10. Procrastination

Don’t put off for tomorrow what you can (and should) be doing right now! Always return client emails and phone calls ASAP. You will find that procrastinating will only lead to feeling overwhelmed. And answering right away helps your clients to know you treat their needs seriously.

9. Poor Location

For businesses dependent upon heavy traffic, look for convenient, easily accessible roadways. Take into account your delivery needs. Be sure you can provide ample parking close to your location. Make it easy for customers to get in and out of their vehicles. Take into account the latest Handicap Accessible regulations.

8. Never Underestimate Your Competition

Know your competition. You, as well as your employees, should be aware of not just the names of your competitors, but also their business practices, product line and pricing structure (if possible). Customer loyalty will only go so far. What products and/or services have you added to your current line that will be of value to your clientele? Are you stagnant? Stay ahead - it is better to be proactive than reactive and defensive.

7. Ineffective or Non-Existent Marketing

You may be providing the cure for the common cold - but, if nobody knows about it, it won’t matter. Determine a marketing budget first. Figure out your target market and the demographics that will need your product/service the most. Then, decide the best medias to utilize to reach that audience. Even if you have to start out small, with flyers or emails - you must establish a ‘brand name’ to penetrate the marketplace.

6. Lack of Personal Versatility

As a business owner, you are the President, CFO, Marketing Manager, Sales Manager, Customer Service Rep., Technology Wizard, Maintenance Expert, and Collection Agent. When just starting out, you must be able to multi-task in order to be successful. Down the road, you can do as the greatest leaders do. They know how important it is to surround themselves with individuals that allow for the delegation of many of the above.

5. Incompetent Employees

The hiring process can be long and tedious. But, NEVER SETTLE! Conduct a Focused Interview. Only hire individuals that can be relied upon and are interested in accepting responsibility. You’ve worked hard to build your name in the marketplace. Don’t hire individuals who will do damage to your name and your business. A good employee can slip through your fingers if you don’t provide training, motivation, communication, and a positive work environment.

4. A Closed Mind

Don’t be arrogant in thinking that you know everything and have nothing to learn. A healthier and more successful mindset is open and flexible. Learning is an ongoing process and the more you learn, the more you realize how much you don’t know. Read books - Subscribe to as many periodicals as possible - Sign up for free eNewsletters - Find a mentor and ask questions - Ask peers for constructive criticism - Have an employee give you their ideas and suggestions.

3. Ignoring Customers’ Needs

You’ve worked hard to earn your clients business. Now, you must work even harder to keep it. Follow up and follow through on everything you discuss with your clients. It only takes a phone call or an email to let your client know you’re out there. You’ve heard the old saying "Out of sight, out of mind." Also, don’t make promises or guarantees - they could come back to haunt you.

2. Inadequate Planning

You know where you are - but do you know where you are going? Set realistic and firm goals for your business. Make them measurable. For instance, "Sales will increase by 15% by the end of 2006." Then figure out the formula and steps necessary to reach that goal. Set specific increments to be reached by specific dates. Check your status everyday to ensure that you are on track.

1. Cash Flow Problems

You must have a firm understanding of your finances. Track the money coming in and going out of your business. Determine how much you can afford to spend by developing a cash flow projection. Keep it up to date so that an impending cash flow shortage will not take you by surprise.