So often, managers and business owners assume they know how to solve every problem simply because they have had many years of experience. However, experience often leads to decisions that worked in the past, and past decisions are not always applicable in the current environment.
I think one of the most common mistakes managers make is not challenging their staff. Managers spend so much time with their workers that they tend to become complacent and fail to provide challenges, which are so critical to helping their staff grow.
No one can be certain what tomorrow will bring, so it is critical that every entrepreneur or manager has a successor in place. This is typically a two-step process: First, you have to find the right individual; then you have to provide training to ensure the person is prepared to handle the demands of the role.
Competition is tough, but it can also benefit you if you know how to make the most of it. No one has a patent on great ideas, so watch your competitors closely, and when you see them doing something you can legally do as well, go for it.
When people find out about the work I do helping small businesses, they often say there are just no more opportunities out there. When I hear this, I try very hard not to laugh, but this statement could not be further from the truth.
A business name is so important, as it communicates what the business does and how it can help its customers. Basically, it represents in words what you do, and it must be vetted very carefully to ensure it says the right thing.
Ask any executive and nearly every one will say meetings are their biggest time wasters. As Dave Barry put it, “If you had to identify, in one word, the reason why the human race has not achieved, and never will achieve, its full potential, that word would be ‘meetings.'”
One of the things that each and every business needs is a systematic way of evaluating their performance. Without quantifiable benchmarks, a firm has no idea if they are swimming ahead of the pack or just treading water.
Small Biz Club is the premier destination for small business owners and entrepreneurs. To succeed in business, you have to constantly learn about new things, evaluate what you’re doing, and look for ways to improve—that’s what we’re here to help you do.