1. 1 - Lack of Vision
There is nothing wrong with being accused of being overly ambitious or too positive but don’t ever allow yourself to be accused of lacking vision. Nothing good can come of that, however if you have a clear vision of where you are headed then in turn you can create a clear plan. Put simply, If you don’t know where your going (vision) how will you ever know if you’ve arrived (the plan).
2. 2 - No Business Plan
So we’ve covered that you need to have a clear vision of where it is you want to go (the vision) and now you have to create a concise plan of how you are going to get there. There’s no use in just telling people about it or writing down bullet points. You need to sit and work on a plan that details every little thing leaving no room for ambiguity.
3. 3 - If I build It They Will Come
I am sure we have all been guilty of feeling like we have a great product and assuming that everyone else will agree and flood us with orders. Unfortunately it’s not as simple as that. As it happens there are many others who think likewise and we have to figure out a way to rise above the crowd and entice our customers. We have to work hard to draw business and that is a skill in itself.
4. 4 - Not Understanding Cashflow
This point cannot be stressed enough. Not only do you have to have an understanding but you need to have a plan of how you will use your money. Don’t fall into the illusion that by spending lots of money you will create lots of money. Be smart with your purchases and your investments and always seek advice from skilled financial advisors.
5. 5 - Falling Out With Partners
It’s a tough topic but one that has to be addressed. It’s human nature that when we are involved in something that is precious to us that we can be protective and defensive. That combined with working with people we are familiar with can lead to disagreements and sadly, serious fall outs. Here we are going to cover how we can avoid that and stay on good terms with our business partners at all times.
6. 6 - Burning Capital
It’s a real discipline knowing what to do with our hard earned capital and not just going out and buying shiny new things. We have to put our business head on and look at the long term. Ask the hard questions like…What benefit will this purchase bring to the business and when will I see the revenue it creates?
7. 7 - Not Being Able To Sell
Many of us can create a great product and have nice website’s and have all the greatest ideas but unless we put ourselves out there and sell it, it will be nothing more than that. We need to go out of our comfort zones and expand them. Stretch and learn and develop new and vital skills. Learning by doing is the key. No success has ever been acheived without stretching the boundaries of your comfort zone!
8. 8 - Avoiding Difficult Tasks
We all have things we are stronger at and things we are not so keen, which we naturally push to the bottom of the pile. Unfortunately often those are the things that are most important and are vital for growth and success. Get into the habit and turning those tasks into your breakfast and getting them out of the way so that your day can only get better.
9. 9 - Thinking It Will Be Easy
With the amount of books, coaches, websites and so on dedicated to helping people develop their businesses we can quickly assume that it must or could be easy. Given the amount of resources surely all we have to do is sign up to the right formula and we’re on our way to success? Wrong! Unfortunately it takes a lot of application, organising and commitment. The question is…how much do you want it?
10. 10 - Not Taking the Leap of Faith
We can do all the planning in the world, save up as much capital as it takes, make the nicest flyers and websites, but at some point we have to commit. We have to take the plunge and enter the world of competitive business. There is no guarantee of success but this is the risk we take for what we hold dear. A wise person once said “There is only one thing that makes a dream impossible to achieve; the fear of failure”. Don’t let that be You!!
In this pro tutorial David Brice (Director and co-founder of CakeFlix) takes us through 10 common mistakes that business owners make and how to avoid them. It can be difficult admitting where you fall short but this is the beginning of putting yourself back on the road to success and should be approached with excitement. It's also difficult to look at your business in an objective manner and so David is here to do it for us and show us not only what we might be doing wrong but how to avoid and correct it all taken from his own experiences.
Whether you are just starting out or have been in business for years and find yourself in a rut this pro tutorial is for you. Watch with an open mind and understand that we only want the best for you. We would also love to hear back from you and here the stories of your trials and tribulations and how you overcame them. Let's treat this as a chance to all share our knowledge and help each other out.