Another 40 business bloopers

Some frontline entrepreneurs weigh in

If you’ve been in business more than a week, you’ve made your share of mistakes. What counts isn’t avoiding errors, but never committing the same mistake twice.

That’s why, in last week’s column, I offered a list of business bloopers commonly made by entrepreneurs — in the hopes that naming specific errors will help you recognize your flaws. In compiling that list, however, I identified many other mistakes — giving me an excuse to write a second column on the subject, and solicit readers’ suggestions.

So here are some from me on ways to mess up your business, and others from frontline entrepreneurs across Canada:

1. Interpreting data to mean whatever you want it to mean.

2. Ignoring personnel problems in hopes they’ll go away.

3. Not asking for referrals from every customer and prospect.

4. Not empowering subordinates to challenge and correct you.

5. Not taking advantage of “green” solutions for cost savings and branding.

6. Assuming that a deal in which one side wins is a good deal.

7. Not taking time to explore other people’s ideas before you shoot them down.

8. Not understanding that feedback — from customers, suppliers, staff — is a gift.

9. Not overseeing ( or setting clear policies for) accounts payable.

10. Treating dissatisfied customers as problems rather than opportunities.

11. Forgetting to sell job candidates on the virtues of your company.

12. Not offering new customers extra incentives to build their confidence and motivate sales staff.

13. Not keeping a special notebook or digital document to record ideas for new products and tactics.

14. Cutting costs by letting your insurance coverage slip.

15. Not getting to know your banker better — plus at least one lender from a different bank.

16. Not paying attention to your customers’ personal interests, their support staff, or their children.

17. Not telling staff you have confidence in their decisions.

18. Forgetting that great ideas are less important than how they are executed.

19. Not understanding the difference between leadership ( Where are we going? Why?) and management ( What do we need to get done today?).

20. Not setting up customized development plans for key employees.

21. Deciding impulsively to sell your business — succession events are best planned years in advance.

22. Not seeking out the best URLS and Twitter monikers for your business, whether or not you use them now.

23. Compromising on new hires, rather than waiting for the right candidate.

24. Not hiring outstanding people when you meet them; create their job as you go along.

25. Settling for average. Never accept an idea, initiative or sales pitch without asking “What could we do to make this unforgettable?”

26. Forgetting to say “thank you” to customers and staff. ( Submitted by Kevin D. Hilgers)

27. Failing to use the maxim: “Trust, but verify.” People on your team may mean well, but without guidance they can go off- track. ( Elliot Ross)

28. Failing to put your ego aside and take advice from those with more grey hair than you. You’ll be there soon enough, but for now, listen up! ( Derek Cardy)

29. Hiring anyone with a law degree rather than an experienced business lawyer. ( Catherine B.)

30. Ignoring common sense. Provide a solution for your customers ( and employees) and they will always be your customers ( or employees). ( Dwayne Cann)

31. Hiring misfits — people who aren’t good fits for their job, team or manager. ( Maureen S. Catania)

32. Not firing bad employees. In the long run, they will cost you more than the severance would. ( Jeff Hamilton)

33. Not representing your business in the best light, through poor personal grooming or dressing. You will never know the business you didn’t get. ( Martin Pawlak)

34. Not carving out more time for yourself. It’s not just about balance — you’ll get your best business ideas when you’re relaxing, running, or playing with the kids. ( Amy Laski)

35. Thinking you’re the only game in town! ( AMS Elevators Inc.)

36. Underestimating how long it will take your company to develop traction and become profitable ( leading to dangerous cash squeezes). ( Stan Stanley)

37. Losing confidence as a leader, allowing your corporate vision or strategy to splinter. ( Brad Cherniak)

38. Assuming that a top performer at another company will be a top performer for you. ( Maureen S. Catania)

39. Assuming your receivables will show up whether you chase down the money or not. ( Dave Bell)

40. Not using vendors as a source of cash during cash shortages. ( Dave Bell)

Mistakes are not to be feared — just corrected.