- Having no strategic plan
Small business owners are often “in the trenches” with their employees. When you are buried in the day-to-day activities, it’s easy to put off thinking about the company’s long-term future. But with no vision for the future, it’s easy to get stuck in a rut—offering the same products or services, using outdated systems and advertising through the same old channels. To grow rather than just survive, you need to figure out where you want your business to be in 5 years and what changes will get you there.
- Having no defined goals
Like having no strategic plan, businesses with no defined goals are just subsisting. Be clear about how you define success and what you want from your company. Defining your goals will help you outline the work that needs to be done to achieve those goals.
- Spending money on advertising that doesn’t work
Print ads work well for some businesses, but for others, sinking money into all print ads may also be sinking your business. We help you identify the best advertising channels for your business. If it is social media, we help you understand how to tap into the potential of the internet and social media.
- Hiring people who are not the best fit for the company or position
A resume tells you what someone has done, not what they will or can do for your company. That makes hiring an inexact science. But there are tools to help you better identify the person with the right qualifications and the right personality or combination of character traits to make your “dream team.”
- Hiring people quickly, firing people slowly
When your business is growing quickly, you want to build your teams quickly to keep pace with your customers’ needs. But hasty hiring decisions often result in a poor fit between person and position. If that is the case, keeping that employee around longer isn’t likely to help the situation. Reversing this trend—hiring slowly, firing quickly—is the best practice for successful New Mexico companies.
If you see a business blunder you’ve made on this list, you aren’t doomed. The business coaches at Action Coach can help you identify business practices that are holding you back and correct those mistakes. Contact Action Coach today to put you on the path towards greater success tomorrow!