Over the years I have seen Small Business owners repeat some of the same common mistakes that I made when I started in business over twenty years ago. Below are three common mistakes business owners make when starting their companies.
First Mistake - Not taking time to build a good foundation - The foundation of your business involves your vision, core values, guiding principles and ethical conduct expected from your employees. For most Small Business owners these values are internalized but it is important to put them on paper and communicate them to employees and customers. There is no greater foundation than the principles and truths found in the Bible. The Bible is a rich resource for Small Business owners to use for guidance in forming their companies ethical foundation. Too often business owners make the mistake of ignoring this important process only to find that when eithical or moral challenges arise, they have no firm moral standards from which to drawl. This causes division and confusion among employees and customers.
Second Mistake - Not seeking Counsel - Being a Small Business owner requires skills in many areas, however nobody can be proficient in every area, finding someone with experience in the areas that you need help in will provide you with much needed resources. For example, you may be an expert at accounting and finance, but may not have any experience in how to market your services to potential clients. It is usually more cost effective to hire a consultant that has the skills you need help in for a shor term, than to hire a full time employee which raises overhead expences.
Third Mistake - Trying to Market to Everyone - Over the years I have seen this mistake made time and again, a Small Business owner advertises his product or service to the whole world, but in return his efforts fall flat. He can't understand why, after all, he spent several thousand dollars advertising in the largest newspaper or most popular magazine but still no sales. The mistake is that he was using a cast net approach when he should have been using a specific lure to catch the specific fish he was after. At Smallbusinessgrow, I help my clients identify who their ideal customers are and cater a marketing plan they will respond to. Most marketing mistakes occur because the Business owner fails to identify who his ideal customer is and are just taking a shot in the dark hoping someone will respond to their ads.
Look for how to avoid more common mistakes new businesses make in up coming blogs or go to my facebook page at www.facebook.com/smallbusinessgrow
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