Yes, small businesses can succeed! The success of your business depends
not on its size but in the quality of its execution and implementation.
Here are some common mistakes business owners make and how you can avoid
them.

a. Focusing on tertiary work: Many small business owners are so
overwhelmed with non-critical work that they have very little time left
for strategic, more important business decisions. It is far more
important not to get bogged down by the little, trivial details of
everyday business. Instead, you need to stay focused on your core
competencies and drive the business forward. If you are understaffed
consider outsourcing all non-core work.

b. Not making an honest assessment: Most small business owners don’t know
what’s happening in their own business. They mostly presume they know it,
but fact is they are never really on top of things. It is essential to
honestly evaluate the current state of your business. Take an employee-wide
survey or ask your subordinates and colleagues for honest feedback. This
will provide a much needed honest assessment of the current situation in the
company.

c. Not setting timelines: Most meetings go by without end objectives being
met. The reason for laying down a plan and conducting meetings is to ensure
each responsibility is implemented within the timeframe. Therefore set
realistic goals and set timelines to each plan. Delegate work according to
skill sets. This will also ensure all employees are happy in their
responsibilities and job skills.

d. Not performing follow-ups: A crucial determinant of success is how much
you follow-up and ensure implementation. It is necessary to follow-up and to
ensure all tasks assigned are completed within time. Else the plan just remains
open ended with no near end to completion. So ensure to keep reminding and
asking your subordinates on the plan at hand. If you can’t, delegate the
responsibility to someone else.

e. Investing more on technology vs. people: One big mistake small business
owners make is to invest heavily on new technology as opposed to their own
employees. It is a company’s employees who drive the business forward and get
new customers and contacts. herefore it makes perfect business sense to invest
more in people.

f. Not remunerating yourself well: Most small business owners multitask a lot.
It could be because of a shortage of capital, lack of resources etc. However,
whatever the reason, when it’s pay time, ensure you remunerate yourself
according to whatever effort you have put in. Most business owners undervalue
themselves and end up getting paid less. Don’t make this mistake. Pay yourself
well, that way you will stay motivated too.

g. Work life balance in jeopardy: Most CEOs of successful Fortune 500 companies
have a happy, family support system behind them. If you want your business to
flourish, make sure not to compromise on your personal life. Take care to balance
out work and family time. By seeing to a holistic balance, you can enhance your
business growth in a short time.

Now that you know the mistakes, take active steps to avoid making these mistakes.
These are common pitfalls that business owners fall into. So take note and stay
away from these!

Doug and Claudia Brown

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