Are You Guilty of any of the 7 Deadly Sins of Business?
I read a great little article recently by Kate Jones who applied the well known 7 Deadly Sins to the business environment. I wanted to share that with you as food for thought in your own businesses.
In the article Kate explains that while we business owners can be guilty of these every now and then, some of these can be deadly to a small business.So which apply to you and your business?
Where you have an over-inflated sense of your skill there is a risk that you then consider yourself above the need to plan your business growth. As a result, you risk spending so much time on the day-to-day of running of the business, that you don’t plan for the future with a clear set of goals and commitment to achieve them.
The thinking that you can charge what you like to loyal customers thinking they will never leave you is where greed becomes a problem. It dictates pricing and customer service levels rather than you listening to your customers and following current market trends. The reality is there is always a business out there that is hungrier than yours, and ready to take your customers.
Business owners who take too much cash out of the business through their salary risk sucking the air out and losing everything. Every business needs cash to keep going and business owners need to budget their own expenditure to ensure enough cash is left in the business to grow. Cashflow is the most crucial of business survival factors.
This is considered the most common of the deadly sins, where the business owners fail to perform the difficult, yet important tasks of the business. Keeping up with financial records and building an email and social media contact list are two areas business owners seems to find ways to procrastinate about. Set aside enough time each month to do the tasks that need to be done….even if you don’t like to do them.
Being envious of a competitor’s success can mean you lose sight of your own goals and you let them set your strategies instead of being true to your own. Don’t stretch your resources too far by trying to compete at their level as that’s a disaster waiting to happen.
Having the latest mod cons, important looking car and shiny office space are a trap, particularly for many new business owners. It’s a sure-fire way of dropping your cash reserves and the future of the business. Ask yourself whether your customers really benefit from these.
I hope these have given you cause to re-think whether any apply to you and your business, and think about strategies to avoid them.
I look forward your feedback and will be happy to receive any questions.