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Premium member Presentation Transcript 13 Common Mistakes Made By Small Business Owners : 13 Common Mistakes Made By Small Business Owners Small Businesses: : Small Businesses: 40%-50% fail within first year 60%-95% fail within four years Risky for start-ups and established businesses 13 most common mistakes lead to struggles Do any look familiar? The Goal of LocalBusinessGroup.com : The Goal of LocalBusinessGroup.com Heighten small business owners’ awareness of the common mistakes, with hope that they’ll give serious thought to making the necessary adjustments to overcome them. Mistake #1:They lack a well-thought-out business plan : Mistake #1:They lack a well-thought-out business plan Most people plan better for a vacation Lack of proper planning #1 reason businesses struggle and fail “Proper Planning Prevents Poor Performance.” Mistake #2:Their specific marketing plans are insufficient : Mistake #2:Their specific marketing plans are insufficient Marketing’s role is to seek the sales of tomorrow Achieving sales goals isn’t possible with poorly executed marketing plan Mistake #3:They take existing customers for granted and fail to attract new customers : Mistake #3:They take existing customers for granted and fail to attract new customers 3 kinds of customers- new customers, existing customers and ... customers who leave. Main reason customers give for leaving a business? They feel unappreciated, and also that the employees don’t care about them. Mistake #4:They are undercapitalized and/or overspend : Mistake #4:They are undercapitalized and/or overspend Don’t correctly anticipate their financial needs and lack funds to properly run their business (common for start-ups) Others spend too liberally, often on things that are unnecessary These two mistakes can kill small businesses. Mistake #5:They take on too much and don’t delegate or empower employees well : Mistake #5:They take on too much and don’t delegate or empower employees well They don’t utilize the manpower resources available to them They work too much “in” the business instead of “on” it They don’t focus on what they do best, and don’t delegate duties to others. Mistake #6:They price their goods and services too low : Mistake #6:They price their goods and services too low New businesses are notorious for doing this Sets them up for a life of worrying about money They still don’t make a profit even when sales are good Very discouraging! Mistake #7:They exhibit poor time management practices, and don’t set timelines for goals : Mistake #7:They exhibit poor time management practices, and don’t set timelines for goals Typically aren’t organized Don’t have daily, weekly or monthly plans Bounce around like the ball-bearing inside a pinball machine Get pushed and pulled from one demand to another Fail to complete jobs on time Mistake #8They don’t seek (enough) guidance or needed instruction from the trusted sources : Mistake #8They don’t seek (enough) guidance or needed instruction from the trusted sources Lots of easily accessible information available Industry knowledge and strategies to assist in your success Don’t choose to go it alone Don’t have to learn the hard way about the facts of business life Mistake #9:They fail to utilize the internet or new technology : Mistake #9:They fail to utilize the internet or new technology Don’t take advantage of today’s technology Don’t utilize the benefits of having an interactive website Are not competitive and they limit their ability to grow. Mistake #10:They don’t understand customer’s needs or solve customer’s problems. : Mistake #10:They don’t understand customer’s needs or solve customer’s problems. They build a business that they want, not necessarily what the customer wants. Mistake #11:They ignore, or are unaware of a changing market place : Mistake #11:They ignore, or are unaware of a changing market place Not aware of what’s going on within their industry, or even within their own neighborhood Loyal customers forced to make a choice about leaving Mistake #12:They utilize poor hiring practices. : Mistake #12:They utilize poor hiring practices. Hire too many people or not enough Too many, cripples a small business financially Not enough, affects quality of customer service Loses customers and lowers workplace morale Mistake #13:They don’t keep accurate records : Mistake #13:They don’t keep accurate records Poor record keeping can ruin an otherwise great business They either can’t do it or don’t have the time Must set up a system that enables them to track records efficiently and effectively Conclusion:13 Common Mistakes Made By Small Business Owners : Conclusion:13 Common Mistakes Made By Small Business Owners We learn best when we learn from our own mistakes Must learn from the mistakes of others, to avoid making them ourselves Give serious thought to making the necessary adjustments to overcome the 13 mistakes. You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.
13 Common Mistakes- Silver PP aSGuest37695 Download Post to : URL : Related Presentations : Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Uploaded from authorPOINT lite Insert YouTube videos in PowerPont slides with aS Desktop Copy embed code: (To copy code, click on the text box) Embed: URL: Thumbnail: WordPress Embed Customize Embed The presentation is successfully added In Your Favorites. Views: 37 Category: Entertainment License: All Rights Reserved Like it (0) Dislike it (0) Added: February 08, 2010 This Presentation is Public Favorites: 0 Presentation Description No description available. Comments Posting comment... Premium member Presentation Transcript 13 Common Mistakes Made By Small Business Owners : 13 Common Mistakes Made By Small Business Owners Small Businesses: : Small Businesses: 40%-50% fail within first year 60%-95% fail within four years Risky for start-ups and established businesses 13 most common mistakes lead to struggles Do any look familiar? The Goal of LocalBusinessGroup.com : The Goal of LocalBusinessGroup.com Heighten small business owners’ awareness of the common mistakes, with hope that they’ll give serious thought to making the necessary adjustments to overcome them. Mistake #1:They lack a well-thought-out business plan : Mistake #1:They lack a well-thought-out business plan Most people plan better for a vacation Lack of proper planning #1 reason businesses struggle and fail “Proper Planning Prevents Poor Performance.” Mistake #2:Their specific marketing plans are insufficient : Mistake #2:Their specific marketing plans are insufficient Marketing’s role is to seek the sales of tomorrow Achieving sales goals isn’t possible with poorly executed marketing plan Mistake #3:They take existing customers for granted and fail to attract new customers : Mistake #3:They take existing customers for granted and fail to attract new customers 3 kinds of customers- new customers, existing customers and ... customers who leave. Main reason customers give for leaving a business? They feel unappreciated, and also that the employees don’t care about them. Mistake #4:They are undercapitalized and/or overspend : Mistake #4:They are undercapitalized and/or overspend Don’t correctly anticipate their financial needs and lack funds to properly run their business (common for start-ups) Others spend too liberally, often on things that are unnecessary These two mistakes can kill small businesses. Mistake #5:They take on too much and don’t delegate or empower employees well : Mistake #5:They take on too much and don’t delegate or empower employees well They don’t utilize the manpower resources available to them They work too much “in” the business instead of “on” it They don’t focus on what they do best, and don’t delegate duties to others. Mistake #6:They price their goods and services too low : Mistake #6:They price their goods and services too low New businesses are notorious for doing this Sets them up for a life of worrying about money They still don’t make a profit even when sales are good Very discouraging! Mistake #7:They exhibit poor time management practices, and don’t set timelines for goals : Mistake #7:They exhibit poor time management practices, and don’t set timelines for goals Typically aren’t organized Don’t have daily, weekly or monthly plans Bounce around like the ball-bearing inside a pinball machine Get pushed and pulled from one demand to another Fail to complete jobs on time Mistake #8They don’t seek (enough) guidance or needed instruction from the trusted sources : Mistake #8They don’t seek (enough) guidance or needed instruction from the trusted sources Lots of easily accessible information available Industry knowledge and strategies to assist in your success Don’t choose to go it alone Don’t have to learn the hard way about the facts of business life Mistake #9:They fail to utilize the internet or new technology : Mistake #9:They fail to utilize the internet or new technology Don’t take advantage of today’s technology Don’t utilize the benefits of having an interactive website Are not competitive and they limit their ability to grow. Mistake #10:They don’t understand customer’s needs or solve customer’s problems. : Mistake #10:They don’t understand customer’s needs or solve customer’s problems. They build a business that they want, not necessarily what the customer wants. Mistake #11:They ignore, or are unaware of a changing market place : Mistake #11:They ignore, or are unaware of a changing market place Not aware of what’s going on within their industry, or even within their own neighborhood Loyal customers forced to make a choice about leaving Mistake #12:They utilize poor hiring practices. : Mistake #12:They utilize poor hiring practices. Hire too many people or not enough Too many, cripples a small business financially Not enough, affects quality of customer service Loses customers and lowers workplace morale Mistake #13:They don’t keep accurate records : Mistake #13:They don’t keep accurate records Poor record keeping can ruin an otherwise great business They either can’t do it or don’t have the time Must set up a system that enables them to track records efficiently and effectively Conclusion:13 Common Mistakes Made By Small Business Owners : Conclusion:13 Common Mistakes Made By Small Business Owners We learn best when we learn from our own mistakes Must learn from the mistakes of others, to avoid making them ourselves Give serious thought to making the necessary adjustments to overcome the 13 mistakes.