7 Deadly Business Sins
Most business owners are excited from the time they get their “aha” idea to start making income on their terms.
I think being super charged about your idea can be an excellent characteristic but often that energy gets translated into actions that cripple a business. Sure, sometimes we all make less than perfect decisions that put a damper on growth, but these are the 7 mortal sins of business owners that stunt business growth significantly.
1.TRYING TO CREATE A DYNASTY
You don’t have to start small to get a thriving business going, but I have seen business owners throw themselves into a tizzy if they have a business that isn’t ranking #1 on Google, doesn’t have a bazillion locations or isn’t recognized by half the planet. Dynasties take time to build. They last because they grew incrementally. Grow a strong business first then worry about world wide recognition.
2. SPENDING MONEY WITHOUT A BUDGET
Many business owners think they will throw everything they have into getting the business started and then create a budget.The truth is that most businesses can survive quite well without the best of everything up front. In fact, knowing you have a budget for your expenses actually helps you stay centered on what matters rather than what catches your eye. A business has to start with a stable foundation to grow successfully.
3.MISTAKING ADVERTISING FOR MARKETING
I see this all the time. Business owners are frustrated because they are not getting the value they expected from all the money they paid to advertise their services or products. They mistake advertising for marketing. Spending money on advertising before learning how to market is like painting a room with a blindfold on.
4.DOING IT ALL
It’s very easy to think you can manage all aspects of your business on your own. It’s a “small business” after all, so how hard could it be? Even a small business needs a team approach. If you can’t fine tune your role, you will soon be overwhelmed by all the loose ends you are constantly trying to manage. Time is money and if you are trying to save yourself money, you will soon have no time to build a better business if you don’t delegate some aspects.
5.WAITING TO GET BIGGER TO GET BETTER
Waiting until the business is thriving to grow often is like waiting to get rid of your headache before your take your medication . Often growing a business step by step can have compounding effects on stability and financial growth. Staying in a corner means you don’t ever get to play a bigger game. There is a right and a wrong way to grow bigger. If you do it right, growing bigger can have a huge effect on improving growth. It’s about HOW you grow more than WHEN you grow.
6.MAKING SUCCESS ALL ABOUT YOU
I’ve been there so I know how true this is. I owned a thriving business for years so when I started business coaching I assumed it would be just like my other business. But, every business is different and even if you are extremely successful growing one doesn’t mean you will be extremely successful growing another. Get help from the right people to grow your business and you will see your success skyrocket. You DON’T know everything and what’s more is you will be amazed at how much a little strategy and advice from an expert can put you over the top.
7. TELLING YOURSELF IT WILL GET BETTER
Resilience is nearly a requirement for all business owners. There will be barriers, obstacles and moments when nothing seems to work. All business owners experience setbacks and frustrations. But, if you have been telling yourself your business will improve in time, for some time and if you really don’t have any idea when you will finally be turning a good profit, you HAVE to get some help. Waiting for a business to improve on its own can have deadly consequences.
So are you guilty of any of these deadly sins? Is your business suffering because you have committed one and don’t know how to fix it?
People often learn from their mistakes but business owners often tell themselves lies to live another day.
If you have ever told yourself you just need more time or more money to make your business grow, if you have ever convinced yourself that all businesses don’t make a profit the first few years or if you have ever promised yourself you just need to get over this one last obstacle…you are already dealing with a business infection that could soon become catastrophic.
Stop hemorrhaging money, resources, and lies into your business and get help to really turn a profit and get growing.
Having a business is like having a child. You may not have all the answers the day that little one is put into your hands, but you learn. You don’t do it alone. You have a support system to help you be a better parent.
You don’t expect the same things from a newborn as from a 5 year old. You don’t buy every product or go after every service until you realize what you really need.
When your child is sick or something is not working well, you seek answers, get assistance, try something different. You might try something on your own but when that seems ineffective you seek experts who can guide you with the best resources.
And every good parent knows you don’t parent in a corner if you want your child to be able to navigate in the world. You learn from other great parents.
If you are making one or more of the 7 Deadly Business Sins, be proactive before you are the cause of the death of your business.
Most businesses die at their owner’s hands and not because of other reasons.
Need some assistance getting resolution for committing one of these deadly sins or just want to chat about an issue your business is experiencing. Contact Me for a Complimentary Consult and feel better already!