There are many mistakes people in business repeatedly make. There are more than five and how
they rank in importance depends on current circumstances and marketplace trends. Four of the
five listed below are ones that have endured over time. The last one is relatively new. To make
them is human, to overcome them is divine.
Forgetting what business you’re in
Sounds like a no brainer. You see the company logo when you walk into work every day and
when someone asks you what you do at a party, you can ably tell them. But what about day to
day work activities? And what about your company’s long range planning? Does it line up with
your company mission statement? Do your employees know what the company mission
statement says? Why you do something is as important as how you do it, especially in business.
Make sure what you do is in line with your company mission statement and alter that statement
when necessary. If you remember what business you’re in…the why you do something…what
you do every day will be more effective.
Not grooming your people for advancement
Many businesses have scaled back because of the current economy and as a result, people are
doing more than one job at work. But your company will never evolve past reaction and task
management if nobody grooms employees for advancement. As a manager, take the time to
coach and evaluate your employees, find out what they want to do in their careers. Don’t wait for
annual reviews, do this at least quarterly with each person. When someone leaves, if you have
implemented proper employee training and have a good succession plan, the company will be
better off.
Not investing in good employee training
There are plenty of employee training courses, but which ones meet your company’s needs?
Make sure you do your research and pick the program that is best for your organization. Maybe
you can provide in house training with a company mentoring program where higher level
employees provide training for lower level employees. Train your employees to be better, and
you will have better employees.
Not investing in product improvements
Too many companies are focused solely on the short term bottom line and not on the long term
health of their organization. If you cut product quality to make a financial number, it will come
back to haunt you. Your customers will see that your quality has decreased and they will be
reluctant to invest their money with you if you won’t invest your own. Be proud of your
products. Put the fiscal resources behind making them better. It’s short term sacrifice for long
term gain.
Not providing relevant feedback
The millennial generation will soon be the largest segment of the work force. These
people…your employees…think differently than you, especially if you are a baby boomer. They
are driven, but require continual feedback so they may increase their job performance.
Understand this and you will understand your up and coming employee pool. Assign mentors or
try a reverse mentoring program, where less experienced employees teach older ones skills such
as effectively using technology. Shared mentoring allows for feedback your millennial
employees crave and they’ll do the job better. A great article on this subject from The Harvard
Business Review is “Mentoring Millennials” by Jeanne C. Meister and Karie Willyerd.
These business mistakes have such long life because they keep coming back, like weeds in your
garden. But diligently pull these business problem weeds and your company will enjoy the fruits
of success and prosperity from your garden of assets