Small and medium-sized business owners are the backbone of the economy, but all too often make common mistakes that can have a detrimental effect on the success of their business…
> Under-estimating timelines
In the beginning, this is likely related to how long it will take to achieve certain growth milestones or levels of profitability. Later on, it’s more about the time it takes for strategic decisions to pay off. Be patient and realistic.
> Being complacent about the competition
Even ultra-niche products and services have competitors. Differentiation is critical, even if based on something as basic as service levels, delivering the personal touch, or product range. Don’t obsess about the competition, but be aware.
> Poor leadership
Intelligent and visible leadership is not about micro-managing your team, nor is it about abdicating responsibility. But without grasping how to support and direct your employees effectively, productivity and service levels will decrease and your business will suffer as a result.
> Not seeing the wood for the trees
Working every hour of every day might help get a business off the ground, but you’ll never get to the next level if you can’t work on the business itself. You need time and space to focus on the bigger steps you will need to take.
> No vision or direction
Every company needs a vision that stimulates and inspires everyone. Without inspiration and knowing the direction of travel, failure will follow. Major obstacles and glass ceilings need to be seen in that context.
> Price reductions
There are times when discounts and promotions might be required. But often the detail is not thought through properly. Might sound obvious, but errors in optimising your pricing can have far bigger implications on the health of the business than expected.
❎ Doing everything at once
Overwhelm is one of the major problems a business owner can face. One of the simplest responses to overwhelm is not to ask HOW to overcome a particular challenge in the business, but WHO can help you overcome it.