Top 10 Stumbling Blocks that Limit Business Growth

Never in history have more entrepreneurs launched more new businesses! In America, thousands of business open their doors every single day! Unfortunately, most of them (over 90% of them) also close their doors within two years. Businesses are started with high hopes and glorious dreams. It is easy to start a business. It is much more difficult to build it, to make it succeed, to avoid the traps and pitfalls and frustrations, and enjoy the fruits of success over the years. In working with hundreds (probably two to three THOUSAND) entrepreneurs over 25 years, here are the mistakes I see most often. Avoid them!

1. Fear and Confusion. There is either a sense of being over-whelmed by the size of the tasks, or a refusal to master the work of being an entrepreneur and business owner. There are specific skills to owning and running a successful business. Learn them! You can master this! You can focus and succeed! (This is often the time to hire a coach!)

2. Lack of Capital. Capital comes in three forms: Time, money, and energy. Some people have one or two, but not all three, and they fail because they simply can not sustain the growth phase of their business. EVERY business is a commitment of everything you have. You may start "small", but that does not mean casual or part-time!

3. Lack of Courage or Commitment. Building a business is always risky. Some people perceive the risk as frightening, others see it as an exciting challenge, but there is always risk. Manage it. Limit your potential losses. Understand the risks and enjoy the process. You will make mistakes. Learn from them and go on.

4. Refusal to select and target an audience. No one can sell their services to "everyone" ? a message that goes to everyone is unlikely to create a sense of urgency in anyone in particular. Attorneys focus on one type of law. Physicians specialize. So should you.

5. Choosing the wrong audience. A market that can not or will not pay or an audience that is too small or dispersed is a recipe for disaster. The "poor" desperately need medical, dental, legal and other services, but who is going to pay you? The same problem exists when trying to reach an audience that is dispersed over a large geographic area and not easily identified.

6. Fuzzy or unfocused message. What exact benefits do you provide? To whom? Under what circumstances and at what cost? How can people contact you? Be precise, be clear, be specific.

7. Lack of planning ? too many random efforts. Many entrepreneurs try a little radio, a direct mailing, join a service organization, offer free samples, and then report that they have "tried everything and nothing worked". Pick one, and stay the course! You become identified with your marketing techniques. Choose a logo, a color-scheme, and a marketing technique and stay with it!

8. Too much advertising, too little relationship building. Advertising works best for tangible products because customers can see the results. Intangible services are very difficult to advertise and are almost always purchased based on the quality of the relationship. The more people know you, and the more they know about you and your caring, your professionalism and your quality, the more business you will do. Build networks of relationships!

9. Laziness and/or Greed. Your business ONLY exists to serve the customer! You must make a profit in order to continue serving the customer, but service is the key to success. Everything must be focused on that. The statement, "I want to be my own boss", or "I want a business that supports me" may be true (and be totally honest and reasonable), but they are a dangerous focus for your business. Customers first!

10. Having a product or service that fails to produce adequate benefits, or fails to serve as promised. Some professionals are incompetent. Some don't use current technology, or are sloppy in their delivery. Particularly with services, even ONE mistake will undermine client confidence, loyalty, and trust. Do your best ? every time!

© Copyright 2003 by Philip E. Humbert. All Rights Reserved. This article may be copied and used in your own newsletter or on your website as long as you include the following information: "Written by Dr. Philip E. Humbert, writer, speaker and success coach. Dr. Humbert has over 300 free articles, tools and resources for your success, including a great newsletter! It's all on his website at: http://www.philiphumbert.com

---

The 10 Benefits of Cross Cultural Training

Cross cultural differences can and do impede upon communication and... Read More

7 Tips for Home Business Start-up Success

1) Prepare a realistic business plan.Think of this as your... Read More

Are You a Project Manager Or a Project Mangler?

Which one are you? An effective IT project manager, able... Read More

How to Apply the 12 Steps for Managment Conflict and Resolution

1. Admit there is a problem.The very first step in... Read More

Top Ten Tips for Improving Your Cash Flow

Cash is king-so they say. If you work for yourself... Read More

How To Finally Unlock Your True Potential And Discover The Secret To Lasting Success

Did you know that there is one critical difference between... Read More

Private Practice Success: 10 Essentials for Starting a Practice

As a counselor, therapist or healing professional (massage therapist, physiotherapist,... Read More

How to Hold An Extremely Successful Event - 10 Tips

Every event you hold can be extremely successful. Apply these... Read More

7 Keys to Running a Successful Business

Although dentistry may appear to be different than other types... Read More

Top Ten Tips for Online Publishing Success

Use the checklist below to make sure your article, tip,... Read More

The 7 Keys to Business Success

Do you run a business that seems to run you?... Read More

7 Things You Can Do To Weather The Lows Of A Business Cycle

Hey, as hard as this may be for you to... Read More

7 Secrets to Writing Inventory Procedures

What would You do with $1,000,000With $1 Million would you:?... Read More

Top Ten Tips for Participating in Online Business Expos

Are you ready for a BASH? Have you ever been... Read More

Checklist for Hiring a Private Investigator

Looking for an old friend? Want to know if your... Read More

10 High-Impact Viral Marketing Strategies

Viral Marketing is allowing people to giveaway and use your... Read More

Ten Tips for Cross Cultural Communication

Here are some simple tips to help you improve your... Read More

7 Reasons You ARE Your Own Best Product, or Lessons From the 2004 Presidential Election

The 2004 election is over--at least in the minds of... Read More

7 Tips on How To Prepare for Business Events

Are you scratching your head after business events wondering why... Read More

Wealth Building Scams

I have some good news and I have some bad... Read More

The Top 7 Marketing Tips You Dont Want To Overlook

1. Combine Emotion and LogicConsumers buy because the want to... Read More

The Top Ten Reasons to Hire a Coach

1. You have a big goal and you want someone... Read More

Top Ten Reasons to Write a Sales Letter for Each Product? - Part 2

Authors/publishers are great at getting their books written. Entrepreneurs know... Read More

7 Ways To Get One-way Links To Your Site

One way links will help you gain better rankings in... Read More

Increase Exposure, and Profits With Powerful Memorable Business Cards Using These Ten Strategies

Your business card is a valuable piece of real estate... Read More

Top 10 Ways Websites Makes Me Suffer

I believe some people create and publish websites for the... Read More

Top 10 Items For A 21st Century Toolbox!

Skilled workers of every age have prized their tools. I... Read More

The Seven Secrets of Top Performers

Let's put to rest the fallacy that success, in sales... Read More

Tips to Starting your Own Busniess

The 9-to-5 grind can make you feel like a just... Read More

Get Your Mailing Noticed - Seven Tips for Effective Direct Mail Pieces

When sending mail to clients and potential clients, make your... Read More

How To Make Money With Your Junk Mail

The term "junk mail" is a well-known term. To... Read More

How To Eliminate Your Competition Without Bloodshed

So how do you eliminate your competition without bloodshed? You... Read More

10 Things To Do Before You Start Your Business

If you are thinking of starting a new business, or... Read More