Small Business, Small Minds

The rate of failures of small businesses is astounding: 20% fail during the first two years, 45% during the first five years, and 65% during the first ten years.  While there are myriad reasons, such as succeeding generations of ownership not being as motivated or competent, most of these fail under the original founders and owners. That’s because they tend to think of their business and tasks and not the customer’s happiness and results.  In this episode, I discuss the 20 or so common mistakes and oversights that contribute to the problems. For example, most owners don’t sufficiently shop their own businesses, hire “bodies” instead of talented people, and view customers as an impediment to doing business the way they’d prefer! Instead of passing on every possible cost to the customer, client, or patient, small businesses should be passing on every possible value and benefit. They should make it easy for the buyer to buy. I’ve come to believe “Someone will be right with you” about as much as I believe “This call may be recorded for quality control purposes.” Just because you own a small business doesn’t mean you can get by with a small mind.