
The number one psychological need of people is the need to feel appreciated, yet too many business owners think the paycheck alone does the trick. The more you show your employees that you value them, the longer they are likely to stay with you… and the more valuable they become. So try to catch people doing things right, and acknowledge their contributions.
Not being able to explain the purpose of your business in a single sentence.
When you are making business development phone calls, or when you meet somebody at a business networking event, you need to explain why your customers do business with you… in a single sentence.
Not asking the right questions when making business decisions.
When you are faced with key decisions, ask yourself two questions:
1) What is the cost of doing it?
2) What is the cost of not doing it?
Too many people fail to ask question number two. Make sure you examine “soft” costs such as time, effect on business relationships and lost opportunities. Often you will find the cost of not doing something far outweighs the cost of doing it.
Michael Schell is the author of “The Customer Approved Small Business: Success Secrets for Developing Your Business”, and “HR-Approved Job Interviews”. Contact Michael at 604-682-0543 or www.thoughtleaderinc.com.
© Copyright The Vancouver Board of Trade, "Sounding Board," June 2005, excerpt by permission.
