Even though you’re a small business, you don’t want to act small. If you want the public to view you as one of the big boys, act like it by avoiding poor business practices. Here are five business practices that you should avoid (this article is adapted from one I wrote for Big Ideas for Small Business[R] in 2002).
2. Whining about your personal problems
Your personal problems — health, marital discord, bad weather, or the loss of key personnel — can make it difficult to keep up with your business. You may be distracted and fall behind on a job or need to delay payment to your suppliers or vendors. Recognize that everyone has a sob story, but most people don’t want to hear yours. If you’ve been stiffed by a customer and are having difficulty paying your bills, don’t use your woes as an excuse for late or nonpayment. Instead, give your vendors a prompt heads-up that you will be making a late payment. Alternatively, request new payment terms if you need even more time to meet your obligations.
3. Relying solely on experts
4. Putting all your eggs in one basket
Your time and resources may be limited, but don’t focus your activities primarily on one client or customer — no matter how lucrative this may be. If that client or customer leaves you (because of its own business downturn, a better supplier or service provider comes along, or for any other reason), you’ll be left scrambling to replace lost revenue. Continually market your business so there are prospects in the pipeline.
5. Making promises you can’t keep
Conclusion
