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5 Ways To Destroy Your Business

Tuesday, March 15, 2016   By Mike Reddy

 



Business mistakes – every entrepreneur makes a few at one time or another. The point is not to make the same mistakes again and again but rather to learn from them and grow your business.

With that in mind, we have listed some sure fire ways to destroy your business in an attempt to help you avoid them!

A Failure to Communicate – or a lack of significant communication. The problem here is many business owners assume a constant flow of messages, emails and calls means positive communication.

In its simplest sense, this is true. But the question remains - is the communication in your organisation meaningful to your business?

Keep in mind real communication involves connection, speaking and listening, really hearing what colleagues and customers have to say, and building a good relationship.

Lack of Effective Marketing – Whether your business (and your budget) is small or large, you need an effective marketing strategy to get your brand recognised.

The simplest and most cost effective way to do so is to identify your target audience from the start and market directly to them. Use email, social media, flyers, advertising, and any method that can efficiently reach your audience.

Nonexistent Listening Skills – As mentioned earlier listening means hearing. Listening to your customers (and often your team) is important, because if you don’t take the time to listen, you may find yourself, alone, with no one to listen to!

If you don’t listen to your prospects and customers, how will you know what they want? Listen effectively, via verbal communication and don’t neglect social media comments and online reviews – you may have a lot to learn from your customers and that knowledge will help you grow your business.

Busyness – Do you find yourself constantly busy, but not getting anything accomplished? Cut out the busyness of your day and focus on projects that satisfy your customers, contribute to your business mission and meet your goals. Aim for productivity, not simply completing tasks.

Absence of Team Motivation – Your team is your biggest business asset. The more you invest in them, the greater the return on your investment.

Reward your team, provide the necessary training and forge effective communication with them, building a team that shares your business goals and helps to achieve those goals.


Mike Reddy is a Chartered Accountant, business coach and advisor helping businesses in Sydney, Melbourne, Brisbane and Gold Coast to easily increase their profits and cash flow. He is currently President of the North Sydney Chamber of Commerce, a Regional Councillor for Sydney North East and a member of the Institute of Chartered Accountants Sydney leadership team. As well as advising businesses, Mike presents business development seminars and webinars and is regularly contacted by the media to comment on small business matters. You can connect with him on Facebook, Twitter and Google+.