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SMALL BUS INESS OWNERS

HOW TO AVO ID THESE

COMMONBUS INESSOWNERMISTAKES

1 CONFLATING SELFWITH 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.

COMMONBUS INESSOWNERMISTAKES

2 FAIL ING TODIVERSIFY

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.

COMMONBUS INESSOWNERMISTAKES

3 SPREADING TOTHIN

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.

COMMONBUS INESSOWNERMISTAKES

4 DISCOUNTINGCOMPETIT ION

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.

COMMONBUS INESSOWNERMISTAKES

5 FAIL ING TO KEEPUP 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.

COMMONBUS INESSOWNERMISTAKES

6 NOT L ISTENING

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.

COMMONBUS INESSOWNERMISTAKES

7 BEING OFFL INEIn 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.

COMMONBUS INESSOWNERMISTAKES

8 NOT INVESTINGProfit 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.

COMMONBUS INESSOWNERMISTAKES

9 PICKING THEWRONG 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.

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