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The 7 Deadly Sins of Business
Don't despair if things aren't going quite to plan - help is at hand from an (un)common source.
Your business is very important to you, it’s very personal to you – it’s your baby. You work hard, you nurture it, giving it all your care and attention putting everything into it. But somehow it is not the healthy, growing, robust toddler that you expected. How can this be? Are unwittingly committing the Seven Deadly Sins of Business? If you think you may be – then ask yourself the following questions...
1. Do you know where your business is going?
As the saying goes; If you don’t know where you are going, any road will get you there. Without a clear direction of where you want your business to go, challenging goals to stretch you and those you work with, you will not achieve the full potential of both yourself and your business. With your competitors continually forging ahead you are not just standing still but actually going backwards.
2. Are you doing the same as everyone else?
It’s a crowded marketplace out there. People have more choices than ever before. What makes you different? Why should customers choose to do business with you? If you do what everyone else does then you are just one of the crowd. Take a different approach and give them a compelling reason to buy from you. Who will they choose then?
3. Are you using the power of multiplication?
Are you working harder and harder, doing a hundred different things and not moving forward? With a little bit of insight, you can do less and actually get better results. How? By making small improvements in three or four key areas in your business processes, you create a multiplier effect, meaning those little changes have a massive impact on your bottom line.
4. Do you really know your customers?
Would you like more business without having to get new clients? Research states that it costs 10 times more to get a new customer than it does to keep an existing one. Wouldn’t it be great if your existing customers bought more from you, more often and then went out and got more new business for you? Your customers are your greatest asset and you need to know them inside out. Know what they want both now and in the future. Make sure they never think of going anywhere else. There’s all the business you need right there.
5. Have you got a handle on your numbers?
Are you looking at the right numbers to effectively manage your business? Do you understand what they say and how you need to respond to them? You need to be able to measure the health and performance of your business, understand where you spend money, and where the profit comes from. When driving your car your dashboard provides important information, monitoring the performance of your car. You also need a dashboard for your business – a graphical representation of the critical performance measures that you need to monitor to manage your business day to day.
6. Are you communicating effectively?
It’s a proven fact that people buy from people they like. But 75% of people don’t see the world the way you do. So, do you know how to be like them? Do you even try? If you take notice of how they react to what you say and how you behave, you can make sure you make a positive impression every time. Selling with style will improve the effectiveness of your communication and get you the business you need.
7. Are you trying to do it all yourself?
Running your own business can lead you to being a jack of all trades, working IN the business to achieve everything that needs to be done. However, to create a truly successful business you need to become a master of one important thing, working ON your business.
You need someone to help you focus on developing your business, bringing the necessary tools, knowledge and experience and acting as the trusted advisor you can turn to when you need another opinion.
Are you worried about what’s happening in your business?
Sign up for The (un)Common Sense of Business program. A combined workshop and coaching programme developed specifically for the owners of small businesses and addressing each of the 7 deadly sins.. This programme offers a great opportunity to learn new techniques and skills, introduce tools to your business whilst sharing experiences and learning with your business owner peers. Click here for details of the next (un)Common Sense of Business program.
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