Ep#120 The 22 Mistakes Small Business Owners Make That Holds Them Back
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Today, we are diving into the 22 most common mistakes small business owners make as they develop and grow their businesses.
Ignoring Customer Feedback: Not listening to what customers have to say about your products or services is a missed opportunity for improvement and growth. Customer feedback is invaluable for making necessary adjustments and fostering customer loyalty.
Making Assumptions: Assuming can get us into a lot of trouble and cause a lot of misery…not just in business. But since we’re focusing on the 23 most common business mistakes people make, let’s stay focused. Assuming that everyone knows what you do and that you’re taking clients is a mistake. Don’t assume people know who you are or what you do. Tell them. Tell them what you offer and tell them that you are taking on clients. Everyone you know…even your kids…should know exactly what your business offers.
Underestimating the power of networking: Many small business owners overlook the significance of building and maintaining a strong professional network. Networking can lead to partnerships, referrals, and opportunities that might not have been accessible otherwise. If you’re in business, building relationships should be on the list of the top three things you spend your time on inside your business. I did a podcast episode on networking and why most business owners hate it…it’s episode 103 of the Wildly Aligned Podcast if you want to scroll back and listen to it after this one.
Not knowing their numbers: There isn’t a day that goes by that I don’t speak to at least one business owner that cannot tell me how much revenue they have made in the last 12 months or how much they want to make this year. Sometimes they know how much they want to make or at least need to make but they have no idea what they made over the last 12 months so they also have no idea what the gap is. They’re not really measuring things inside their business, mostly because they aren’t sure what exactly to measure and for some they are so focused on the doing that things like crunching numbers, doing budgets, looking at the hard fact data just doesn’t happen because they don’t have the time or maybe because they are scared of what they might find when they do. Nevertheless…you cannot change or improve what you don’t measure so it is worth the discomfort and the effort to get started. If you aren’t quote on quote good with numbers, start small. Start with knowing what’s coming in and what’s going out and check in on it at least once a week. Sometimes, numbers can improve simply because we are giving it our attention.
Giving up too soon: We often give up too soon because we are impatient. Patience is such an uncomfortable emotion, isn’t it?. We all want immediate results and so we give up on our endeavours simply because we aren’t seeing the kind of results we expect, often in unrealistic time frames, but if we just stuck it out a bit longer…it would have worked. This makes me think of a metaphor Esther Hicks always mentions in her talks. A farmer doesn’t get impatient because his corn isn’t ready to harvest within a week of planting the seeds. He knows that before he can harvest there is a process the seed needs to go through. He doesn’t get upset about the time it takes. He knows that harvesting will happen when the process is complete. If you’re trying something new or testing things inside your business, be sure to give it enough time to actually produce results. Make sure that you’re allowing the time needed to collect enough data to make an informed decision about whether it’s working or not.
Speaking to the wrong people: This is when you are speaking to the people who don’t want your services, who can’t afford it, or who are never going to buy it even though they need it. Instead of speaking to those who do. It sounds like a silly mistake to make but I see it so often when I coach my clients on their marketing efforts. They’re focused on the people who can’t afford it rather than the ones who want to solve the problem and are willing to pay for it. It’s a subtle shift but a game changer once you make it.
Results Entitlement: This is a term I learned from a fellow coach, Olivia Vizachero. Thinking that just because we want it we are entitled to have it. Not being willing to put in the effort required because we think we are better than that. It doesn’t mean that you aren’t worth more or that you shouldn’t have more, it simply means that what you put in is what you get out. If you want results you have to be willing to do what is necessary to get it. And what is necessary isn’t the same as how much effort you think you need to put in. Often, it’s more.Thinking they’re too small or too busy for systems: Many business owners think systems are too boring, or too tedious, or for the big dogs and so they never experience the freedom and sustainable growth that can come from having the right structure in place inside their business.
Using a coach or mentor’s advice against yourself: You don’t always have to do what a mentor or coach tells you to do. Remember that YOU are still in the driver's seat. This is still your business and you are responsible for the decisions you make in it. Coaches and mentors can be a great asset. But don’t be afraid to speak up when their suggestions don’t feel aligned with your goals and values.
Thinking no one can do it as well as you: This kind of thinking is what is creating a lot of overworked and burnt out business owners in this world. If we want to build a business that can fuel our life we need to be willing to remove ourselves as the linchpin in the business as much as possible so that we can have more of the time freedom we desired when we started and also create space to make a higher contribution to our business and ultimately the people we are called to serve.
Not knowing why you’re doing what you’re doing: Knowing and reminding ourselves of our bigger purpose, why we are in business is important if we want to stay motivated and get ourselves through the hard parts. If you don’t love what you’re doing you won’t do what is necessary to reach your goals. Side note: loving what you do, and doing it from a place of alignment to a deeper purpose does not mean that there won’t be days where you hate the work. But if you’re hating it more than you’re loving it…something needs to change.
Not keeping business and personal finances separate: Most of the business owners I attract want to build or have lifestyle businesses. They’re not necessarily looking to grow a large organisation that employs thousands of people. But just because you are intentionally choosing to build a lifestyle business and keep things on a smaller scale does not mean that you aren’t still running a business. It’s important to keep business money and personal money separate as much as possible and to view your business as a living breathing entity with its own needs. If you’re always taking everything (i.e all the money) out of the business then the business won’t be able to survive for long. It often helps to think about your business’ money as your business’ money and not YOUR money. Keep money inside the business for taxes, and reserves so that there are funds available when you want to grow or invest back into the business.
Not making offers: People can’t pay you if you don’t sell something to them. Selling isn’t a curse word. Selling is simply inviting people to work with you. Your business exists because it solves a specific problem, need, or want for a specific group of people. Those people need to know that you can help them and that you have something of value on offer that they will gladly exchange for cash. People need to know that you’re open for business and the only way they will know is if you make offers to help them.
That’s it my friends, I am sure you have recognised yourself in a few of these. This is not a problem. Like Maya Angelou so famously said: “Once we know better, we do better.”
You can watch the video recording of this episode HERE
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