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.