10 Stupid Mistakes Smart Business Owners Make

Even the smartest business owners make mistakes sometimes. Let’s take a closer look at the ten most common miscues that smart business owners fall victim to.

1. Selling To The Wrong Audience

A business owner needs to understand their audience and be able to sell to them, as opposed to trying to reach out to anyone and everyone. Otherwise, you are left to pressure everyone you know, which is not an ideal way to grow a new business.

2. Overspending

While it is true that you have to spend money in order to make money, business owners need to remain cognizant of their spending and make every dollar count, especially during the early going.

3. Under Spending

You can make the mistake of spending too much and you can also make the mistake of spending too little. If you are being overly frugal with your company, this can have a dramatic effect on your level of efficiency.

4. Poor Timing

It is not enough for a business to focus their efforts on spending, they must also be willing to utilize the proper timing. Knowing when to spend money is far more important than being willing to spend money.

5. Not Reading Contracts

Every contract that you sign needs to be looked over by someone with experience in the matter. Otherwise, you risk locking yourself into long term arrangements that are less than ideal.

6. Lack of Intuition

This may sound crazy to some, but there comes a point in the life of every business where the owner will need to trust their gut instinct in certain situations and be willing to take a chance every now and again.

7. No Focus On Relationships

Let’s face it, building relationships is one of the most crucial aspects of starting a business and when we allow too much formality to come into play, we are limiting our ability to develop a lasting bond with clients and vendors.

8. Being Phony

People are very savvy and can see through any phony facade that you present. If you are not being yourself, you are leaving yourself wide open for speculation about your true level of commitment. Don’t ever hide your real personality from anyone.

9. Not Adding Value

A business needs to do more than simply turn a profit in order to guarantee its long term survival, they’ll also need to prove that they are adding value. By creating value for the customer, a business is able to grow along the way.

10. Lack of Efficiency

When you fail to run your business in an efficiency manner, you are wasting untold amounts of money and creating an environment of distrust. Remaining efficient lets you get the most out of your resources.

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