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Avoid These Small Business Pitfalls
Hindsight is 20/20, but sometimes what you really need is to just be a bit farsighted to be able to see the pitfalls that can ambush your small business – or big business. The drawbacks are there regardless of size, it’s just a matter of the impact they have. While a big business might bounce back fairly quickly from any of these pitfalls, a small business can find itself held back for longer. So make sure you have the Project Management edge to keep your business on solid ground.

If you build it, they will come
Not really. While it’s nice to think that all you have to do is establish your business, and people will flock to it, that’s not how it goes. What really attracts customers is some combination of discounts, phone calls, fliers, mailings, networking and grassroots public relations. If you want to quickly accelerate your sales – regardless of the size of your operation – check out Cheetah’s online Sales and Marketing Accelerator System where you can create your own sales and marketing plan using accelerated project management techniques.

It’s not MY fault
Well, yes it is. If your business isn’t performing well, it’s no one’s fault but your own. The key is to not get bogged down in trying to place blame elsewhere. Square your shoulders and take on the challenge of figuring out what’s gone wrong and what you need to do to fix it. Take a look at the situation through PM eyes and see if you have a process that’s broken, a communication issue among employees or a hiccup in your business plan.

 It’s a GREAT idea
Maybe. But maybe not. The world really won’t beat a path to your door if you invent a better mouse trap, unless you’ve done the research and business plan that proves there’s a demand for that mouse trap. Don’t assume a good idea is automatically the foundation of a new business until you’ve done your homework. (Select PDU Corner to find out more about how to start and grow your own business.)

Attitude, attitude, attitude
It’s as important in business as “location” is in real estate. If you think your business is going to fail, it probably will. Pessimism self-perpetuates so don’t let your nighttime business worries cloud your daytime optimism.

Not dead yet
Monty Python had the right idea. Small businesses operate in up-and-down cycles of business being good and then business being bad. The trick is to ride the high tide of booming business cycles, work to overcome the lows, and never give up until you confirm the flat-line of your bottom line. Want to make sure you’re getting the most out of your PM skills? Our online PM Strength Builder class helps you identify your innate strengths and challenges as a project manager to position you to best use your talents to ensure future success

Change – not the stuff in your pocket
Yup, there’s no way around it. If you want to have a successful business, you need to put your fear of change behind you – far behind you. Today’s business world changes more rapidly than ever before in terms of customer expectations, market availability and speed of response. Make a commitment to your business that you’ll ensure everyone on the team – including you – continues to develop their PM skills so the business can improve and grow. If you want to keep your business ahead of the competition, you need to embrace change and use it to leverage yourself to a market leadership position.

Keeping your eye on the ball isn’t as easy as it used to be, but if you keep a sharp lookout, you can protect your business from some of these common pitfalls that can drag it down.

 

… you can protect your business from some of these common pitfalls that can drag it down.