If you own a small business you are going to make mistakes (after all you’re only human), but a recent article in BusinessNewsDaily provides some ideas on some major possible looming mistakes and how to avoid them. The article is based on “The 51 Fatal Business Errors and How to Avoid Them” by Jim Muelhlhausen. 5 Big Business Mistakes to Avoid gives the following tips for your business:
- Hiring your competitors’ rejects
- Failure to act like a benevolent dictator
- Paying yourself below market value
- Wearing the dog collar
- The cake is flat
The cake is flat point above made the point that some business owners don’t have a plan or are not following the plan they have. That business mistake made me think of something we posted earlier this year about Improving Key Areas in Your Business Plan that takes this idea a step further. The posting stresses that even if a business has a plan and is following it, there is still a need for periodic plan revisions for maximum business efficiency.