#1. Horrible financial management. Yes, it does take money to make money. And, if you are making money and mismanaging it, there is a huge problem with your business' long-term survival. Have a great financial plan going into all things business. Consider conservative, expected, or extraordinary performance scenarios. Also, develop an exit plan.
#2. Not considering the customer. I've seen this happen too many times. Business owners who think their products or services are untouchable often fail to invest in ongoing competitor research. These people also believe they don't have to respect their customers because the customer will always be around...... Wrong on so many levels. Know your customer, appreciate your customer and then stalk your competition- and you will ALWAYS have competition.
#3. Hiring employees and not team members. This is a big mistake because employees collect a paycheck, team members help grow your business. The people you hire are your company's best or worst ambassador. Chose wisely!
Have you made one of these mistakes? I would like to hear from you and share your story. Find me on Twitter.
Have a great weekend,