Zee2A's Marketing Edge Blog

August 26, 2008

The Fatal Mistakes Most Entrepreneurs Make

 

Lorraine Pirihi is a Productivity Coach and fellow member of a Mastermind Group that we both belong to.  This article she has written fits well with my previous article: Top Tips To Avoid Communication Overload 

 

‘The Fatal Mistake Most Entrepreneurs Make and How You Can Avoid Them’

By Lorraine Pirihi

Lack of time is the most common complaint I hear from entrepreneurs and small business owners.  So if that’s the key challenge why is it so difficult for them to overcome it?

Some time ago I used the services of a mortgage broker who in the first instance was very prompt and appeared very efficient.  Although it took some time for the refinance to go through (that was caused by the bank and their legal people), all went smoothly.

However, going back a second time to this broker, the cracks in his lack of systems really showed up. I had to chase him up to get things moving.  It appeared he had more business than when I first used his services.

Here’s what I’ve observed: 

1. When he was out of his office, the phone rang out (there was no voice mail message or anything).  This was a surefire way to lose business.

He could use have used a virtual assistant, divert his phone to his mobile or have voice mail.

2.  He didn’t plan and acted on the spur of the moment.  (ie.  when you call, he took action).

He needed to use a diary to schedule working on his business as well as the daily work. Unfortunately he didn’t understand what working ‘on the business’ really meant.

3.  He did everything himself…he had no assistance whatsoever.

With a virtual assistant he could pay them for the hours they worked. 

4.  He didn’t know how to market his business effectively, he just kept running around.

Simple things like sending an ezine or newsletter on a regular basis or a phone call to follow up past clients would have made a major impact on his business. 

5. John invested zero dollars in learning how to run a business.  He was always going along to hear about what’s happening in his industry (which is often free). 

He needed business coaching to survive and thrive in his industry.

6.  He had no clear focus so anytime someone approached him with a new idea that looked like it will make money, he ran off in that direction.

Writing down his goals and working out what and who he needed to help him achieve them would have given him clarity. 

Basically he spent the majority of his time and money in the wrong areas.  John told me he wanted to grow his business, but doesn’t get it that he had to make changes first in the way he behaves. Without a clear plan, systems and assistance, he is guaranteed to waste time, lose money and be stressed out!

One of my clients is an award-winning mortgage broker. In fact she’s in the top 100 in her state. (If I knew her before meeting John, guess who would be looking after me?)  The contrast between her and John is like chalk and cheese.

Her business is booming, she’s now ready to take it to the next level where she will be able to earn more while working less. The systems and people she has in place plus having the right mindset, knowledge and taking action will have a major impact on her profits and her life.

The Final Word

Personally I find dealing with most business people, very frustrating.  They tell you how good they are and will get the job done but the majority are hopeless!  They are totally disorganised and often look in the wrong places to make changes.  The first change has to be made with yourself.

What will you do to ensure you avoid making the same fatal mistakes?

By Lorraine Pirihi

© Copyright 2008 The Office Organiser

Lorraine Pirihi is Australia’s No. 1 Productivity Coach. She’s a dynamic, motivational and powerful speaker, author and leading business coach. Lorraine helps small business owners and entrepreneurs organise their time, their systems and their marketing so they make much more money, work less and have a life!

To receive her free weekly ‘how-to’ articles on how to increase your productivity and your profits visit www.office-organiser.com.au

 

To receive Zee2A’s popular international e-zine The Marketing Edge please visit www.zee2a.com

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2 Comments »

  1. […] and towards your customer can make or break your business. If you liked this post then you may like this one […]

    Pingback by MainBetter business bureau — August 26, 2008 @ 5:24 pm | Reply

  2. […] like many small businesses, I notice that you don’t get customer’s information“, he says […]

    Pingback by DaveOlson.ca Collaboration Cafe Style! — DaveOlson.ca — August 30, 2008 @ 5:59 am | Reply


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