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7 Avoidable Mistakes That May Be Killing Your Business

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Being a business owner can be like herding cats. One person may try to do it all, but with things going in so many directions, mistakes can happen, and it’s entirely possible that one or several of these 7 avoidable mistakes may be killing your business.

Making mistakes is okay, as long as we learn from them. Here is a list of 7 avoidable mistakes that may be killing your business:

1. No Clearcut Business Goals

Goals are how businesses move forward to the achievement of their milestones. The business establishes goals by documenting them and assigning an accountability partner, and every goal should should be specific and have a set date for its completion. When following these steps, it becomes much easier to achieve your vision. It’s like a workout at a gym, having a workout partner holds you responsible for completing your workout. Goal setting is the same way. If no one is holding you accountable, it’s not so easy to achieve your goal.

2. Being available 24/7

This is especially a problem with home-base businesses. When you don’t set a specific times for work, family and play, your business and your family will suffer. It’s easy to simply state when you are “open” for business. But, you need to stick to it. Otherwise, the business will be running you instead of you running the business.

3. Inconsistency

The key to success is consistency. Once you have a schedule set, stick with it! Follow it day by day, hour by hour basis. Despite his defeat at Waterloo, Napoleon got it right: “Attention to detail is the religion of success.”

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4. Partners in crime

Finding a compatible business partner is one of the hardest things for running a successful business. Without the right partner, one that is trustworthy, honest and has a similar vision can drive your business into the ground.

5. Communication, or the lack thereof

Communication is vital in growing and maintaining a successful business. With all the ways to communicate, it shouldn’t be hard to establish a good network. If you are not communicating with your team, you may be killing your business.

6. Too busy to follow-up

As sales trainer, Brian Tracy says: “The fortune is in the follow-up!” If you’re not following up with your prospects, customers and/or investors, you’re asking for trouble!

7. Not investing in personal growth

One of the biggest mistakes business owners make is not taking the time to invest in their personal growth. Without personal development, any business will eventually stagnate and suffer. Read a good motivational business book or subscribe to one of the many informative podcasts that are available to help start off your adventure in new learning.