The Top 10 Mistakes Made by Business Owners (and how to avoid them) Part 1
The Secret of Business Success
Using the example of the famous book ‘The Secret’, the author talks about the essence of the law of attraction and asks:
- Is positive thinking in business enough?
Smyth talks about the fact that the laws of gravity are immutable; we can use all the positive thinking in the world, but it won’t change those laws. He believes that business is like the laws of gravity.
If you own a business, he suggests you have to do much more than think positively to make your business a success and he suggests some powerful do’s and don’ts:
- DO set goals and take action
- Don’t ‘wing’ it
- DO have good systems
The author covers four key business areas that are critical to staying in business:
- Cash flow. Having good sound financial systems; how to collect money and what to do if people renege on paying before debts kill your business
- How to get free credit so you can keep your cash-flow positive
- How to protect your IP being stolen by your employees
- How to set up a joint venture without exposing yourself to liability
As small business owners, we tend to be very busy working ‘in’ the business and can lose sight of the very life-blood of our business – cash flow and staff.
Take on board Smyth’s very simple tip and you will have a good sound business model which should ride the predictable storms of being a small business.