17 Major Mistakes Business Owners Make

If you’re thinking about starting a new business, the following may be of interest to you. This list came about when a group of us business owners were at a networking event.

We had a young new business owner who had asked us for our help. He said he was struggling in his new venture. So we all asked him questions about his business to see where he might be going wrong. The following is based on the questions we asked him and what we thought was important.

It’s a guideline, so figure out what you are doing right and where you could improve upon in your business.
The list will be provided over the next few days so you can digest it a little at a time. Here goes the list.

17 Major Mistakes Business Owners Make.

  1. Do You Due Diligence. Most individuals don’t do enough due diligence for their potential business before they start. Why do you want to start your business in the first place? It’s an important question. Have you done your homework to see if the marketplace will support that type of business? Is there enough demand for the product or services you want to provide.
  2. Ask Questions and Listen. Ask questions and listen to future potential customers. If there is a demand for your products or services, is there room for you to grow within your marketplace? Or is there something you can do that will separate you from your competition? You need to find something you can do better.
  3. Never Put Your Eggs Into One Basket. Often we see people go after large clients thinking they can make more money in a shorter period of time. We understand that this is true but if you lose the client you go down the tubes faster also. So try to have a wide range of clientele. Small businesses medium and large. That way your business portfolio is solid and revenue always keeps flowing.
  4. Always! Make Customers Service Your First Priority. It’s easier and more cost effective to keep existing customers than getting new ones. Keeping them happy will insure ongoing revenue. It makes your customer value higher the longer you keep them.  
  5. Resolve Customer Complaints Rapidly. ALWAYS answer customer problems as fast as you can. Many times a customer just wants to know you care about them. It’s easier to take care of an existing customer than getting a new one. In today’s day and age with the advent of the internet it’s imperative to take care of the problem quickly. With bad reviews on the web a business can lose thousands of dollars due to bad reviews overnight. So resolve problem as quickly as possible.
  6. Get Rid of Bad Clients. Now a little contradiction here. Some clients are just not worth the time and money they bring in. Some are too time consuming. Some complain too much.  And some are never happy no matter how much you do for them. So don’t waste your precious time with them when you could be providing your services to a better client.

Enough for today. Come back tomorrow where we continue the list:

How technology is to be used within your business.

Again Thanks for the read.

If you need to contact me, I’m here.

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