Running a Small Business- The Seven Fatal Mistakes

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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.

Running a business is a major personal commitment- 24/7. 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. In any market, the winner is the one that continually improves their performance by measuring all parts of their business. If you are still making guesses, you won't see your competition for dust.

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.

Of course there are other lesser sins that will effect your business, but if you avoid these seven, your chances of success will be greatly enhanced.

Article Source: http://depositarticles.com/

Dr Greg Chapman is the editor of the Australian Small Business Blog. Visit www.gregchapman.biz and also visit the Australian Business Coaching Club for Marketing and Business Systems advice.

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