Habits business owners should shun

September 24, 2013 by ADEMOLA ALAWIYE

   

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There are some behaviours that should not be exhibited by business owners if they want their ventures to be successful. ADEMOLA ALAWIYE highlights practices that can lead to failure

Business owners need to be certain that they do not jeopardise their businesses by falling into the most common traps awaiting every entrepreneur.

Experts in entrepreneurship and business consultants say owners of thriving businesses often brag about issues that are not always necessary. While entrepreneurs take all the pain to convince their customers in a bid to successfully close a deal, they must avoid uttering certain statements to themselves and to their colleagues. Although no entrepreneur can be described as perfect, experts say it is possible to be ingenious in business.

A business consultant, Mr. Taiwo Adeniji, in an interview with our correspondent, said, “When entrepreneurs have the right attitude about prosperity, they will be concerned about their name, their statements, and will be careful with their actions and the consequences not just on their businesses, but also on their clients.”

Experts say entrepreneurs must desist from derogatory remarks or comments that portray them as being proud. Below are common things entrepreneurs should never say to themselves, according to experts.

I have extremely loyal customers

You should avoid making this kind of statement because it is not your call to say your customers are extremely loyal to your products or services. Experts say this could be seen as an act of pride. They note that customers are loyal first to themselves, so it may not be right to say that they are incredibly dedicated to your services. It is also important to understand that nowadays, customers are more loyal to the company that provides the best product at the lowest price that gives value to them.

However, this does not rule out the fact that there are customers that may cherish your services. Adeniji says entrepreneurs must be able to identify specifically the products or services that their customers want and when this is adequately met, the customers will continue with you. But never say they are extremely loyal to you. You should know that you cannot identify your customers’ need unless you understand them. Experts note that identifying who your customers are, and what is important to them will impact favourably on your business.

This, they say, will help the entrepreneur to increase his profit as his services will be appreciated and demanded by his customers. Experts say entrepreneurs who do not know this may end up spending too much on marketing, advertising and promotions. By so doing, they may not appeal to their best customers and may lose customers loyalty.

My sacrifices deserve rewards

Experts note that entrepreneurs should avoid saying that they deserve specific rewards for sacrifices made in business.

According to professionals, entrepreneurship is about earnings and results. If an entrepreneur fails to get the expected results, there won’t be any reward. Also, it is important to understand that any sacrifice made for one’s business is worth it. So, stop saying you deserve certain rewards based on the inputs you made in your business. Concentrate on delivering quality results and you will enjoy your earnings and possible rewards that may follow.

I lack enough funds

Many businesses lack funds. So it is no news saying your company is running out of funds or has not got enough cash. Experts say you should rather deal with the situation than making it public unnecessarily.

The Managing Director, Excel Computer Services, Mr. Nnamdi Tobechukwu, says, “You should go out and find customers, generate sales, be efficient, make a profit and you will have the money you need. This may be tough, but it is real.” Entrepreneurs must strive for funds as this is very important to their businesses.

I need a great idea

Experts say ideas don’t generate cash, but ideas well executed do. They note that success is about focusing on the basics and doing the dirty work.

It is also important that you determine your weak points in business and employ the services of consultants and managers in order to move further. Ideas are crucial in business, but ideas not executed or poorly implemented may add little or nothing to your venture, experts say. So rather than waste your time waiting for a great idea, you should start up something or carry on with what you know best and make sure it generates income for your business.

My employees are all happy

It is difficult to find a company where all employees are happy. You may get a good percentage of employees who are happy working for a company, but for all to be joyful, this may not be possible. Experts say if your primary focus is on making your employees happy, then it will be more difficult to make the tough decisions.

This will ultimately lead to making people unhappy, and perhaps losing the business. This is because at some point the high performers will grow weary of excessive tolerance in the name of harmony. They may decide to leave your firm. And when this happens, your business may go aground. Be smart and run your business with wisdom.