Articles – Maximize Owner Wealth
How NOT to Succeed in Business Even Though You’re Really Trying
When I work with owner-managed businesses, I find frequently that one or more of these 5 mistakes are interfering with their prosperity. These mistakes don’t shut the road down entirely. They cause slowdowns or detours which trick the owners into believing that with just a bit more patience, or a tad more effort, the road will open.
These beliefs are fantasies. Owners must remove the roadblocks entirely. Here are the 5 mistakes:
- Lacking a single vision. I’m not talking about the formal, public oriented vision statement. The vision that’s lacking is what people talk about, think about, and behave because of. Everyone must be on the same vision road or there will be no prosperity.
- You don’t completely and totally believe in yourself. You cannot be successful if you think you need customers to validate you. “If we get customers who pay us a little money, they will validate that we have something valuable to offer. Then we can charge more.” Until you utterly believe in yourself, there will be no prosperity.
- You build an organization long before you need an organization. If you are a small business, be proud of that. Small businesses have tremendous advantages: flexibility, responsiveness, low cost, no overheard and infrastructure. It’s fine to eventually to have an advisory board and some independent contractors. But when you start out that way you’re heavily burdening yourself for no good reason.-This will not generate value for you or your customers.
- Hiring a sales team so that you can deliver your services. This is working in your business when all expertise points to the critical need forowners to work on the business. No one has more passion, conviction and knowledge than you. You must be fully responsible for nurturing relationships with you prospective buyers. If need be, hire others to deliver.
- Money mistakes. You don’t have any or very much. Yes, today can start and run a business on a shoestring. However, when you don’t have any money, you filter everything through that perspective. When you don’t have any money, you take the wrong business. You’re afraid of debt. Any meaningful prosperity requires the outlay of funds. That’s the whole concept of ROI-return on investment. When your investment is $0, your ROI can only be 0.
Each of these mistakes can be eliminated. Get rid of them and you’ll be able to open a direct route to revenue.