As a business owner, people always talk about what you should do. It seems like everybody wants to stick their 2 cents in to give you advice that you didn’t ask for. While making sure you’re doing the right thing is important, you should also make sure that you aren’t doing the wrong thing. Here are 15 things you should never, ever do as a business owner.
Take Your Staff for Granted
Your staff’s happiness is paramount to your business. If they are happy, it’ll shine through in their work and the way they speak to customers. To keep them happy, you don’t need to let them come to work in their pyjamas all week long and feed them a never ending supply of doughnuts. All you need to do is let them know they are appreciated, and acknowledge their hard work. Maybe treat them to a meal or lunch every now and again. Never take your staff for granted!
Forget Who You’re Marketing To
Who is your target market? Now, consider the way you have been marketing as of late. Do you feel as if you’re marketing in the right way to connect with your target audience? If you’re not, you won’t be doing nearly as well as you should be. Keep in mind who you are marketing to, where you can find them, what language they respond to, and more.
Hiring and firing is all part of becoming a business owner. But are you taking the time to hire professional people who will help your business to grow? You don’t always see the whole picture at the interview stage. You need to speak to references, do background checks, and give them a trial to make sure that they fit in.
Focus Too Much on Money
While money is the whole reason you became a business owner, focusing too much on it could be your downfall. By focusing on offering the best product/service possible, and an unbeatable customer experience, the money will come along with it.
Take Risks Without Assessing Them First
Owning a business comes with plenty of risks. Some of these can cause physical harm, others can harm its bank balance or reputation. You should know every possible risk presented to your business and how you will handle them. You could put your staff on risk audit training courses, which will help you to decipher risks inhouse and manage them effectively.
So many businesses get tempted to do this. The thought of giving up such a large chunk of your earnings isn’t very nice, but dodging tax is even worse. You could get into big trouble, hit with a big fine, and lose your reputation. It just isn’t worth it for the money you’ll save. If you hire a great accountant, they will be able to help you to save the most money while still paying off your tax in the right way.
Neglect Family and Friends
Your family and friends should be considered as your support network, which is something that every business owner needs. Don’t neglect them by letting your life revolve around work. Make time for the ones you love and find a good work/life balance.
Lose Your Passion
Losing your passion will happen if you don’t work in an industry that you care enough about. All business owners should love their business, and maybe even feel slightly delusional about it and its success. This goes to show that they won’t ever give up. If your passion borders on delusional, you should be fine.
Spend All of Your Money
Having all of that cash in the bank is oh so tempting, but please don’t be tempted to go out and buy a mansion with 4 cars to go on the drive. You need to keep the cash flowing throughout your business, as well as have backup cash for emergencies. The best thing to do is pay yourself a set, fair wage so that you can live comfortably, but never have to worry about your business.
Lose Sight of the End Result
All successful business owners have goals, and never take their mind off the end result. Where do you see this business in 5, 10, 15 years time? Keep that in your mind when it comes to everything you do for your business. This will help you to move forward.
Let Your Emotions Get in the Way of Good Decisions
Many business owners call their business their ‘baby’, as they feel very strongly about it and its success. Because of this, it can be easy to let emotions get in the way of decisions that you need to make. Making certain decisions can be difficult, but you must realise that they are for the good of your business. Try to let go where you need to and do the things you need to do to keep on moving forward.
Forget That Customer Service is King
Your customers are the people who keep your business going. Without them, you wouldn’t have any money or success to speak of. Never forget that customer service is king. Train all of your staff up so that they know how to communicate with customers effectively. The experience they have with you should be second to none!
Refuse to Take a Break
All business owners need a break sometimes, even if it’s just a weekend away to another city. This can help you to clear your mind and get back your passion.
Neglect to Give Back to the Community
Finding ways to give back to the community will give you a great reputation and lots of exposure. Do this when you can. Never underestimate the power of kindness!
Lose Your Positive Outlook
Keeping a positive outlook is key to a happy life at home and in business. Don’t let little problems get you down. Fix them, then get over them. You can do conquer whatever you have thrown at you!
See you next time!