Owning a business, owners agree, is full of highs and lows, rewards and challenges. You get smarter as you go, with much of what you do every day clearly falling into the OJT category: on-the-job training. So why not help the process along a little by learning from the mistakes of those who’ve gone before you?
In 16 Critical Mistakes Business Owners Make, forbes.com contributor Dave Lavinsky points out that most business owners can get so caught up in day-to-day activities, they lose sight of those things that will move the business forward: Critical, longer-term tasks they simply must do to grow. So he created a list; of course, not everyone will be guilty of all 16 or will be doing them all at once. Take a look to see what you may not be doing. Then resolve to start doing them, and you will have automatically eliminated a bunch of mistakes! You’ll always make others, since that’s a big part of learning. But with these behind you, both you and your business will be that much better off.
- Listen to customers. We forget to ask, even though it’s the key to better products, services and/or processes.
- Diversify revenue. No matter how good your big client, you need to have multiple (active, paying) ones to hedge against loss or a downturn.
- Customer service #1. We all say it but generally don’t focus enough attention on service.
- Problem resolution—pronto. You can’t avoid issues; every business has them. But it’s how you handle them that customers will remember.
- Fire the bad ones! Not every client is going to be a fit. Eliminate them before you drain your resources and sanity—and focus on getting new ones.
- Back it up. This is so big—and basic. But would we be surprised to know how many business owners don’t do it on a regular basis? Sadly, probably not.
- Stay current. Easier said than done, but most industries are changing rapidly. You just need to keep up, especially with everything tech.
- Update your website. Nothing digital is one-and-done. It all needs to keep evolving. The website is the most overlooked in terms of keeping it current and fresh. Don’t forget to optimize for mobile.
- Security! Your data and your customers’ data must be kept secure, period. Don’t be lulled into complacency.
- Redundancy is not a bad word. Contrary to being inefficient, redundancies and contingency plans are needed for certain tech systems.
- Reinvest. Always set aside part of your profit to reinvest. Growth and success should fuel more of the same.
- Network. Yes, we’re all too busy. But today’s world demands that you stay connected in order to thrive.
- Watch those competitors. Don’t copy but also don’t ignore them. Learn from them.
- Do risk analyses. Risk and return; you know them well. Include time in your risk variables and invest it when there is potential for big return.
- Don’t wait; act quickly. Business is dynamic. Everything’s constantly changing. Delaying or (worse) dithering can cost you an opportunity that you may not see again.
- You need to have a plan. Where are you going, and how will you get there? A plan helps keep your eye on the road and hands on the wheel!
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