Mistakes Small Business Owners Make

November 3, 2014

There’s something to be said for Small Business Owners … they are creative individuals not afraid to take risks and are living their dream with passion. Our country is made up of thousands of those like minds, now more than ever, and they are making our country stronger and more viable.

Stepping out in the very beginning is not only a test of the strong-hearted but it should also prove a slow and steady race. The tortoise knew how to beat the hare for a reason. Yes, you take risks as a business owner. Making major mistakes, however, can cost you everything. Here are some tips to help you venture down that “Road to Success” with as little detours as possible.

1. You Need More Than One Captain

Trying to do it all will drain your energy and passion quickly. No one can simply know and do-it-all. Being mindful of your limitations and willing to hire someone with the talents you don’t have will not only make your job much easier, but your business more successful.

2. Honesty Matters

 

Social Media is the window that can and will expose your faults to the world. If you make a mistake, own up to it. Those days of covering them up and quietly shuffling them under the rug will prove your downfall. It’s not good for business and if you’re the one who fesses up to your error, you’ll be looked upon as an individual with a straight-up sense of doing business honestly.

3. Have A Clear Vision

You can’t go into business blindly and expect your clientele to know what you’re all about, where you’re located and how you operate. The message you send has to be clear, precise, informative and even entertaining each and every time. First impressions count and if the message you’re sending is convoluted, a new prospect will turn the other way.

4. Changing Prices

 

When products and services aren't selling, the first thing you should do is drop prices, right? Well, experts say wrong! If the quality can stand on its own accord, most customers are more than willing to pay extra. If times are tough prospective customers will purchase if convenience, added benefits, and top quality prevail. Constantly slashing prices can lead to your business failing because the money isn't streaming in to cover expenses.

5. Stay Focused

 

Don’t reach too high first out of the gate. Set realistic financial goals for yourself. Yes, there’s nothing wrong with wanting to make millions, but it’s more important to get your business off the ground and grow slowly.

6. Be A Boss Not A Buddy

Being successful is dependent on how strong and effective a leader you are. However, that doesn’t mean being a tyrant. Your employees are the foundation to your success. They don’t need a buddy. They need someone at the helm who inspires them, shows his appreciation, and knows where they’re going and how to get the team as a whole there.

7. Never Assume Your Tops In Your Field

 

We all know what happens when we over-assume. Never, ever assume you are the best and greatest at what you do. Competition exists, it’s lurking and snipping at your heels, ready to take over the #1 spot. The minute you let down your defenses, someone can and will step into the lead. You’ll keep your customers because you work hard every day doing so and not assuming they’ll come back because they need you.

8. Get Rich Quick Fails Every Time

 

If anyone is an overnight success, it never lasts and goes the distance. Success takes years of slow and steady growth to achieve. Remember that it’s luck, perseverance and time that will get you there. Anything else … forget about it!

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Jo Ann Koontz

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