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FIVE Mistakes Business Owners Make in their Business

7 August 2012 No Comment

Why do so many businesses fail within the first five years?

Do you need experience to learn how to run a thriving business? How can you avoid failure while employing the proper tools to gain experience?

ActionCOACH can assist you to avoid some of these mistakes by –

1.   Knowing your numbers

Every commercial enterprise is in business to make money and the numbers are the most important thing. Do you know how many sales, customers or rand you need every day, month or year to break even and then run in profit?  Spend time analyzing your accountant’s work and your numbers in order to plan.

2.   Understanding that saving a wage will cost a fortune

Many business owners are always in the business, doing what team members should be doing. A business owner’s job is to be a leader with a vision and plan to keep the business growing. Hire the right people as investments, give them solid training and spend more time to focus on building your business.

3.   Hiring the right team

Can you trust your employees to run everything smoothly when you leave the business for a day, week or month?  Your team is the lifeblood of your business. Hire the right people and avoid hiring friends and family unless they can add value.

4.   Remembering what business you are really in

Any business is in the customer acquisition and customer service business. Without great customer service you will never have great customers and without great customers you can’t have a great business.

5.   Using targeted marketing

Advertising and marketing is how you grow your business’ bottom line – focus on multiple campaigns to particular markets to make your brand more recognized while testing and measuring the entire time.

Complete a complimentary Business Health check on www.actioncoach.com/fergusferguson to qualify for a FREE business coaching session.

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