How to Avoid a Potential Fatal Mistake
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Business > Entrepreneurs
Nov 24, 2007
ABGSCoach
How to Avoid a Potential Fatal Mistake
Although you may not die, you business and your family may not survive. Many businesspersons, who have followed this path of errors, are now lamenting greater losses than they can comprehend. What could these hardworking individuals have done that was so awful? Unfortunately, it may be a simple matter of a few misspoken words. So, how do you avoid a potentially fatal mistake in your career? Do not make promises you cannot keep, to yourself, your customers, and your family. What promise can you possibly make to yourself that can be fatal to your business? You make the promise of achieving a certain milestone, without taking into consideration the time, effort, and outsourcing that may be necessary to get the job done. For instance, "George" has a business school. He hires an assortment of talented people to help him reach his goals for the school. Unfortunately, "George" did not take into account programming difficulties, illness, the finances required, and the actually time needed to get his dream running smoothly and showing a profit. In the end, he had to let some of his workers go, classes already full of eager students were cancelled, and he saw his dream starting to slip through his fingers. Although setting goals is absolutely necessary to succeed in business, the promise "George" made to himself were not realistic. Now, he is suffering the consequences of making promises he was not capable of keeping. Do not make the same mistake, so you are not devastated if your plans need to take a detour. Another fatal mistake is promises to customers you cannot honor, or simply have no intention of fulfilling. In business, your word is gold. You must facilitate an atmosphere of trust, if you want a faithful and firm foundation of customers. For example, car dealers do not usually foster a spirit of trust. Why? Salesmen often exercise the hard sell, making false promises to secure a sale. Then, when the customer tries to collect on a promise, another dealer will retract the statement as "misinformed". Will the customer ever buy another car from the dealership? Not likely. Will friends and family hear about the deception? Most assuredly! Will word of mouth adversely affect the business? Hopefully so, if it is justifiably deserved. Learn from the fatal business mistakes of others. Respect your customer's intelligence and patronage. Be honest, even if it means recommending a competitor. Sure, you may lose today's sale, but you may have years of sales, from a loyal customer in the future. The most important promise many entrepreneurs fail to keep involves the family. Granted, starting a new business take a lot of hard work, dedication, and long days. But, remember who you are working so hard to support. Do not make promises to the family that you cannot honor. For instance, if you promised to be at "Junior's" baseball game, show up. When you tell your spouse you are going to be home for dinner, close up shop and go home. Your family loves you; your success means their success; and they are forgiving-to a point. But, family support is so much more than money. Make family time a priority. Do not leave your family holding a fistful of empty promises. In summary, growing a business is very hard work. Long hours of stress, salesmanship, and scheduling family time are all part of becoming a successful entrepreneur. However, taking care of your family, yourself, and your customers is absolutely necessary to nurturing a growing business. Be realistic! Be honest! You are only human, so you are not expected to juggle so much responsibility perfectly. But, you family counts on you to keep your word; and, you need to be truthful with yourself. Do not turn your dream of success into a nightmare of failure. Honesty is always the best work policy.
Paul Sutherland is an Accelerated Business Growth Coach. His company - Daniel Thomas International - www.dti.eu.com helps SMEs to grow their businesses with tried tested and proven techniques and strategies, increasing their bottom line profits in 90 days or less?
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