Most business owners, CEO’s or Presidents would argue that they know their business inside and out. Doesn’t matter if they are a hairstylist, garage mechanic, engineer, consultant, attorney, widget maker or retail store owner; if I were to ask any of them whether they know their business, most would likely say absolutely.
What about you…what would you say if I asked you how well to you know your business?
If I asked you as the CEO, President or business owner do you have a CEO Mindset? Do you even do what it is or how to go about creating it?
What if I told you that 9 out of 10 of you don’t know? And those of you that do will ignore these 5 critical areas of your business because what we don’t know is frightening and uncomfortable and it’s easier to stay comfortable.
So, what if I told you that 9 out of 10 of you will be out of business within the next 3 years because you don’t know these things; because you don’t have a CEO Mindset. because you are too busy working in your business to work on it. Would you believe me? Would you keep reading this article? Would you want to know the 5 massive business mistakes that business owners, CEOs and presidents in managing their businesses? Or, will you stop reading because ignorance of the truth is comfortable?
In order to develop a CEO Mindset you first need to become uncomfortably comfortable with the 4 pillars of a CEO Mindset, which Operations, Finance, People, and Marketing. As an individual expert in whatever area or passion that fuels your desire to have a business; insurance, beauty, cars, consulting, construction, manufacturing, investments, marketing, fashion…it doesn’t really matter as you are more than likely feeling quite comfortable with your personal expertise. And that is precisely the problem this is one of your first big mistakes
Massive Mistake #1: Lack of Discomfort
Getting too comfortable with the what you know. You’d have to decide to be uncomfortable. Even when you don’t like the results that you are getting your business. The mistake of comfortability makes it difficult to change. Difficult to take stock of the lack of systems, difficult to create and implement repeatable, measurable results, difficult to accept responsibility for low sales numbers and poor customer service. You see when you are comfortable you don’t learn how to avoid 5 massive mistakes that CEOs, presidents and business owners keep them from earning massive incomes and increasing revenues.
Massive Mistake #2 Lack of Listening
No one knows your business better than you but because you are so close to the business you don’t often take a closer look at where your business is today, what you want it to look like in three years, and the steps to get there. How often do you examine your business; including its strengths, weaknesses, and opportunities? If you currently have Painted Vision of your business, has it moved from where it was three years ago? Do you have a internal planning process that has an established set or interim goals and strategies and are you on track? If you are off track what are you doing to get back on track? And most importantly have you examined your business and prepared it for challenges in the market, with growth, financing transitions and preparing your team for leadership and advancement? How will you respond to these messages that your business is sending you as the business owner, CEO or president? If you are regularly working on business growth and transformation you will be able to hear and read the signs of your business.
Massive Mistake #3: Lack of planning
Whether you’ve been in business for twenty years or one year, a lack of planning with definitely cause your results to become misaligned with your vision for your business. According to Dun & Bradstreet reports, "Businesses with fewer than 20 employees have only a 37% chance of surviving four years (of business) and only a 9% chance of surviving 10 years." Restaurants only have a 20% chance of surviving 2 years. Of these failed business, only 10% of them close involuntarily due to bankruptcy and the remaining 90% close because the business was not successful, did not provide the level of income desired or was too much work for their efforts.
The old adage, "People don't plan to fail, they fail to plan" certainly holds true when it comes to small business success. The failure rate for new businesses seems to be around 70% to 80% in the first year and only about half of those who survive the first year will remain in business the next five years.
If you are using SMARTER tools to measure performance you will be prepared for what comes next if not you will definitely make massive mistake #3.
Massive Mistake #4: Lack of Intention
Have you ever wondered why you spend hours and hours in your business, but never seem to make any head way? Or why is it that as CEO’s we can think of all the ways that our business should be making money but isn’t? Well, today I’m here to tell you that it is the way you think that is holding you back. Our brains…play tricks on us because of preformed programming of habits, beliefs and behaviors which keep us from going forward. Sounds crazy Right?
After spending countless hours with thousands of Presidents and CEOs like you, I found one major stumbling block! Your brains….run in a loop – your thoughts start on this cycle of behaviors that literally keeps us from moving forward even when we truly want to change. And if you don’t have a clearly defined intention for your business which describes the habits and behaviors that you need to create your CEO mindset and business success you are doomed to keep repeating the same behavior.
We all know the definition of insanity is “repeating the same behavior and expecting a different result”.
and
“We can’t solve problems by using the same kind of thinking we used when we created them.”
Over the past fourteen years, been my immense pleasure to help Presidents and CEO tap into and change how they think to drive the explosive growth of their business. In the Maximize Your Vision Intensive workshop I am able to help my clients to identify the habits and secrets to catapult their income from $5000 a month in sales to over a half a million per month in sales. Email me for a FREE 45 minute strategy session at sakira@drsakira.com.
