Running a Small Business- The Seven Fatal Mistakes

There is no such thing as guaranteed success in any business. But there are things that you can do that will guarantee failure. Here are the seven of them.

1. Inexplicitness.

Succes in business and life has never been achieved through vagueness. Explicit objectives are the drivers of achievement. Setting out clear goals for your business allows you to develop strategies to achieve your goals and to create plans which will ultimately drive your business to success. Without goals, strategies and plans, you are just depending on luck- and how has that worked for you so far?

2. Apathy.

Few human activities require a greater commitment than operating a business. Success without commitment just doesn’t happen. And apathy for your business will mean commitment is impossible. Commitment requires passion. You are the closest person to your business, and if you are not passionate about it, why would your employees or customers be? If you aren’t passionate about what you are doing, find something that you are passionate about and do that instead.

3. Pride.

Pride in your business is a good thing, but being so proud that you don’t ask for advice or help will seriously limit your ability to grow. No-one knows it all. Successful business owners surround themselves with smart people.

4. Inactivity.

If you are waiting for others to recognise your brilliance, you may be waiting a long time. Business is generated through taking action. And the best idea in the world just remains an idea until someone takes action on it. There is no return from inactivity.

5. Non-perseverance.

Giving up at the first hurdle will never result in success. The chances of success with out some dispappointments are low. Thomas Edison tried 10,000 different filaments before he invented the light bulb. Perseverance is essential for success.

6. Guessing.

If you do not measure the response of each action and tactic of your business, from marketing to service delivery, you are just guessing about what is working and what is not. This means that you will be making bad decisions on what you should stop doing, what you try, and what you should change to improve. And while you are guessing, your competitors are improving through measuring their activities, and leaving you behind.

7. Disorganisation.

If there is no organisation in your business, you will have no control over your expenses, you will lose efficiency, and your clients will go to someone who can provide reliable service. Systems ensure that your services are provided consistently following your best practice, no matter who is providing your service. They eliminate the cost of non-compliance, and ultimately create a saleable asset of your business. Without systems, your business will always depend on you being there and you will forever be reacting to events and fighting fires. Such a business has no long term future.

I am sure you can think of other sins you may wish to add to this list, however when you make sure that you don’t commit any of these, your business is far more likely to achieve the goals you have set for it and prosper.