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5 Key Mistakes Business Owners Make And How To Avoid Them

You’re the business owner! Top dog, right? You make the rules, break them, lead, project the future, create a past, and work daily on building an empire for the future. But what if I were to tell you you may be one of many business owners that make 5 key mistakes? Hard to feel Top Dog after hearing that. But, there’s ways to avoid them and this article will show you how.

Funny expression, isn’t it? Top dog. Know where it came from? Turns out it’s an old sawing term. Back in the day, sawing logs was done over a pit with a two-handled saw. One guy stayed on top and the other was in the pit – both sawing. Thus, the one on top was called the top dog. Now, you’d think the guy in the pit would be the underdog, but he was actually called the bottom dog.

Clearly Top Dog is what all business owners want to be, or Top Cat, if you favor felines. But just for a moment, let’s stay with the dog theme. What if you really were a dog? What kind of dog would you be? Granted, I am admittedly more a fish person than a dog or cat person, but if I had to pick what kind of dog I was, I’d probably say that I’m a mix between Newfoundland and a Labrador Retriever. Newfoundlands are exceptionally strong swimmers and great lifesavers around water. Being a fisherman, I gravitate to water. And Labs are great at leading the blind and make excellent companions. In a way, I’m like the lab in that as a business coach, I help business owners who’re either lost or overwhelmed, or highly successful business owners in need of effective business systems. Either way, I guess this would make me a Newbrador.

According to Cheryl Lock (Pet360.com) the smartest dog is the Border Collie. These herders are not only loyal, but diligent at doing their job well. Next comes the loyal and dependable German Shepherd, capable of sniffing out drugs and hunting down bad guys. They’re, known for their strength and loyalty. The Bloodhound, also known for an incredible sense of smell and tracking, comes next. Got a problem with bedbugs? Calling all Beagles! Their exceptional sense of scents can detect the tiny varmints like nothing else. Not to be sold short, the exceptional Labrador Retriever comes in 5th. Noted, as I said above, for their ability to lead the blind, they make wonderful, loving, people-pleasing pets. And the ever-lovable Newfoundland comes in 6th.

In 7th place is the Belgian Malinois (Shepherds) that are great at sniffing out things like explosives, narcotics, accelerants (for starting fires) and finding missing people. In close place at 8th is the Siberian Husky who is a diligent, hardworking, strong dog that is great at pulling sleds and working hard. The adorable Golden Retriever comes in 9th and is a great therapy dog, gentle, loving, and eager to please, and finally the Australian Shepherd comes in 10th. These herders are great at adapting, are impressively strong, and are very energetic.

Wherever you see yourself, being at the top can be lonely. It’s hard to always have to be the responsible one, and while dogs generally have someone there to give them a treat upon performing well, business owners can often find themselves working 24/7 with little time to sleep, let alone have a treat.

And they’re human. They make mistakes. Here are the 5 key mistakes business owners make and how to avoid them.

Mistake 1. Thinking they can do it all. I worked with a client recently that felt he could not afford a receptionist or a filing clerk simply because money was so tight. I asked him what price he would put on his own personal time, and he stuck a price tag of $75/hr. I was quiet for a few moments with the lights went on. He could hire 7 people for the price he was worth.

Mistake 2. Not having a clear mission and vision statement. I can only equate this to wanting to go somewhere you’ve not gone to before, having no clue how to get there, and expecting your car to find the way. Some business owners have no clue how to get to where they want to go, but expect their employees to somehow know the way. It doesn’t work.

Mistake 3. Not tracking and measuring everything. To track how something is doing, one must have a system in place. Many business owners don’t have effective systems in place and therefore have no tracking system in place. Some are even unsure what should be tracked. Easy. Track everything.

Mistake 4. Hiring the wrong team. Many business owners go for whatever’s the cheapest and as the saying goes, “You get what you pay for.” On a rare occasion (such as the recent recession), good people are willing to work for next to nothing, just to survive, but for the most part, if you skimp and hire inexperienced, non-dedicated people, you’ll run the risk of getting shabby, below standard work.

Mistake 5. Not investing in their customers. Buying customers can sometimes be as simple adding value to your offers. Added value makes your customers feel special. Of course, having an exception product or service will result in their sharing information about you with friends and family members, resulting in referral customers. Feed your customers what they want and in turn they will feed you by choosing you over your competition.

California business owners and quite frankly all business owners want to be on top, or let’s face it, they wouldn’t be in business. It’s a dog-eat-dog world out there. Another expression from the past. Turns out that in 43 B.C. Roman scholar Marcus Tarentius Varro, upon observing humanity, apparently said, “Even a dog will not eat a dog”. Humans, he noted, destroyed their own kind. The expression became a metaphor for ruthless competition and by the time the Industrial Revolution came around, the phrase, “It’s a dog-eat-dog-world” was a household expression.

And yes, it’s a dog-eat-dog brutally “ruff” world out there. But, now you know how to avoid the 5 key mistakes business owners make, you’ll move from underdog to top dog in no time.

Features of a Business Credit Card

Many financial institutions offer business credit cards, and they may differ from one another, but they all have the same main features. Companies can offer different credit limits and charges, such as interest rates. Features that most business credit cards share include:

• Promotional features: Rewards, banking discounts and insurances are typically offered as a feature;

• Credit limit: The credit facility is issued with a credit limit, determined by a business’s ability to generate income;

• Daily transactions: This facility allows you to make unlimited transactions, as long as you do not exceed the credit limit;

• ATM cash withdrawals: Most financial institutions restrict the amount of cash that can be obtained from an ATM;

• Balance transfers: Business credit cards allow outstanding balance transfers from the one company to another financial institution;

• Monthly statements: All card holders will receive a detailed monthly statement. This is an excellent way of keeping record of your business’s expenditure;

• Card fees: All financial institutions have penalties and extra charges for making late payments or exceeding the credit limit. Speak to a consultant and find out more about additional charges that you may be unaware about;

• The card is issued in the business’s name and separates your personal spending from your business’s spending;

• A great feature is the convenient online shopping opportunities;

• All card holders find these cards to be a safe alternative to cash. You do not have to carry large amounts of cash to make purchases;

• You can enjoy the benefit of having more than one card. Trusted employees can assist you with making the purchases for the business;

• Most financial institutions offer expense management control-reports, which separate services and goods tax amounts. The management control reports have the ability to be imported to accounting programs;

• Credit profile: If you control the debt of the card in a responsible manner and make prompt payments, it will reflect on your credit report and increase your credit score.

A business credit card should be used in a responsible manner. It is wise to make educated decisions with each transaction. For example: most cards, if not all, offer cash-withdrawal options. The interest is much higher on cash withdrawals, and you can save by avoiding this option. However, it remains a great option if a business experiences cash-flow problems.

Do not hesitate to seek the help of an expert to gain financial advice. It is advisable to become knowledgeable about the benefits of this credit facility and which business credit card actions are best to avoid.

Why You Can’t Trust Yourself With Your Business

It’s an epidemic I tell you. Office workers have it rough.

You sit typing at your computer with stress induced nail bitten fingers pounding at the keyboard.

Each time you look in the mirror insecurity grows and you wonder what the hell happened.

You ride the line of fat and skinny, motivated and unmotivated, energetic and lazy.

A common theme is you falling trap to Yo Yo diets, quick fixes and quack doctors who have given health and wellness a bad name.

You’ve given up the dream of being in shape. The thought of having a cognitively sharp mind is now a dream.

You, your business and your personal life are just skirting by. Tiptoeing the life of mediocrity.

The hell with this!

Billions of dollars lost

Sick days cost the United States economy $84 billion a year.

Yes, that’s billion.

Data gathered by Gallup-Healthways Well-being index survey gathered data on 94,000 Americans. 14 professional categories were reviewed based on days of work missed and poor health.

2 of the top 4 unhealthiest professions were office workers and business owners.

According to Gallup, 19% of all the office workers surveyed said they lacked the energy to perform their usual activities. Lower than all other occupations. The cost of lost productivity for office workers is $8.1 billion a year with 76.5% of them considered to be at an unhealthy weight or suffer from a chronic health condition.

Only 20% of business owners we considered obese, one of the lowest among all professions.

But wait, don’t go thinking this is a good thing yet.

Business owners had higher rates of high cholesterol, high blood pressure, and cancer. 79.2% were considered to be at an unhealthy weight or threatened with a chronic health condition.

Office workers and business professionals are victim to unhealthy behaviors.

Upgrade yourself to upgrade your business

Being healthy means feeling great and performing at your highest human potential.

Forget the biggest loser or the other crap diets you hear about.

It’s not just about shedding fat, it’s about the entire package. Getting rid of the spare tire, sharpening your mental capabilities and feeling alive.

All of these cannot be achieved by restricting nutritionally dense foods and running on a treadmill for 60 minutes a day. And it’s estimated that 95% of all people who lose weight gain it back.

Creating a wellness plan that fits your lifestyle is the best route to your success.

You will give yourself greater tools to use not only for yourself but also in your business.

Have you ever negotiated with a cognitively sharp individual?

How about an insecure one?

You can only guess who has the upper hand.

Take action

To get yourself on the right track you need to think of your life in 3 areas. Each affects you both personally and professionally.

1) Mind: your mind is the decision center.

2) Body: your body is what gets you from point A to B efficiently.

3) Soul: this is your deeply felt moral and emotional nature.

When one of these areas is blocked the remaining 2 perform less than their full potential. In my wellness coaching program it’s our goal to maximize each area. This is why I designed 3 levels based on your goals: Entry Level, GM Level and Executive level.

To strengthen the mind a strict focus on quality foods is a necessity. It gives the mind the fuel it needs to maximize its performance. Sleep is also a critical component to getting your mind to recharge.

Fitness is important to get your body to function and move as it was designed. Poor posture and a sedentary lifestyle have destained our bodies to the dumpster. Fitness helps correct this.

The soul is an area that is often times misconstrued. You’re free to believe in whatever religion you want. I am not here for that. When I say soul I mean what do you stand for and believe in?

Digging deep into your physical being is the only way to achieve this. Quality sleep, meditation, yoga, and deep thinking are some of the best ways to tap into this.

A wellness coach can help you get back on track

There are many reasons to get help when you decide to make a health change.

But listening to just anyone is a sure fire way to get stuck on Yo Yo diets that you’ll hate. Remember that 95% statistic?

When looking for help look for someone who is experienced and educated so they can do most of the thinking for you. Following some fad diet isn’t a coach. Nor is listening to a fad diet coach.

A wellness coach should provide you with unique, personalized goals to fit your lifestyle.

This is why I focus on coaching business professionals. I’m educated in health and fitness and have a ton of real world business experience. I can easily relate to this lifestyle.

You want to feel and perform better. Get help, choose wisely and ensure it’s the right fit for you and your business. Your business and the people that work there deserve you to perform at peak performance.

Whether you decide to have a wellness coach to help you or not being a business owner is tough.

That’s the cold hard truth.

You have the office beating you up day in and day out.

But what cost do you say, damnit, I look and feel like crap?

By taking care of yourself to perform at your maximum potential both mentally and physically you will give your business a much better chance at widening the bottom line gap… profit.

Has the office environment changed the way you look and feel? Have you noticed the effects on your business? Comment below.