As I said in the intro to my last post
I’ve been ‘in business’ for fifteen years now… and during those years I have learned a lot!!! Bu,t I’m still surprised when I hear business ‘myths’ that were around when I started out (and no doubt, long before I started out).
In the post Business Myth-Busting I busted the four of my ‘favourite’ business myths. Well, it’s time to bust a few more …
Myth 5: Pay yourself first
Now, this is a great theory, but there are times when almost every business owner has lain awake at night wondering if they’re going to pay their own mortgage tomorrow, or pay their staff wages. I am by NO MEANS suggesting you shouldn’t pay yourself first , but it is a myth that all business owners do it all the time … and is closely linked to myth 4: Everyone else is doing OK, why am I struggling?
Myth 6: Everything I need to know about running my business can be found on the internet and in books
Books and quality internet sites provide valuable information about running a business. No doubt about it. And if you want to understand how to convert that information into wisdom in your own business, you’ll need an objective interpreter. One of the key challenges for business owners is choosing WHICH pieces of the information avalanche to pay attention to, and which pieces need to go through to the keeper. All too often I see business that are struggling because they are a mish-mash of strategies and tactics that don’t ‘fit’ together because the owners keep implementing the ‘latest’ thing they’ve read over the top of what already exists. By all means, keep reading, ‘drink deeply’, in fact, from quality sources of information. But you need trusted experts to help YOU piece it all together in YOUR business.
Myth 7: I don’t need a plan
(sometimes known as, ‘there’s no point in planning because everything changes so fast’) You wouldn’t drive to a new destination without a map or visit a new country without at least referring to a tourist guide. Why then the notion of not needing a plan for your business? A plan for your business provides direction and reference points, enabling you to stay on track. It doesn’t have to be huge and it doesn’t have to be ‘final’. In fact, my business plans are captured on one-page and I update them every 8 weeks. Business owners without are plan, in my experience, are generally lost and chasing their tails, wondering why things don’t improve. You need a plan.
Myth 8: There’s a magic bullet that will ‘fix’ my business.
As fantastic as this would be, it would, kind-of, take the fun out of the game. Wouldn’t it? :-) Every business is as unique as the people behind it. Therefore the formula that works for your competitor, your associates or for the industry ‘star-performer’ won’t work for you. Parts of their formula might work (and my all means, learn from others’ experiences) but your business model and strategy are based on a unique bundle of resources structured in a unique way. Stop looking for the ‘one thing’ that will ‘fix all that ails ya’ and instead focus on strategies that will yield the best return on effort FOR YOU. What myths have you busted in your time as a business owner? And what myths do YOU hear that you’d like busted once and for all?
