In the world of small business, everyone wears multiple hats. Small business owners wear most of all.
Urgent client requests pour in, employees need coaching and promotional product fire drills pop up at the most unfortunate times. With all of these demands piling up it can be easy for strategic or long-term planning to get dropped to the bottom of the priority list again and again. It can be easy, but fatal.
So, take a minute to make sure you’re not making these common business mistakes that we've gathered from around the web.
Avoiding new technology
"New technology may be intimidating, and require time to learn and understand, but an unwillingness to adapt to technological advances can hurt your business in the short- and long-term." - Alyssa Gregory, About.com
Bad pricing strategy
"If you’re in a business where your prices can be directly compared to your competitors’, your flexibility is limited. You can always run specials and have sales, but your competitors may follow. You’re better off trying to create a sense of immediacy so that your customers buy as much as possible at full price." - JoAnne Berg, American Express Open forum
Having no ‘rallying point’
"There is a reason why employees leave high-paying corporate jobs to go to start-ups, and it's not for the money. People are driven to serve an important purpose, in addition to getting a paycheck. Many businesses never define their real purpose for existence, and continually attract a mix of employees who are seeking success in different ways. Clarify the purpose of your company, beyond just making money, and you set the stage for attracting like-minded employees. A team focused on the same goal is a very powerful force." - Mike Michalowicz, CNBC
Making networking low priority
"Ultimately, your success hinges on who you know. If you’re not out there talking to potential customers and industry experts, you’re bound to be missing out on countless opportunities. Put networking on your to-do list. Grow your visibility as an entrepreneur and thought leader both online and in person." - Ilya Pozin, Time
It can be hard to set aside the urgent for the important. Start devoting one hour each week to your long-term planning. Block it off in your calendar and guard it carefully.
For tips on how to turn these mistakes around, ask for advice on the commonsku news feed or request a demo!
This post was originally posted to the commonsku Blog on March 19, 2014. it has been edited and updated as of September 3, 2021.
