As an experienced business coach, I listen to both clients and others in the business. At times I hear things that I know just shouldn’t be thought, or said out loud. I’m not judging, not by a long shot, but I thought maybe covering off on some of these common statements might be helpful to business owners out there.
In the best interests of our businesses, there are just some things we, as business owners, should never say, do or think.
This marketing methodology has worked perfectly well for me for years; it’s still good!
Marketing is one of the things which is changing the most and the quickest. Somewhat that worked several years ago will not work today. A great example is that in a prior business, 89% of new work came from word of mouth (recommendations) whereas today, the majority of my leads come through Google searches. If I kept doing what I was doing 10, 5 or even 3 years ago, I’d be far from reaching almost full capacity. We have to change what we do. Digital marketing (versus print) is definitely more popular, and even social platforms change. You’ve got to keep up to date with what is working in marketing and adjust your marketing strategy accordingly. P.S. You do have a documented marketing strategy, don’t you?!
I’ll wait till I get my tax done before I make any financial decisions.
This statement tells me you have almost no idea how you’re travelling financially, or you don’t have the confidence of the figures which are there. Looking at your ‘tax’ (financial figures) which by the time they are completed and lodged, are probably anywhere from 12 to 24 months after the fact, become obsolete. Look at how COVID has affected the last 2 years; your last tax return might have been a pre COVID one and completely irrelevant to what is actually happening in your business now. My advice, have a great bookkeeper, have them ‘do the books’ no less frequently than monthly AND have them send you financial reports. If you don’t understand those reports, then ask and learn.
I don’t need to be nice to suppliers; they are not my customers!
Oh dear. Your team (suppliers, staff, contractors etc) look after your customers and your customers in turn then look after your profits. It makes sense you value and appreciate great team. That great team includes your suppliers. They might be the businesses that provide contract services, or update your website, or deliver those critical products to your door, which without, you just couldn’t do business. If you’re nice to a supplier, they will be more inclined to do you a favour. You need your website fixed quickly, or a special product sourced or a critical delivery actioned urgently. If you’re rude to your suppliers, do you think they will be bothered to go above and beyond? Besides which, when you’re nice to people, they are nice back and everyone has a much more pleasant day!
No one will pay that much for my services!
This statement comes from lack of confidence usually. Many Aussie business owners hesitate increasing rates, or charging what they are truly worth. They wonder at what value they represent. When I’m coaching a business owner, I really get to know them and their service, and often that service is exceptional, but sometimes, they are pricing themselves well below market value. The consequence is usually that they are struggling to make ends meet. But you just don’t up your rates; there is a strategy and right way to do a rate or price increase.
Once they are my customer, I can relax; they won’t shift, unless we really stuff up.
68% of people leave a business due to perceived indifference. This is a statistical fact. If you are not looking after your customers well and showing them you care, then don’t be stunned when your competitor comes in and grabs them. If they are feeling disenchanted, then loyalty won’t be high and something said will be enough to encourage them away from you. It doesn’t always have to be price either; people want to feel and know they are getting value. Value isn’t price and business owners need to understand that really well. How do you deliver value in your business?
Insurance is a waste of money!
I don’t think there are too many of us who delight in paying insurance. I know I don’t, but I also know that I’m not someone who will gamble the important things. Things happen. Fire, flood, tsunami, illness, accident … As much as we’d all love to believe ‘it won’t happen to me’ the reality is that it does happen. On that note, review your insurances regularly; and ensure you are adequately covered. When you need insurance, you’ll be damn glad you have it.
I’ll worry about my taxes/BAS/super/savings later.
When it comes to saving for taxes, GST, or just straight up saving, the best time to start is today. A simple (but effective strategy) is to have a Savings/GST/Super account and transfer money regularly, which might be:
- Tax and super transferred after each pay run to cover that pay run.
- 15-25% of an income deposit transferred as soon as the income hits the bank.
- A flat dollar amount, automatically transferred every week. Smaller and regular amounts are often not noticed or concern us greatly, but they soon add up and make a difference.
I’m desperate, this new employee will do for now.
For the most part, it costs money to engage staff, train them and takes time in getting them up to speed. Businesses should never just take the first person who comes along, or who is easy to engage, or rush the process. Do your reference checks, take the time to do proper interviews, even give them tests (where relevant, such as for a bookkeeper or office person) and don’t just employ (especially someone who is not brilliant) because you’re rushed and over it and just need someone now.
My mental health is sh*t at present, but there is nothing I can do about it.
Mental health of you and your team is important and there are things you CAN do about it. Here is some information just on my site, plus you can also seek and find tonnes of great information on how to improve your mental health. For example, I have a list of counsellors and support services here, how to overcome stress here, or manage that feeling of feeling blue here. Remember to look after yourself, so you can then be there to support your team.
I can’t afford a good …
Accountant. Training. Marketing. Business Coach. Just a few of the words that could be the end of that statement. Having a good accountant or coach means you’re getting expertise, quality advice and assistance which will help you in your business. It’s an investment, not an expense and I know from my own experience as a business coach for about 15 years, the feedback I get is awesome; I really do make a positive difference to the businesses I work with.
Training is an investment. If you’ve say a new software program, you need to know how to use it in order to be more efficient and effective, make less mistakes and able to get the job done quickly. Time = money = profit. Effectiveness affects the bottom line!
Marketing is another. Business will not usually just fall into your lap; you have to get in front of people and compel them to reach out to you. Even a shoestring budget for marketing means you’re doing something … and remember you can do some things yourself, but be realistic about your abilities and skills.
If you need help with planning, coaching, marketing, life coaching or leadership mentoring click here.
Read How to Handle Business Advice Received.
