As a business consultant, it’s literally my job to help CEOs identify the gaps in their businesses that are holding them back from achieving their goals. After working with dozens of businesses over the years, I’ve been able to identify a pattern of common mistakes amongst the entrepreneurs who come to me looking for strategic ways to improve their business and reach their desired outcomes. This is what I’m going to be covering on the blog today.
But before we dive in, I want to remind you of something important…
If you’re currently making one (or more) of these mistakes, that is completely normal. They are common mistakes for a reason, and any CEO who says they’ve never made a mistake throughout their entire entrepreneurial journey is telling a bold-faced lie. Like I said before, my role as a consultant is to help you get where you want to be, and that means finding the gaps and the mistakes so that you know what steps you need to take next in order to fix them. So, don’t beat yourself up — instead, get ready to take action!
Mistake #1: Not hiring a business consultant early on.
I promise I’m not just saying this because I’m biased…it's actually the truth. There are SO many different pieces to running a business, and when you’re first starting out, it can be very difficult to know what to do with them all. You may think it doesn’t make sense to hire a consultant in the early stages, but the reality is that a consultant can put you on the right path and prevent you from wasting thousands of dollars (not to mention your time and energy) on the wrong things. For example, I once had an experience where a client came to me after pouring tons of money into a website, branding, and product development — only to realize just before launch that they were infringing on another brand’s trademark. This is the type of mistake a consultant can easily stop in its tracks.
To learn more about why you should be working with a business consultant (whether you’re a new CEO or an industry expert), click here to read my blog post on the subject!
Mistake #2: Not managing cash flow.
I know, I know — numbers aren’t necessarily the most “fun” part of business. But it’s SO important to be properly managing your cash flow, especially in the early stages of your business. My top three tips?
Keep your books extremely current. You should always know your numbers so that you can get a sense of whether or not you’re on track to meet your financial goals.
When it comes to your cash flow, make a point to reinvest your business profits into things that will fuel future growth — like team members, consultants, marketing, inventory, and so on.
- Set aside some cash to put in savings. The nature of owning a business is that it is unpredictable, and it’s never a bad idea to have cash on hand in case unforeseen circumstances arise.
For more tactical advice on how to manage cash flow at start-up, check out this blog post.
Mistake #3: Not focusing on sales.
Concentrating on sales is absolutely crucial when you’re first starting out. You should be channeling 80-90% of your time and energy into sales and marketing activities in order to raise brand awareness, increase visibility, and drive sales. You can have a fantastic business model and product, but if no one knows about it, your business is not going to succeed. If marketing and sales aren’t your strong suit, this is another area in which an expert business or marketing consultant can guide you in developing a smart strategy.
Mistake #4: Inconsistency.
One of the simplest secrets to success in business is staying consistent and committed, even when it feels like things aren’t working or going your way. Consistency is so important because it establishes trust with your community and proves that you are in it for the long haul. If you’re having trouble staying consistent with your business, I suggest tapping more into your mindset (and perhaps working with a mentor or coach in that area) to figure out where it stems from. Alternatively, a consultant can work with you to create a CEO routine and schedule that will hold you accountable.
Mistake #5: Not having the right team.
It is critical to have good team members on your side — this is something that can make or break your business, and it really is as simple as that. The right team will help you:
- Retain your customers and deliver a high standard of service.
- Nail your marketing efforts and create a mega-engaged audience.
- Scale your business to the next level through expansion.
- Stay on track and sane — you can’t do it all alone!
Now that you know what you should be avoiding as you grow and scale your business, it’s time to start taking action.
I’m here to help you create a laser-sharp plan for your new business that will guarantee you reach your short and long-term goals without sacrificing precious time and money. Learn more about booking a strategy session or joining my consulting waitlist if you’re ready to bring on a consultant and set yourself on the path towards insane growth.