Eight Things Business Owners Should Not Do

Running a business is not easy.  Everyone is happy to tell you what you should be doing.  What about the things you need to avoid, or not do?  Below is a list of eight things you should consider not doing to grow you business.

  • Don’t write a business plan: Creating business and marketing plans keep you focused.
  • Leave your business cards at home: You never know who and when you might met a new prospect.  Always be prepared.
  • Ignore your expenses:  It may sound like common sense that business owners should know how much it costs to run their business.  Unfortunately, many have know idea.  How much does it cost to run your business? Add up everything rent, inventory, fees,  gas, labor (including your desired income), taxes, insurance etc.  Then divide by how many products or service hours you sold last year.  This will give you a better idea of how much you need to sell and how much to charge.
  • Ignore social media:  If you believe business is about people, then social media is for you, because you can connect with a lot of people.  There are one-billion on Facebook, alone.
  • Have your intern run your social media: Maybe with a good training program this is possible, but why would you place the least knowledgeable person in your company in charge of being your face and voice to the world?
  • Try to connect with everyone in social media: I believe in quality over quantity. You don’t need to connect with everyone.  Volume is good only if you are connected with a lot of good people who care and want to engage with you.
  • Be the cheapest: This is a race to the bottom, and then out of business.  Don’t be a commodity.  Find new ways to separate yourself for the competition.  Being a low-price provider only works on a large scale, and chances your company name isn’t Walmart.
  • Forget to say thank you: People don’t say thank you enough, and if you express your appreciation for someone’s business, he or she will remember it.  Be sincere and look for new ways to say thank you on a regular basis.

What would you add?

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