These mistakes are costing you HUNDREDS and THOUSANDS of dollars, stress, aggravation and LOST TIME! Are you making them? Do you want to learn how not to make them?
You have a choice: Learn it the hard way or learn from my mistakes.
Success is not an accident! It’s a system…
Mistake #1: People
Ask any CEO of a large company and they will tell you that not having the right people for the job is one of the biggest liabilities of any business.
It’s a challenge but it’s fundamental for your success.
We tend to hire people we know, like or who seem to have a certain set of skills. But you won’t know for sure how a person performs until you put them to the test. Before you hire them, give them a simple task and see how they perform. This will show you if they are reliable, can follow direction and are trainable.
Look for patterns. Are they motivated? What kind of questions do they ask?
Not having the right people working for you is a BIG mistake that will give you BIG aggravation cost you BIG money!
Mistake #2: Not having Systems and Checklists
Write out what people have to do and make duplicable checklists. Yes there are people who work well unsupervised, but most need a solid guideline to perform at their highest level.
Also, if you have turnover you don’t have to start from scratch.
Having checklists will also allow you to keep systems that have proven to work for you and toss those which have not. Flying by the seat of your pants may have worked in high school, but it certainly won’t lead you to quantum success in your business. Make sure to have clear and written systems and checklists and that everyone knows what to do.
Mistake #3: Working IN the business and not ON the business.
Let go! Learn how to delegate! Nobody will do it as well as you would, but you have to give people a chance. For most people the ultimate goal is to have the business run independently so they can take time to do the things that really matter to them. Also, you want to retire at one point, don’t you?
Keeping yourself busy with the day to day will not make your business grow to the next level. If you have the right people and the right systems you will be free to work ON your business and this will make you grow.
Mistake #4: Not having accountability
Trust is good but accountability is better. What happens if people don’t do what they are supposed to do? Set up tangible consequences and check in on a regular basis. This will keep everyone motivated and on track.
Maybe you have a project manager. Maybe you have short weekly meetings to check in with everyone.
Whatever works for you and your company, but you need some type of system that lets you know if people are hitting the mark and clear consequences for when they are not.
Mistake #5: Not having CASHFLOW $$$
You are in business to make money. Not having proper accounting of what comes in and what comes out will cost you.
Have a cushion and before you spend more money on growing the business.
Look around you. There are countless successful companies going under for exactly this reason.
Make sure and calculate for sufficient cash flow. Plan for the unexpected so you can overcome a rough patch.
Get the revenues to lead the expenses not the other way around!