Top 5 Mistakes Most Small Business Owners Make

1. Don’t know your number
2. No branding
3. No business plans
4. No systems
5. Working in the business instead of on the business

I hear time and time again. “I don’t like papers, I don’t like numbers and I don’t understand it”. Stop with excuses.

How do you know what is working or not? How can you grow your business? Do you know how much your fixed costs are? How about your break even point? You need to know your numbers because they will prove if your assumptions are correct. Have a simple system to collect your paperwork and choose a day of the week to update your books. These numbers will help you make better decisions and any necessary changes as needed to keep your business alive and thriving.

Everyone has something unique to offer. Make it an emotional selling proposition. For instance M&Ms USP is”The milk chocolate melts in your mouth, not in your hand.” When a business is branded, customers know why they should buy a product or service from you instead of your competitors. You will do well if you have a brand, follow through and keep your standards high.

Many small business owners have no clue how to take their businesses to the next level when they hit a plateau. They don’t even know their numbers so a plan is out of question. What is your vision? Do you have a blue print or a business plan? It is important to know where you are, where you want to go, who are going to be part of your team, and how you will get there. Clarity will help you focus, align your actions with your goals and get moving towards its completion.

Do you have systems? How do you deal with you paper work on a daily basis? How about cost control? Do you know what comes in and goes out? Does everybody have access to the inventory or you already assigned one person to be in charge? No matter if you are a start up or an established business you need systems. The more you systematize your business operations, the better it is for its health. Determine the tasks, assign it to each member of team and follow up.

With systems and tasks delegated to your team, you will have more time to work on your business. I know you are the best at what you do; however, you need to train and delegate those duties that anyone can do it. Do you really need to do your books? Do you really need to answer phone calls? Think it over as there might be many tasks that you can delegate to someone else. As one of my mentors once said – “I should be focusing on building relationships, signing cheques, and pursuing new opportunities that align with my goals.”

In closing, know your numbers so you can make better decisions. Find your unique selling proposition and brand your business. Have a business plan, a marketing and sales plan, and a growth plan so you will be able to know where you stand and how you can move ahead.

Avoid procrastination and develop as many systems as you can. You will be able to know what is going on and have more time to work on your business.