Mistakes in Growing Business– The mistakes I am talking about here do not always have any spiritual significance, they just have the capacity to stall or even shut down a business. The following are ones I have personally seen in actions; maybe understanding about them can help you avoid their calamitous consequences.
In my very mistaken effort at a business partnership, a huge source of friction was my spouse’s delight in meetings which, to me, accomplished little or nothing. She equally could not comprehend why I took no pleasure in sitting around a seminar table heading down a schedule of to-do that we had already discussed. “Haven’t you always wanted to get a small business?” She retorted after when I objected.
We spent a lot of time on unproductive tasks. I’ve seen others devote so much fuss to their logo, office décor, computer setup or long-range strategy that they don’t have energy left over to deal with finding and keeping clients. Concentrate on core business tasks.
Yes, it is tempting to enjoy the easy pickings of a customer who wants to make use of more and more and more. But, I’ve had several clients show up in my door having to rebuild their businesses following their too-big client retrenched, refocused or decided it no longer suited them to work with you. Foster your economical safety by serving a variety of clients who couldn’t all go bankrupt at once.
1. Not keeping your eye on the long run
For about a year and a half throughout the online boom, I had a profitable contract with a dot-com company that tried to hire me fulltime, offering to match whatever I was making on my own. I refused, since it would have meant ditching the momentum I had built up online and elsewhere.
I saw business owners give in to the siren call of “money now” and as entrepreneur or employee put all their bets on a new venture that imploded within two years. Having sold off or give up their previous victories, they had to begin again from scratch. Forgoing some quick opportunities today for sustainability in the long run was a wise move, I believe.
2. Dealing with low-profit “sure things” for too long
When some activity reliably contributes to business, it is hard to let it go, even when it takes a lot of effort because of its financial return. From 1988 to 2001, one-shot adult education seminars in Cambridge, Boston, Providence and elsewhere were a vital feeder for me, bringing me customers who needed assistance with their writing projects. But each seminar supposed driving through rush hour traffic, parking, getting home late, which makes less than $10 a hour when considering the total time invested, all to get customers who paid me much less than those who needed marketing help.
I should have stopped doing these seminars a long time before I eventually did and spent the energy . At least once a year, think about what you are doing, and shed activities that are not worth the hassle or time.
3. Ignoring collections
A friend who had worked as a bookkeeper told me about a customer of hers who had rarely sent bills out because it was boring to do so, in comparison with all the regular social dealings he loved in his small business. No wonder he had a problem with money flow! Judging from the amount of quite late bills I receive from solo business owners, this must be a frequent habit.
Realize that you are not simply delaying payment when you fail to bill in a timely manner and when you do not aggressively and immediately go after non-payers. You are really jeopardizing your earnings, since the longer time goes before somebody is asked to pay for a product or service they obtained, the not as likely you should get that money in any way. According to the American Collectors Association, after four weeks have gone by, you are only about 80 percent likely to receive paid. Send out those bills on time!
4. Getting frustrated
He clarifies the normal learning curve for any kind of human endeavor, while learning a language, a musical instrument, a physical ability or the practice of constructing a business enterprise.
The standard learning curve includes a stage called “plateau,” where progress seems to stop and there can even be some backsliding, although the effort put in remains the same. Nevertheless the plateau phase is often followed by a sudden spurt forward, as long as the individual keeps at it. Keeping at it in the lack of visible results doesn’t sound to be an important achievement ability, but often that’s the ingredient that separates those who make it out of the quitters who give up right before their attempts are about to pay off.