Kim Peterson, CEO CommonSenseHealth.org for
When you are running a business, there are many hats you must wear and every day offers a new set of challenges to overcome. Entrepreneurs are a different breed for sure, as we tend to thrive in a chaotic environment and enjoy the ever-changing landscape the business world provides.
As we move though our fast paced days, we may overlook small issues that seem insignificant...however, these five issues could cost you big time if you are not aware of and ready to take action on them as the situation dictates.
I knew in my gut that we should have followed our chosen path, rather than try to replicate theirs, but I did not stick to my convictions as I thought they new better. I was wrong and the results of not listening to my gut were devastating.
Lesson learned...no matter how accredited someone appears or how great the deal looks on paper; if your gut is not feeling it...walk way.
2. Not following a hire slow fire fast policy - Employees could be the biggest expense and potential liability you will have. Make sure you take the time to really get to know the people you are looking to bring on board. And ask yourself these questions…
How well will they fit in with your corporate culture?
Are they on board with the corporate vision i.e. – if you are a health and wellness organization and this individual has no interests in health, wellness or fitness – how well will they be able to represent and exemplify the organizations’ philosophy?
Does this person appear to have a victim mentality (my personal BIGGEST pet peeve)? Was it his/her last bosses’ fault that they left their last position? Is someone else responsible for them not being where they want on life? Or do they appear to create their own opportunities or “luck” in life?
3. Not anticipating down turns in cash flow This goes without saying, but if you don’t have a cash flow crunch account (practice taking 10% off the top of all monies coming in, in order to create and sustain said account) or lines of credit (establish these with your bank when cash is flowing and times are great, don’t wait until times get tough) to tap in to when times get tight…start lining these up…as it’s not a question of if but when. As the Boy scouts like to say “Be prepared.”
4. Not delegating tasks that can be done cheaper by someone else - It can be tough letting go of the things that you needed to do, in order to build your organization. It’s likely you created systems and procedures based upon trial and error over periods of time. You have your heart into many of these tasks, but if you wish to be a true business owner…rather than a manager working in your business…then you need to know when to step aside and do what you do best; which likely has something to do with bringing more sales in the door, developing new offerings or venturing in to new markets.
5. Failing to stay on top of trends and look to the future - Make sure you are taking the time and spending the resources to keep yourself ahead of the game. Plan to attend a couple of industry trade shows per year, read books that are recommended to you via peers, listen to podcasts, reach out to your network and ask how they see things developing… etc. talk to your customers, keep your finger on the pulse of social media trends. All of this helps to keep you in the loop and helps you to think of creative new ways to develop your business.
Keep these top five in the forefront of your mind as you grow and develop your business and you’ll have established a solid foundation with which to build your dreams.
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