If you’re serious about business success, it’s best to avoid these small business management mistakes:
Years ago, in his bestselling book "The E-Myth Revisited" Michael Gerber pointed out that the typical entrepreneur, business owner or professional spends most of his or her time working "in" the business, instead of working "on" the business; and this is the most significant reason that most small businesses don’t work.
Not much has changed since. The vast majority of clients I’ve met since starting Business Sanity have certainly followed suit. After all, it makes perfect sense, since so many people start businesses because they have a specific talent, ability or skill; and want to use it to make money for themselves, rather than a boss. The trouble begins when they continue to behave as though they’re working for someone else, and just do the work; not run the business.
What are some of the areas that are overlooked when you only work "in" the business?
- Sales and marketing: So many business owners neglect to go after new business when they’re busy; as a result, they fall into the dreaded "feast and famine" cycle and tend to get desperate and scramble when things are slow.
- Strategic business planning: Many are so pre-occupied with the work at hand, that business planning gets pushed to the side, often indefinitely. Often this behavior leads to "crises management" and downhill from there.
- Finances: Depending upon the size of the business, all sorts of financial issues are overlooked, from paying bills and doing invoices to bookkeeping, to financial planning and analysis; dangerous territory that’s too often tread upon.
- Production and quality control: There’s nothing worse than when you get the business and then screw it up. Maintaining on-time deliveries and a high standard of quality were never more important.
- Time management and productivity: Getting caught up working "in" the business often eats up your time, so that you have none left for running the business.
What areas of your business have been neglecting by working "in" not "on" the business?
