Traps Common To Small Business: Pt2

6. No Employee Management
Motivating, training, and managing your staff is one of your toughest challenges in a retail setting. Employees are not ‘disposable.’ A well-trained and motivated staff is the best sales force available to retailers. A managers ‘people skills’ and management practices can cause problems where no problem existed. Employee moral directly affects profits. Train employees in customer service, good communication, and clearly outline their responsibilities. More important, outline what types of behavior cannot be tolerated, and the consequences.

7. Superman
You may own the business and you may be able to do everything, but you can’t do everything well. Learn how to Hire the right staff and delegate responsibility. If necessary, outsource tasks like bookkeeping and office work.

8. No Mastermind
Create a network of advisors or a mentor. Sounds expensive for a small operation? The cost of professional help is less than the cost of going out of business. Advisors can be associates, the local Chamber of Commerce, friends, or a business coach/consultant. Ask them to monitor you and your business. Having someone to bounce ideas off and get an objective opinion is critical.

9. Stop Learning
Business owners should never stop improving their management, people, communication, and sales skills. No one knows everything they need to know about every topic. The adage, “Ignorance kills,” is relevant in today’s business world. Another relevant saying is “what you don’t know can destroy you.”

10. You never fail until you quit
Some of the most successful entrepreneurs failed several times before doing succeeding. If you are failing then learn and try again. Never quit. The most common mistake is throwing good money after bad. A business is floundering, so more and more money is invested. A better idea might be to salvage the good from the existing business and start a new one.



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