I was on Facebook the other day and was very intrigued by a question that was posted by a wonderful coach named Carrie Kish and while there were loads of comments I wanted to hear what you all thought.
I have been a business owner (in fact I have owned a couple of business’s) and have made plenty of mistakes. Fortunately, I have learned and grown with every crappy situation but DAMN I would have loved some insight when I first got started. I am sure many of the mistakes I made could have and would have been avoided or at least would not have stung so much!
What do you think are the most expensive mistakes small business owners make?
Nancy Ruth Berube on 
Hippo Brigade on 
Cathy - wheresmydamnanswer on 
OhMyHead on 
4 Comments
I think that small business owners sometimes forget that the existing customers they already have are more important than the new ones they are seeking. It costs less to keep your existing customers happy than to advertise for new ones. Also, if you keep your current clients happy they will be your sales force with lots of referrals! In this economy even loyal customers are shopping for a better price, so we always step up our game with RAVING CUSTOMER SERVICE!
… I would say financially speaking that small businesses need to be careful not to give it all away for free. It’s easy to donate yourself out of business.
My biggest mistakes were/are: 1) mismanaging cashflow expectations -I was a bit too optimistic on the timing 2) Not understanding what kind of support system (ecosystem) I needed to succeed in all areas of running the business and 3) I had no clue the mental toll it would take on me, my family, and friends - I did live to tell the stories
KNOW YOUR CUSTOMER BY NAME!
There are places that I continuously go to not for the prices (big chains are sometimes even more), but I go there simply because when I walk in, they greet me by name, know why I buy, ask me how I’ve been, etc…
I prefer a sense of homelike feeling when I go to a business. It’s those simple things that keep me going back. Even if they raise their prices, I probably wouldn’t notice. Plus, I know if I have a problem with the product, there won’t be an argument.
Because I feel so at home at these places, I send all of my friends. Referrals are your best marketing tool.