7 Mistakes Business Owners are making and how to avoid them.0
I often get asked what I might do differently in business if I had my time over again, and that could be a very long article – so here are my Top 7 Tips that I see many business owners making. Hopefully, you aren’t falling victim to any of these, but if you are then this article will help you to avoid them:
Tip 1 Oiling the Squeaky Wheel.
There is almost always something in your business that is making some noise – not literally – but something that is taking your attention away from important things like growing your business, working on a plan or spending time with customers. Examples could be a team member who isn’t performing, a supplier who wants you to look at their next promotion, or possibly a customer complaining. Whatever it is, it’s important that you stay focused on what it is that you need to achieve, and not be distracted by the “oiling the squeaky wheel”.
Tip 2 Relying too much on one customer.
I’m sure you have all heard of the 80/20 Rule, where 80% of your income comes from 20% of your customers. The risk in relying too much on one customer or sector is that if you lose them, you lose your income and you wouldn’t have a business. The key is to diversify your business to ensure that you have a spread of income should things go south.
Tip 3 Too Busy to Respond to Enquiries.
How much business could you be losing simply because you are so busy servicing current customers and can’t answer the phone to engage a new one. This can be the case with tradies, in particular – so be sure to have an answering service or someone in the office to field your calls. Many local Virtual Assistants offer this type of service, so there should be no excuses for missing a call.
Tip 4 Not Having a Plan.
If you fail to plan, you are planning to fail. Having an action plan for your business is critical. Having a strategic plan for the next 12 months of what you want to achieve (Sales, Profit, Marketing, etc) and then breaking that down into bite-sized goals will help to ensure the success of your business.
Tip 5 Keeping Bad Clients.
How much time and energy have you spent with clients who are difficult to work with? You know the ones who always complain, don’t pay on time or always ask for a discount. Why keep them on board when you could be using that wasted time and energy on more productive tasks? It’s your business, so set the rules early on, and make sure that your customers comply and become your ideal clients.
Tip 6 You Haven’t Increased Your Prices.
Inflation, CPI, increased supplier costs, increased rents and a myriad of other costs of doing business increase regularly. So, should your prices! If you aren’t comfortable putting up your prices, then maybe you should get in touch and we can show you how.
Tip 7 Procrastination.
“The greatest restraint on business is the inability to make a decision”. Most people are guilty of this in some way, often waiting too long to make decisions or wait until their service or product is “perfect” before they release it or sell it. Where necessary, seek advice and take decisive action – Massive action gets massive results.
For more information on how you can avoid the most common mistakes in business, contact Dave Green on (07) 3142 4895, or via email at firstname.lastname@example.org