Donna Reade

QuickBooks Online Consulting & Bookkeeping

Fatal Business Mistakes and How To Avoid Them

I made the same mistakes as many entrepreneurs when I started businesses in the past. Even though I was warned by mentors and I knew better, I still somehow let myself get too wrapped up in the details instead of growing my audience and client base. Today I work with entrepreneurs who have made it past the startup stage but somehow continue to fall into the some of these entrepreneurial traps that hold their business growth back.

Here are a few things to avoid whether you are just getting started or been in business for awhile now:

Perfectionism
Realize that your business creating will never be perfect. Therefore, get your internal systems together and make sure you deliver value. Then get yourself out there. Your business is a journey. You will always be editing and changing. Do not be afraid to get your business producing even though it may not be perfect in your eyes. Getting your business out in the public will provide you the necessary feedback to improve the business and give your audience what they really want. Do not assume you know what they want from the start.

Spending Too Much Time Working on the Background Details
Too many entrepreneurs are trying to get everything in place before they launch and start promoting. Granted you have to get the basics in place, but you do not have to have everything you plan to offer day one. Let your audience grow and get engaged as they see you grow. You are losing potential clients when you spend time working on all the background details of your business and not spending the necessary time in public places.

Spreading Yourself Too Thin
Focus on creating one or two services you can offer then build from there. One of the pitfalls of many entrepreneurs is that they have a ton of ideas. Then they want to implement them all. When you try to build too much too soon, you end up getting nothing out there. You end up having many projects started, but not finished. There is nothing wrong with having a lot of ideas, but you must prioritize. As you get ideas, write them down and come back to them after you implement what you have already started. Do not let yourself get sidetracked because you think you have come up with a “better idea”.

There’s no feeling quite like landing a big client.

It’s a great moment, and you deserve to congratulate yourself. That said, too many times I have seen a business get that client and grow too rapidly to accommodate. Take things at a decent pace and don’t push growth where it can’t reasonably happen. With that in mind, make sure you have a concrete plan of action in which to operate from. It’s imperative to have measurable goals to understand where you’re going and know when you’re off course. Don’t tackle projects that can’t realistically be completed within set parameters.

Understand your limitations as a company – you’ll be running with the elite soon enough.

11 Responses to Fatal Business Mistakes and How To Avoid Them

  1. rose says:

    Very good points. I will be reevaluating the way I am working my businesses. Thank you!

  2. Philllip Morgan says:

    These are very good points. The critical issue and focus is working ON the business less so than working IN it. I highly recommend the book “The E Myth Revisited” by Michael Gerber. There are some good points made in that book and plenty of food for thought.

  3. Melanie Klinkert says:

    I am so impressed Donna, by the reach and inclusiveness of your communications. Love your recent posts list and intend to use it to catch up on a few gaps in my education you kindly point out!

    Anyway thanks again for all the tips. I’m going to have such fun!

  4. Ana says:

    Very useful tips for newbie like me.

  5. Joyce Ah Seng says:

    Thank you for the tips. Very good points. It’s very useful indeed.

  6. John Clarke says:

    True for business and true for the individual. Used this to start some great PDP discussions with my team. Thanks for posting.

  7. Sham kamat says:

    Really worth Every business has its style but common problems exist These issues are handled in this article well. We should avoid this to make business work effectively

  8. frank rouault says:

    congratulations
    i may add another one: forget to view the big challenges and problems you face as an entrepreneur as an opportunity to use your creative juice.
    best. frank rouault, dba.

  9. Mel neri says:

    Good article! very relevant to small medium businesses.

  10. David says:

    Ready. Fire. Then Aim!

    Great content Donna

  11. Mindy says:

    Very good advice!