When I blogged about business mistakes I’ve made, several of you asked me to list even more. This time I asked a few of my friends to share some business mistakes they’ve made, but I admit I’ve made a few of these mistakes too.
Mistake #1 Not spreading the word about your business
Maybe your business is better than everyone else’s, but it doesn’t matter if no one knows about you. When you develop a new product or service, send an e-release out to your media contacts, spread the news on Twitter and other social networks, and tell everyone you know. Don’t be shy.
Mistake #2 Not seeking advice or guidance from others
Don’t expect to know everything about finances, marketing, and sales. A business consultant, or a volunteer at SCORE (the Service Corp of Retired Executives) can offer business help. Or call someone whose business style you admire and ask them specific questions.
Mistake #3 Not knowing when to cut your losses and move on
It’s too bad that no matter how much you believe in your products or services, that belief doesn’t determine how much success you’ll have. If you’re losing money on a product or service, take a close look at what you can offer instead. It’s tough to let something go, but when you do you make room for more opportunities to grow your business.
Mistake #4 Skimping on the wrong things
A computer, printer, scanner and other office equipment are more important than a top-of-the-line desk and credenza. Keep in mind that most of the time clients will see only what comes out of your office, not what’s in it. Focus first on technology, then go from there. Don’t forget to invest in a reliable, comfortable and adjustable office chair. After you sit in front of your computer day after day, your back will remind you that you need more support.
Mistake #5: Forgetting to listen to your clients’ needs or requests
You may be so closely tied to your business that you overlook new ways to serve your clients, your best resource for new ideas. Before I wrote my first home office book, people often asked me to recommend a book to help them set up their home office. Finally the light bulb went off and I wrote a book. Some people have “aha” moments. Mine was more of a “duh” moment.
There’s nothing wrong with making mistakes, and when you work for yourself you’re going to make plenty. In fact, that’s part of being an entrepreneur. The key is to learn from those mistakes.
Lisa, thanks for the advice. I just passed along some of the one about getting help from the SCORE people to some people who need to send me tax statements. I also have a rotten chair that used to go up, but quit doing so years ago. I’d like to get a new one and so would my back; but the good ones, the really good ones, for someone who sits in front of a computer for 7+ hours a day are currently out of my price range. (sigh).
Ann recently posted..Three Landing Pages Properties and Five Ways They Work
SCORE is an excellent resource. I’m sure they’ll be very helpful. This is one of the best times to find chairs on sale. Check with office supply superstores and even the warehouse stores for chairs. Some of the lower priced chairs offer several good features.
Lisa recently posted..5 More Business Mistakes and How to Avoid Them
Hey Lisa,
Good tips! #2 and #5 especially make a lot of sense. You can’t learn everything so it’s important to work with other qualified people. It’s very easy to generalize and ignore the needs of your target market..The more focused and specific is your approach the greater the chances to succeed in a specific niche.
Thanks for sharing
~Radu
Radu recently posted..7 tips to blog effectively under pressure
There are so many qualified people out there and surprisingly, people are willing to help more than we realize. You’re right about being focused and specific. Anything you can do to reach and help your clients will make your business grow faster.
Lisa recently posted..5 More Business Mistakes and How to Avoid Them
Hi Lisa,
These are all SO important. They all need to be done, not just one or the other. I think #2 can be real important, though in the whole process of growing. There are others out there with a lot more experience and there’s nothing wrong with asking for guidance. Great post!
Morgan recently posted..Is There Such a Thing as a Guaranteed Social Media Strategy?
Thanks, Morgan. It’s surprising how much help and guidance we can get when we ask for help. It’s not easy for everyone to do, but the payoff is worth it.
Lisa recently posted..5 More Business Mistakes and How to Avoid Them
Hm – I agree but I disagree too.
I know these are your experiences but I think one of the challenge for many business owners is that they are afraid to make mistakes and business is about learning lessons to move forward.
As long as one can afford to learn and tweak, one can stay in business but repeating things can really get us stuck in bad ineffective patterns.
Roberta Budvietas recently posted..The 3 21st Century Business Phases
I agree that we shouldn’t be afraid to make mistakes or we’ll never learn anything. You’re right that learning from mistakes is key.
Lisa recently posted..5 More Business Mistakes and How to Avoid Them
Hi Lisa very good tips for sure. Out of all of these tips, if you don’t start with #1… you’re pretty much dead anyway!
#5 is also a biggie too. It’s funny but for about a year now, I get people on my site for two specific topics I am not actually ‘trying’ to get. They’re all in the personal development arena… but I see such a thirst for help on these topics. I, like you am working on a book. (again… ‘duh’ for me too… it took a while for the penny to drop)
Jayne Kopp recently posted..Law of Attraction in My Life – Pretty Cool to Positively Putrid!
Sometimes the best ideas are right in front of us. Recognizing them is the challenge. Good luck with your book!
Lisa recently posted..5 More Business Mistakes and How to Avoid Them
Five great mistakes to be mindful of. Thanks, Lisa.
These are common mistakes or what I like to call them, mis-steps! Thanks for sharing Lisa. I know I have made some of these and other mistakes but it has certainly helped me to learn and grow. Taking mis-steps and turning them into positive steps is key.
The mistake about not hiring those experts in financial matters can be a hard lesson to learn. I thought since I was so good a math that I could do my own books. Well I’m glad I learned pretty quickly that it is well worth paying my bookkeeper and CPA for their expertise than fumbling around, spending time that I figured out is much more valuable for me to put that time into my business.
There are wonderful reminders.
Lynn Brown recently posted..A Facebook Mistake You May Not Realize You Are Making
So many of us can relate to your comment, Lynn. As entrepreneurs, we think we can do everything better. Sometimes we can, but we can’t know everything about everything. Paying for legal and financial advice is worth it. I remember that every time I get a bill from my CPA.
Lisa recently posted..5 More Business Mistakes and How to Avoid Them
Lisa, I’m sure you know how much a good office chair can make or break your day! I didn’t realize it for real until I got a big, sweet, comfy chair. Now I don’t mind being in it longer than normal and even sometimes forget I need to get up!!
So I ditto that one little mistake to avoid and want to be a testimony to others – get a good ergonomic, comfy chair. Your body (and especially your behind and back) will thank you for it!
~Kesha
Kesha Brown recently posted..The Misconception of Being Grown
I couldn’t agree more. In fact, I’m searching for the perfect chair now. The one I have now is OK but I know I can find something more comfortable.
Lisa recently posted..5 More Business Mistakes and How to Avoid Them