01 July 2017

5 Mistakes Business Owners Make

Submitted by: Letitia
5 Mistakes Business Owners Make

Hirsch’s Meadowdale recently hosted a very successful Business Networking Morning with over 30 dynamic entrepreneurs within the community eager to network and to listen to Elsa Groenewald’s talk about 5 Mistakes Business Owners Make in their own Businesses.  

Elsa  is a Business Coach with ActionCOACH and admits that during her 25+ years in business the constant for her was always her love for training and inspiring people to develop their skills.  She is committed to helping Business Owners achieve greater success and taking their businesses to the next level.

Elsa started her talk by giving the listeners some statistics on the failure rate.  4 out of 5 businesses fail within the first 5 years.  According to Elsa a lack of experience by owners can certainly play a major part in business’ failure. 

5 Mistakes Business Owners Make in their Business:

  1. They don’t know their numbers.“If you don’t know your numbers, what is the focus of your Business?” It is important for business owners to build a Business Dashboard.

  2. They don’t understand that saving a wage will cost them a fortune.“You may think that the day to day activities of your business are vitally important, but most of the time they are things that Business Owners can hire people to do.”

  3. They forget what Business they are really in.“When your Business is based on discounts, guess what kind of customers you’ll get? You will get discount customers.” Don’t Discount, add Value.

  4. Failing to realize the importance of cash flow, not just profit.

  5. They don’t use Targeted Marketing.“Even a marketing giant like McDonald’s has a limit to who they market to.” Not all products or services are applicable to all people.  A well-defined target market is the first element of a marketing strategy. 

After Elsa’s talk each of the networkers was given the opportunity to present themselves and their business in a 30-second ‘elevator pitch ’, followed by some lucky draws, networking, sharing of business cards and enjoying some refreshments.

If you would like to join Hirsch’s Networking Mornings contact Letitia Haywood on This email address is being protected from spambots. You need JavaScript enabled to view it.