Are you struggling with how to make your business more profitable? There are 7 common mistakes that business owners make. Are you making any of them? Review these issues and rate each of these items as to how important the point is to you as a priority to be fixed. Then write down some action steps to take to improve the situation if needed.
Critical Mistake #1 - You don't have a clear vision
Maybe you haven't created a real clear vision or maybe you have lost sight of it. You might want to create a vision or re-evaluate the one you have.
Critical Mistake #2 - You don't understand that your business is a direct reflection of you
Motivational speaker T. Harv Eker puts it succinctly, "How you do anything, is how you do everything"
The time and money you invest in yourself will pay dividends in your business.
Critical Mistake #3- Assume that enthusiasm and passion are enough
Top performing professionals in sports, the arts, and yes, even business are constantly honing their skills.
Critical Mistake #4 - Don't understand the value of connections
Strategic alliances can provide long term referrals and strengthen a business' ability to meet clients' needs.
Critical Mistake #5 - Try to be all things to all people
A narrow focus makes you a credible expert and this differentiation gives you more perceived value and allows you to charge more money.
Critical Mistake #6 - Suffer from "it's easier to do it myself" syndrome
Motivational speaker Patricia Fripps says: "There is no sense in doing well that which you shouldn't be doing at all." How many tasks do you do that are not core to your job function?
Critical Mistake #7 - Don't understand the importance of systemizing and what that really means
While there is some up-front investment, systems save valuable energy, create consistency, save time, and build credibility since your customers and business partners know how to do business with you and can align their processes to fit yours.
Finally, plan on taking ACTION!
Identify at least one critical mistake that you are making right now. You cannot change what you do not acknowledge. Set a path to improve results immediately.
Will you do it on your own?
Call me if you need any help and click below to download my white paper for a more detailed version of this topic.
This originally appeared in my April 2011 Newsletter.