Common Small Business Pitfalls to Avoid

1. Don’t over prepare

It may be tempting to wait until the letterheads are printed, the pencils are sharpened and your files are colour coordinated but really, you don’t have to get it perfect – you just have to get it going! Get out there & make some sales – until then nothing will happen.

2. Don’t be too cheap

This is the most common mistake made by new business owners and reflects a lack of confidence. Price is largely a matter of perception and most customers think that cheap equals low value. Value your time and your expertise according to the value it has for your customers. Use discounts sparingly & only to get more business.

3. Get paid

When someone owes you money you don’t have to stick to the rules to get paid. Make friends with the person who prepares the cheques for signing & get yours in the pile. Offer to discount bills for quick payment. If you get stuck with a bad debt, call on your debtor at home. Use emotional blackmail – after all it is your money!

4. Don’t overspend

The full colour laser printer/tap dancing coffeemaker/flash car/posh PA are all luxuries that can wait. Rent rather than buy and economise on everything except customer service until your cash flow is rock solid and you’ve got a cushion against a downturn or bad debt.

5. Enjoy selling

There are so many distractions that can stop you from picking up the phone and making sales calls. The VAT return and accounts can wait or be done by someone else. Without sales you have no business so make sure this activity is always the priority and learn how to do it well and how to enjoy it.

6. Keep listening

Your customers are the best barometer of your business. Listen to what they want, what they like & what they don’t like. Keep asking “How’re we doing?” and act on the answers.

7. Don’t grow too quickly

Don’t be seduced into trying to build an empire if what you want is a lifestyle business. Get your values sorted before you start and if you are working for independence, financial freedom and to spend more time with your family, don’t swap a demanding boss for a demanding business.

8. Avoid careless talk

There are vultures out there ready to pounce on a business in trouble or to steal ideas and undercut deals. Keep your own counsel and know who your friends are.

9. Advertise with care

Advertisers are after only one thing – your money! Most advertising is unproductive unless you have millions to spend on huge campaigns. Small businesses need to be selective with advertising whilst remembering they often get good business leads from satisfied customers. So do a good job & make a habit of asking for referrals and testimonials.

10. Always under promise and over deliver

Quote a deadline that you know you can beat. Add a little extra. Give more than expected. Don’t just deliver – delight and be remembered!

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