David Spradlin highlights mistakes most often made by first time and small business owners, including not watching competition or failing to listen to customers. In this presentation, David Spradlin also provides tips for fixing or, better, avoiding these mistakes altogether.

1. COMMON
MISTAKES
MADE BY
DAVIDSPRADLIN. ORG
SMALL BUSINESS OWNERS
HOW TO AVOID THESE

2. COMMONBUSINESSOWNERMISTAKES
1 CONFLATING SELF
WITH BUSINESS
It is natural to put yourself into your work. Even
more if that work was created, developed and
groomed by you. However, it is important for your
health, peace of mind and work-life balance to
separate yourself from your business.

3. COMMONBUSINESSOWNERMISTAKES
2 FAILING TO
DIVERSIFY
Focusing on one type of customer or providing one
kind of product or service is risky, hence the term,
"don't put all of your eggs in one basket." Forbes
Magazine suggests expanding your client base and
creating multiple sources of income.

4. COMMONBUSINESSOWNERMISTAKES
3 SPREADING TO
THIN Diversifying doesn't mean trying to be everything at
once. As a hamburger restaurant, no expects you to
also sell towels or perfume. In fact, it weakens your
brand and confuses customers. Find the balance of
being who you are while focusing on opportunities
to grow that make sense to your brand and mission
statement.

5. COMMONBUSINESSOWNERMISTAKES
4 DISCOUNTING
COMPETITION
A key part of business is knowing your strengths
and weaknesses and perfecting them over time. To
do so means being self-aware, but it also requires
knowing the same about you competitors. Being
too consumed with your business to know about
competition is a deadly mistake.

6. COMMONBUSINESSOWNERMISTAKES
5 FAILING TO KEEP
UP WITH TRENDS
Likewise, business owners must remain aware of
trends, changes and new technology available to
and within the industry to stay competitive. In fact,
it's better to be ahead of the curve than to fall
behind and miss opportunities to be more efficient
and/or accessible to customers.

7. COMMONBUSINESSOWNERMISTAKES
6 NOT LISTENING
Not all customer complaints are valid but every one
of them includes a listen. Be sure to listen to what
your customers have to say about your operations,
prices, practices, etc. Keep an open communication
and let customers know you're paying attention
and, more importantly, that you value their
feedback, good or bad, Worry when they don't care
enough to say anything.

8. COMMONBUSINESSOWNERMISTAKES
7 BEING OFFLINE
In the late 90s no one could've truly determined
whether the internet would become anything
more than a phase or something used for personal
not business reasons. Now, in 2016, we know the
exact impact an online presence has on business;
so much so that staying away from the net is not an
option. Create, at the very least, a website and
social media clients and potential employees to
learn about you online.

9. COMMONBUSINESSOWNERMISTAKES
8 NOT INVESTING
Profit is important. But it has limits unless growth is
included into the equation. Invest back into the
business when necessary, and don't skimp on
things that will enable you to expand.

10. COMMONBUSINESSOWNERMISTAKES
9 PICKING THE
WRONG TEAM
Your staff, partners, or people with which you
choose to work, make or break your business. Make
sure you pick the right team of people to capture
and carryout your vision. If you have failed to do so,
make adjustments as quickly as possible to make
room for progress and the right person(s) to come
along.

11. FOR MORE BUSINESS TIPS
VISIT MY WEBSITE:
WWW. DAVIDSPRADLIN. ORG
COMMONBUSINESSOWNERMISTAKES