Every business owner will worry about their business and if they are doing the right things. Cotney Consulting Group is going to list out the top 8 most common mistakes business owners make with their roofing business. Is your company currently making any of these mistakes?
1. Not planning properly
The number one mistake in any business is not having a plan. Having a business plan is always the first thing you think of when starting a business. Sticking with your plan and adapting to change is where many owners go wrong. Ask yourself if you are an expert in the roofing industry? If you are not, be sure to hire someone who is. On top of your overall business plan, you need a financial and marketing strategy. This is time-consuming, but you will not be able to maintain a business without it. Not being prepared is one of the most common failures in business.
2. Not setting SMART goals
Goal setting is one of the key factors in succeeding in life and business. Utilizing the SMART technique will ensure you keep your goals on track. Specific- Make sure your goals are clear and defined measurable – What will be the evidence to show that you are making progress attainable- Make sure your goals are reasonable Relevant- Goals should align with your long-term plan Time-Based- Set ambitious end dates for motivation Using the SMART goal setting strategy will transform how you set your goals and achievements.
3. Avoiding Technology
Unwillingness to adapt to new technological advances will hurt your business. Technology will save you time and effort. Instead of doing everything by hand, you can allocate some of your responsibilities to your technological systems. 2020 has set new obstacles for business owners and the critical use of technology. If your company has not yet adapted to adding new technologies to your business, you may be currently in a sinking ship. Everything from offering remote capabilities, protecting your data, cloud collaboration to corporate transactions now more than ever needs to be enhanced with technology.
4. Fear of Failure
Fear of failure can be defined as a temporary cognitive and emotional reaction to a threat to potential achievement. Fear can sometimes compel you not to act on things that will change your business for the better. It will confine you and stop you from taking action. It will force you to play it safe, which will block your chances of long-term success. When you allow fear to consume you, it will stop you from doing the things that can move you forward to achieve our goals.
5. Not knowing your audience/customer
The most efficient way to get a target your audience is to identify who makes or influences the decisions. Once you have determined your audience, you can then pinpoint their needs, goals, and budget. When you make the decision-maker's goals and needs the focal point, you are likely to grab their attention. Without determining and narrowing down your audience, you will struggle to gain traction in your market.
6. Overspending/ Underspending
Commonly, business owners fall on one or the other end of the spending spectrum. Some business owners think that they need to purchase the most expensive equipment and services to run their company. At the same time, others refuse to spend much of anything to grow their business.
7. Trying to Do It Alone
There are a lot of reasons you should not try to run a business alone. The number one reason is that there will never be enough time in the day. Secondly, you can't be an expert in everything you will need to accomplish. You can always learn from others, and having a second pair of eyes is still the right decision. Running a business alone is a very lonely world and can quickly wear you out. This may lead you to be tired of your business faster.
8. Undervaluing your services
Many business owners find it challenging to understand the real value of their company thoroughly. This usually leads to insecurity manifesting, and this behavior can lead business owners to either undervalue or overvalue their company. If your confidence in your company is dependent on someone else telling you what your company is worth, then you will likely be undervalued. You need to have a clear understanding of where your business stands and be honest with your clients, so you do not mislead them.
In conclusion, ensure your roofing company is avoiding the above eight common business mistakes. If you need assistance with your roofing business, Cotney Consulting group is here to help.
Cotney Consulting Group wants to help your roofing business enhance your leadership skills and develop team-building strategies that will strengthen your team's trust, improve company morale, and overall lead to increased productivity.
To schedule your free consultation, reach out to cotneyconsulting.com or call (866) 303-5868 for more information.