“4 Business Mistakes to Avoid When Growing Your Business (Online)”
Small Business Coaching Houston
“No mistakes. No learning” – Anonymous.
If you want to be a thriving business, you are going to want to get as good as you can in offering your goods and services. Do it before you enroll clients. That means mastering everything you can about growing your business. That means developing a plan for helping clients. That means being able to bounce back when you fall. That also means making business mistakes.
Making business mistakes is a growing part of any effort. And while you can’t avoid all business mistakes, there are four that you should avoid as a growing business, because it could pummel your business.
That could happen before the storm arrives. Take cover now.
1) Doing it All Yourself
People that ‘do it all’ actually do little. If you are in marketing, in sales, in operations, in serving customers and a wife and mother (or husband and father) you are going to find that all of your efforts will suffer. Why? It’s because you are trying to do way too much.
Just focus on a few important items. Separate the urgent ones. Do them well.
You will grow your business.
2) Having a Poor Website
Sadly, one of the other major issues that plague businesses is a terrible website. Many business owners want to make their own website. They somehow believe they will save money. Your sister-in-law or college-going lad could patch a website together. But what are you going to get? Poor response. More delay. And on top of that you are going to end with an amateur-looking site.
Your website is going to drive away your visitors. That’s not what you want, is it?
Make sure that you spend time and money making your website sparkle. It is your face you are going to show to the world. You want to look good, don’t you?
3) Not Focusing Much ON The Business
Most people start their businesses and have no time to work on their internal procedures. They work spending all their time on tactical sales. Then they wonder why they can’t grow their business. That does not mean that sales isn’t important – it surely is – but you want to spend just the right time in sales to get you going and invest in building repeatable methods to grow your business.
Hire the right team. Delegate. Build work manuals. Have a strategic plan. That will help you grow faster than just focusing on sales without a vision.
Sales without vision is a car without an engine. You can only go so far.
4) Not Having Money to Start & Grow Your Business
Finally, many business owners go into the business without any nest egg. You need that to build your business. That’s the fuel that ignites your business. You’ll want some money. You are going to want to invest it right back into your business because money makes money.
You’re going to want to save a little to grow your business as well as money you save to have a lifestyle. After all, you can’t run your business forever, right?
Want even faster results? Are you ready to discover how? Schedule your Explosive Business Results session now.
Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––“Explosive Business Coaching Houston Results For Small Business”. Want even faster results? Are you ready to learn? Call 281.410.5375 and speak to your Profitability Coach Houston
“Never Worry About Bookkeeping Again (Use Fixed Fee Service)”
Small Business Coaching Houston
In previous years, I’ve carried out many plans on business growth. And I’ve learned a few powerful steps that could massively change the face of your business.
Clean financials tops the list because it shapes not just the past, but also the future of your company. We call it bookkeeping. With fixed fee bookkeeping, you can quickly manage your books without the doubt in costs. I’d suggest you to take this path. It will save you hours of hassles.
Daily bookkeeping can tie you to a dashboard. That could help you test the financial health of your business. Such a dashboard can help quickly fund a growing business. As a Certified LivePlan™ Expert Advisor, I help forecasting your cash flow, benchmark your business results, keep you tax ready and organize your business. LivePlan™ connects to your Intuit QuickBooks Online (QBO) account, which is a cloud-based bookkeeping solution. You may already know bookkeeping is common across all industries. So it pays to invest in a fixed fee bookkeeper and reap the rewards. Do it today. You won’t regret it.
1) Want more funding? Manage your books
If you realize keeping your books up-to-date works, you are on your way to get more funds. This will help fuel your business growth. If you slack off, your books may be off and so will your ability to fund your business.
More the months in cleanup, more the errors and potentially flawed data. Whether you keep your books current to make investors happy or you do it to grow your business, you will gain in the end. This is usually a characteristic of successful businesses. Wouldn’t you want that too? I believe you will get more than that if you start now.
2) Want better cash flow? Mange your books
Most business owners who are in their early stages of their business don’t realize cash in the bank does not mean good cash flow. Cash flow is the difference between cash in and cash out of your bank over a certain period––not just at a given moment. What you really want to see is if your bank balance is growing or shrinking over time. Burn rate is simply the measure of how much cash you are using, or “burning,” every month. Checking your burn rate helps. And keeping your books current helps you get the correct burn rate.
In the end, you are going to want to keep your cash flow positive so you don’t run out of cash. However, it is common to see negative cash flow in startups. Be ready, either way.
3) Want more profitability? Manage your books
If you balance your books each month, you will know how profitable you are in your business. If you have the right categories for your expenses and streams of revenue, you can quickly find ways to grow. Such methods are so powerful that I sometimes wonder why people don’t use them–especially when QBO has the tools for you. Joining QBO with LivePlan gives you the edge to lead your market. Most business owners would jump at such an opportunity.
4) Want to be tax ready? Manage your books
QBO has easy views for you to pay your taxes. You will know exactly how much you paid and on what date. Thus, you will know what you owe or pay. Having direct deposits to tax entities is a huge benefit, besides avoiding unnecessary hassles. That’s another advantage to steady bookkeeping. Besides you will save precious time.
5) Want to improve your business value? Manage your books
Are you improving the value of your business each week, each month, each quarter and each year? Having clean financials will ensure you increase value. And it will give you the best view of your business.
You may be able to command the best price using just the Discounted Cash Flow (DCF) method. Just imagine, if you don’t have balanced books, how would your potential buyer know about your business value?
Remember, a buyer is buying the future of your business, not the past. With clean, balanced books available anytime, anywhere, QBO keeps you ready.
Do you do your own bookkeeping? Do you also sell products and services to your market? If that’s true, I’d suggest you focus your time and energy on the latter because it pays to hire a bookkeeper. First, it releases time for you from a task that is not directly producing sales. Second, you could do it affordably using a fixed fee bookkeeper. It just makes sense. Note that tax readiness and accurate bookkeeping do become complex as you grow your business and scale in size. Keep it simple. It will get you further.
If you’re in business today, the first step I’d suggest you take is to hire a fixed fee bookkeeper. As a one-stop service for businesses I can help you grow. As a Certified LivePlan™ Expert Advisor, I offer the best methods in profitability coaching. In the financial advisory role, I’m able to apply the full breadth of my experience to strongly influence business growth. Should your business shift, I can see it right away. And I can guide you to your prosperous future.
Are you looking for a fixed fee bookkeeper? Business Unit Execution is a one-stop service specializing in bookkeeping, profitability coaching and expert advisory services for small to medium-sized businesses. At Business Unit Execution we help people grow and businesses prosper. Schedule your Explosive Business Results session now.
Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––“Explosive Business Coaching Houston Results For Small Business”. Want even faster results? Are you ready to learn? Call 281.410.5375 and speak to your Profitability Coach Houston