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Mentor Bury St Edmunds

7 Top Business Mistakes

Most business owners aren’t stupid but like most of us they can occasionally do stupid things! Here are seven stupid things you should stop doing because they’re hurting your business:

1. Stop saving a wage because it’s costing you a fortune: Many business owners save a wage by trying to do everything themselves, but that can end up costing you. Remember some people spend time to save money while other people spend money to save time. The latter is where you want to be. Learn what your time is worth, then start to work on the things that will make more money for your business.

2. Stop ignoring the numbers and what they are telling you: Do you know when you break even in your business? What product makes you the highest margin? What’s your cost of getting a new customer? These are examples of questions every owner needs to know the answers to. If you don’t know you are flying blind and exposing yourself to the risk that comes with it.

3. Stop ignoring technology and how it can help you: Thanks to technology it has never been easier for small businesses to reach new customers and stay in touch with existing ones. Your stubbornness or unwillingness to learn is costing you so start the process of mastering these opportunities and making them work.

4. Stop discounting: Most businesses advertise based on price, but discount companies get discount customers. Start selling on value instead, and focus on building a system for getting repeat business, this is where profits are really made.

5. Stop working on unimportant distractions and focus on what matters: The two most important things to focus on in your business are how to generate cash flow and profits. Many business owners don’t want to do this work because they may see it as too hard, or they don’t know what they are doing or how to do it. Instead, they concentrate on administrative work that is usually easy and can seem productive.

Your role is to build the business, not to answer the phone or sweep floors!

6. Stop blaming others and start taking ownership of your own business: Your team is only following the lead that you’ve set for them. Excuses, lack of accountability and other cultural problems stem directly from the leader. So develop a culture of ownership, responsibility and accountability. It may cost you a team member or two, but you’ll start to get better results.

7. Stop flying solo and become accountable to someone: This is a big one and something I see huge value in. If you’re holding others accountable shouldn’t you have someone hold you accountable as well? After all, who’s there to make sure you follow through and actually do what you need to do? Having someone hold you accountable will add value to your business as you’ll work harder and smarter if you have someone independent looking at your business objectively and measuring your progress on a regular basis……..I know just the man!