Benefit yourself from the mistakes others have already done.

BANGALORE, INDIA:

Everybody makes mistakes. But it’s better if you can learn from other people’s mistakes before you make them, too.

1. Not charging enough: Most businesses under-price their goods. They're so spooked by today’s cut-throat competition, or by some long-ago customer rejection, that they are reluctant to raise prices.

2. Losing focus: There are two ways that fuzzy focus bedevils business owners: in completing their personal priorities, and ensuring their business sticks to its business priorities. Delegating non-core tasks, and discouraging time-sucking interruptions in the office, are essential to getting your To-Dos done.

3. Falling behind on adjacent innovation: Innovation is a key to success. And define it not as massive change but as any tweaks that improve your business, such as new products and services, more focused strategies, upgrading technology, improving customer relations, or selling online.

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4. Neglecting succession: Many entrepreneurs don't realize how complicated business transitions can be, or how long they take. They should talk to an accountant or succession consultant to learn how such transitions need to be managed to produce the biggest return and help new management thrive.

5. Ignoring social media: Social media allow multiple, dispersed groups with common interests (hockey, maple syrup, motor oil) to share the same conversations. More and more companies are using social media tools to promote their goods, listen to customers feedback, and engage clients in their brand missions. This isn’t a chore or a sideline, but a major promotional and customer-retention opportunity. Increasingly, people expect to share this interactive experience with all the companies they deal with — including yours.

6. Losing sight of the customer: The most important person in your business doesn't usually come into the office: the customer. Your business’s future depends on your ability to get inside your customers’ heads and understand their problems, needs, wants and desires. One of the simplest tools for doing this is to: Start every meeting with a customer story.

7. Working in isolation: not inviting feedback: It’s easy for a boss/founder/CEO to project an image of savvy aloofness — but it won't help you grow as a leader. Effective entrepreneurs create lots of opportunities for their subordinates to provide feedback on their decisions and performance. A great trust-building question to ask your people: “How can I help you be more effective?”

Source: www.smallbizcanada.visibli.com