Failure to Delegate – You should use your skills to manage and grow the business, not to perform daily tasks that can be delegated.
Ignore your professionals – Stay in contact with each of them throughout the year. The best time to solve or prevent problems is before they become larger (and more difficult to solve). It is your duty to evaluate their performance. But remember this, as the business owner, you may know your product/service BEST, but that doesn’t mean you know how to run all aspects of business. Always be open to learning.
Falling behind in record-keeping – Procrastination is the enemy. When data is current, you will receive better advice from professionals and make more reliable decisions. Establish policies and procedures from the beginning for proper record-keeping and adhere to them.
When it comes to record keeping, do not co-mingle personal and business assets and liabilities – The business’ bank accounts, credit cards, loans and titles should be in the business name and not used for personal transactions.
Failure to plan – Having a solid business plan makes the decision making process easier and more effective. To be successful you have to plan for success. If not, you’ll spend a lot of time, money and personal energy chasing things that truly don’t matter to you.
Failure to “get real” – Don’t get me wrong, to be in business for the long haul, you’ve got to have a positive mindset. You can’t get caught up in the daily drama of running your own business – and at times, there’s a lot of it.
But you’ve also got to live in the real world, tracking real activity, using the real data. Even if you don’t like what you see. Tracking your business data and trends is as important, I would even say sometimes more important, than tracking your bank account If you’re not achieving your sales goals, financial goals, personal goals there is a reason for it. Get real and discover why.
Failing to back-up business data – Your company records should be backed up on a regular basis and kept in a secure location. There are many companies that can automate this process for you for a fee – money well spent. What would happen to your business if you lost your data?
A computer is a machine and machines break down, sometimes without notice. Be proactive. Protect your passwords too. Everyone related to your business should have their own set of passwords.
Not defining your business – You can’t be all things to all people. Don’t set yourself up to fail by promising something you can’t deliver.
Failure to create a strong company culture – Being a leader is important to the company as a whole. A strong leader establishes a company culture from the get go.
A company culture will help to bring your value proposition to life and truly convey the value you bring to each customer, associate and to the community.
Failure to define your company mission, values and vision – This is your company road map. Everything you do and say going forward should reflect back directly to these three well defined objectives.
Failure to treat your business like a business – Being a business owner doesn’t mean you don’t have to be accountable. The fact is you have a responsibility to your customers, yourself and everyone involved to lead your company, improve its value, make money and deliver on your word.
Learning to run your business and make decisions like a CEO will prevent these mistakes and lead you and your company to success.
Sandra Price has been immersed in the world of business since she was a little girl. Over the years Sandra’s focus on entrepreneurship led to many business opportunities. In 2000, Sandra charted a new path as a financial advisor, business advisor and investment broker. As Price & Associates, Sandra’s business background and holistic approach to financial well-being was the catalyst to helping her clients identify their goals and a strategic plan to achieve them. Sandra earned the respect of both clients and colleagues as an award winning advisor.
Today, Sandra shares her wisdom, unique experiences, education, knowledge and humor with her clients and the small business community through The Wise Chick Network; a business network designed to educate, enhance and elevate her clients. “Our network is dynamic; providing business education, skill building, coaching and consulting.” “The launch of the Build-Her Business Accelerator Program is part of our to help every business women become a successful entrepreneur – to be epic in business and in life.”