The business owner is no different from other people is that we all make common mistakes.
The big difference is that when a business owner makes a mistake, their business suffers.
The good news is, many of these mistakes can easily be avoided.
Here are 5 most common mistakes that business owner makes:
Common Mistakes #1: Operating Without a Plan
Planning and having a business plan is a necessity if you want to be a successful business owner. In fact, business experts recommend you spend at least 25% of your time as business owner planning.
To begin a business without a plan is a sure way to struggle to succeed. It’s like heading out for a drive and not knowing how to get where you are going.
So what’s the cure?
Start with a business plan that outlines your audience, competition, vision and mission, product or service and marketing strategy.
Once you have a plan, schedule time into each and every week to plan your business.
Analyze what’s working, what isn’t and where you plan to go from here.
Common Mistakes #2: Managing Your Business Instead of Leading It
When a small business owner just getting started, it makes sense that you work and do everything yourself.
As your business grows, this practice isn’t going to make sense for you.
You’re going to run out of hours or end up eliminating tasks that are necessary to grow your business.
You don’t spend all of your time invoicing and bookkeeping if your time could be better spent marketing your business that brings in the profits.
Leading your business means knowing that it’s better to focus on your specialized skills and hire or outsource to others for their specialized skills.
Leading means building a team of people to help you grow your business rather than trying to do it all yourself.
Common Mistakes #3: Not Having a System
The most successful entrepreneurs have a system that keeps them productive. It may be something as simple as using Outlook to prioritize your tasks and don’t stop until your tasks are finished.
It may be something more complicated. The point is to have a system that helps you stay organized and productive.
Common Mistakes #4: Overextending Yourself
It’s easy to have your finger in too many cookie jars. When you start to experience business success, you want more – it’s only natural.
So you start another business, you launch new products or services and you partner with others. Unfortunately, all this activity pulls your focus in different directions.
The result is that you’re only able to devote a small part of your attention to each project rather than your full attention to a single project, and that will affect your success.
Make sure, before you take anything new, that you can devote your full attention to the project and give the focus it deserves.
Common Mistakes #5: Trusting the Wrong People
Trusting the wrong people doesn’t mean you’re susceptible to scammers, it means that you’re putting your faith and commitment into people who are not going to help you grow your business.
Before you take any steps to build a relationship with anyone, you need to assess whether it’s going to help you grow your business, set goals for the relationship and establish measures to track and evaluate your success.
If you’ve already made one of these mistakes, you don’t need to worry. They’re survival and may even lead to bigger and better opportunities.
Don’t be hard on yourself. Mistakes mean you’re actually pushing yourself and striving to achieve your goals, and that in itself is a wonderful thing.