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Entrepreneurial Tips to Prevent Business Pitfalls

Behind every failed company, is someone who thought they knew all the answers and could never fail.  The sadder news is that some still don’t know why they failed.

Don’t be one of them!  Here are some tips to prevent you from hitting the same pitfalls:

Keep your Business & Personal life separate: 

Don’t run your business as an extension of your personal life – this goes from your finances to your social media.  Open a bank account separating business & personal finances.  Also, your customers don’t want to see personal family photos as they look to learn about your business.  It causes confusion on your branding if there isn’t a clear separation.

Related Article: Useful Checklist Every New Startup Should Use

Know your Numbers: 

Remove assumption out of the equation.  Your numbers don’t life and if you don’t know your numbers, then you don’t know your business.  Understanding what works, doesn’t work and the right time to expand your business is a recipe for success.

Humility is a sign of a great leader: 

Don’t presume to know all the answers, it can be a very costly mistake.  Know when you don’ t know what you don’t know.  Basically, I f you believe you are the smartest person in a room, then you are in the wrong room.

Build a Network of Advisors: 

Having a good support system in your personal life is always a great way asset.  It’s no different in Business.  Chose eye people you can trust and have the best interest of your business at heart.  In the end, however, the final decision is up to you.
Identity when you are part of the problem:

Have an open mind and know when it’s time to make necessary changes, I even if that means on how you work.  Nothing changes if nothing changes.

Take Care of your Top Brand Ambassadors – Your Employees: 

Happy employees will speak highly of your company and will seek to see it be successful – an unhappy employee will seek to the total opposite. Loyalty in your company will lead to great success of your brand and minimize turnover of your employees, saving you on time and frustrations on retraining and saving your brand from unhappy employees.

Related article: Book review: I love YOU More than my DOG by Jeanne Bliss

Listen to your customers: 

Aside from your employees, your clients are your other form of Brand Ambassadors.  What they say about your business depends on the customer service they receive, the quality they get from your products/services and how well you solve the problem they have.

To be or not to be Transparent: 

Transparency drives trust and clarity, but as a business owner you must know when transparency will benefit or hurt your business.  Limit what you share until it’s time to share.

Have additional tips that have worked for you?  Please feel free to share in the comments below…

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