Watch out for the Pitfalls-Starting Your Own Business-2

In my previous post I talked about the importance of attaching a cost to everything (ahead of time) and the role that outside experts and consultants can play in your business success.  In keeping with the same ideas, here are some additional things to be aware of. May you avoid some of the pitfalls that we fell into!

Have a Plan...
Then Stick to it and revise it as necessary. I had the opportunity to take an intensive business planning course prior to the launch of the business and it was incredibly helpful. We all know that a plan serves as a road map to help get you from point A to point B. Writing a business plan forces you to put pen to paper and clearly state what the business is all about, what the goals are, and the strategy for success. This is effective in establishing a clear vision as it helps you to see holes where you didn't before.

Sticking to the plan and/or modifying it periodically are important because sometimes we must take detours from the original map.  It's easy to get side tracked and detoured so review the plan regularly to make sure that the road you are on is the right one. And remember, the plan is fluid, so as your business changes and grows, your plan will need to do the same.

Set Your Goals
Most of us have attended work shops, read books, or seen a motivational speeches that inspire us to reach for the stars, grow, get outside our comfort zones, etc. to accomplish our dreams.  We have heard about the importance of goal setting in this process, yet many of us (including myself) do not set goals for ourselves. Or, if we do, we have trouble connecting the long term goal to what we do every day.

I recently worked with a couple that were also business partners. They contacted me because last year their business was tremendously successful with sales falling into their lap.  The first quarter of this year had started out much more slowly. When asked what the goals for the year were, they said they just wanted to be busy and make tons of money.  While most of us share the same goal, quantifying what "good" and "lots of money" mean are important in setting a realistic, reachable goal. After establishing SMART goals comes the hard part-breaking them down into bit size pieces that can be chewed on a daily basis. Then of course, one must actually take those daily bites. In other words, this whole exercise is futile if the daily or weekly tasks needed to achieve the big goal are not executed.

Much like having a sound business plan, goal setting (and execution) help us to see things more clearly. Try writing 3 goals on your white board or a sticky note on your monitor and then ask yourself each day "what am I doing today to achieve that goal?" "Have I done my daily/weekly task?" Is what I'm working on right now helping me to reach any of these goals?"

Look forward to more pitfalls (and how to avoid them!) next week.