For a lot of business owners, it is easy to get caught in the grind of day to day operations and not take the time to sit back and have a think about how their business is actually performing and what direction it is headed.
Here are some of the important areas some business owners often neglect to keep track of:
The jack of all trades syndrome – You can’t do everything yourself. You might be the key to your business, but as it grows you will need help. Make sure you hire the right staff and delegate responsibility effectively.
Not knowing your customers – All the products and services in the world won’t make a difference if you don’t know what your customers want or if you don’t keep abreast of their changes in preferences. Do your research and anticipate your customers’ needs into the future.
Ignoring cash flow – Make sure you have your finger on your cash flow pulse at all times. Your customers won’t necessarily respond to your products and services within the timeframe you think they should. Make sure you’ve got enough cash to cope.
Forgetting about your employees – Managing, motivating and training your staff is often a tough challenge. Without your persistence, problems could multiply in the blink of an eye. Don’t ignore your employees.
No marketing plan – A good marketing plan will help you and your employees focus on getting in front of the right types of customer. There are lots of ways to market your business at a very low, shoe-string cost.
Getting stuck with just one idea – Be prepared to change, move and swing with the market. Don’t get stuck on a single idea or contract as your business can lose momentum fast.
No sales plan – Having one can gauge the financial growth and progress of your business. You’ll need to know where the sales will come from, how they’ll come, and who they’ll come from.
See a business advisor – You need someone independent of your business to review your business plans.