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How To Avoid These Common Mistakes Made By Small Business Owners

David Spradlin highlights mistakes most often made by first time and small business owners, including not watching competition or failing to listen to customers. In this presentation, David Spradlin also provides tips for fixing or, better, avoiding these mistakes altogether.

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How To Avoid These Common Mistakes Made By Small Business Owners

  2. 2. COMMONBUSINESSOWNERMISTAKES 1 CONFLATING SELF WITH BUSINESS It is natural to put yourself into your work. Even more if that work was created, developed and groomed by you. However, it is important for your health, peace of mind and work-life balance to separate yourself from your business.
  3. 3. COMMONBUSINESSOWNERMISTAKES 2 FAILING TO DIVERSIFY Focusing on one type of customer or providing one kind of product or service is risky, hence the term, "don't put all of your eggs in one basket." Forbes Magazine suggests expanding your client base and creating multiple sources of income.
  4. 4. COMMONBUSINESSOWNERMISTAKES 3 SPREADING TO THIN Diversifying doesn't mean trying to be everything at once. As a hamburger restaurant, no expects you to also sell towels or perfume. In fact, it weakens your brand and confuses customers. Find the balance of being who you are while focusing on opportunities to grow that make sense to your brand and mission statement.
  5. 5. COMMONBUSINESSOWNERMISTAKES 4 DISCOUNTING COMPETITION A key part of business is knowing your strengths and weaknesses and perfecting them over time. To do so means being self-aware, but it also requires knowing the same about you competitors. Being too consumed with your business to know about competition is a deadly mistake.
  6. 6. COMMONBUSINESSOWNERMISTAKES 5 FAILING TO KEEP UP WITH TRENDS Likewise, business owners must remain aware of trends, changes and new technology available to and within the industry to stay competitive. In fact, it's better to be ahead of the curve than to fall behind and miss opportunities to be more efficient and/or accessible to customers.
  7. 7. COMMONBUSINESSOWNERMISTAKES 6 NOT LISTENING Not all customer complaints are valid but every one of them includes a listen. Be sure to listen to what your customers have to say about your operations, prices, practices, etc. Keep an open communication and let customers know you're paying attention and, more importantly, that you value their feedback, good or bad, Worry when they don't care enough to say anything.
  8. 8. COMMONBUSINESSOWNERMISTAKES 7 BEING OFFLINE In the late 90s no one could've truly determined whether the internet would become anything more than a phase or something used for personal not business reasons. Now, in 2016, we know the exact impact an online presence has on business; so much so that staying away from the net is not an option. Create, at the very least, a website and social media clients and potential employees to learn about you online.
  9. 9. COMMONBUSINESSOWNERMISTAKES 8 NOT INVESTING Profit is important. But it has limits unless growth is included into the equation. Invest back into the business when necessary, and don't skimp on things that will enable you to expand.
  10. 10. COMMONBUSINESSOWNERMISTAKES 9 PICKING THE WRONG TEAM Your staff, partners, or people with which you choose to work, make or break your business. Make sure you pick the right team of people to capture and carryout your vision. If you have failed to do so, make adjustments as quickly as possible to make room for progress and the right person(s) to come along.