Here’s What Not to do in Business
Everyday you come across someone or a Company that promotes how they can help you be more successful in your business.
“Five sure fire techniques to make your Company grow”
“Do this today and see results tomorrow”
“Key steps to business success”
I could go on and on but you get the picture. There are allot of ‘experts’ out there who are keen on telling you what to do in business, but how about telling you what NOT to do to run a great business?
My first real entrepreneurial enterprise was 60 thousand in debt when I shut it down. It took me a long time to recover from that and pay off that debt. I wish back then someone would have taken me aside and said, ..”here’s what you are doing wrong”. I was the poster child for marketing the wrong way, selling the wrong way and producing our pre-fab home packages the hard and wrong way. Thus, I was loosing more money than I was taking in.
Let me share what I learned not do do to turn my next Company into a very successful 11 year run Internationally.
1. Don’t go it alone. Enlist the help of an accountant and a lawyer; even if it is paying for an hour of their time, to describe what you are doing and where you want to go. It is invaluable, ‘unbiased’ advice. Business acquaintances are usually always willing to give you help as well.
2. Don’t allow emotion into your business. Treat your Company as just that…a Company. It is not your ‘baby’ or your ‘child’ , it is a business. This is a very difficult step but necessary. You need to make daily decisions that require leadership and a professional perspective.I guarantee you the bank will not get emotional about your enterprise when you ask them for money.
3. Don’t start a business without a written plan. The voice of experience talking here. My first venture was ‘all in my head’ and I ‘winged’ it. Have a systematic outline as to where you are now, where you will be in a month, 3 months , 6 months and a year from now. Then fill in income goals and what will be needed to meet each timeline you set. Stick to the pan and adjust if required.
4. Don’t Panic. Being in business is very hard sometimes and when you get overwhelmed with issues and events, it is easy to panic and nothing gets done. Take it from a guy who did sales and marketing, had a manufacturing division, an export division, had 12 full time employees to pay, all in one business, I understand stress. The key is to break down each issue, prioritize which ones need immediate attention (ie customer concerns), and work on them one at a time. They all get resolved eventually.
I could go on for days sharing with you my 25+ years experience in what not do do to be successful in business and life.
I have shared a few examples for you above and I am committed to doing more posts specifically on this topic. I believe many business owners and entrepreneurs can benefit just as much from learning what not to do as they can from learning what to do.
Feel free to contact me if you need advice or direction. I am here to help.