10 Business Poverty Habits – Wealthy Share Valuable Business Mistakes in New Study

Tom Corley, here, Bestselling author of Rich Habits – an Amazon Best Book of the Year. I spent five years studying the daily habits of wealthy, successful people. Many business owners and entrepreneurs were part of my study. The information they shared with me about the daily habits that can make or break a business are revolutionary and invaluable. Interestingly, many of the mistakes they made in growing their business were critical to their success. Business mistakes, upon reflection, stand out like missing teeth in a smile. They are so obvious after the fact. You wonder how you could have ever been so dumb. But making mistakes is part of being a successful business. In fact, every successful business is a mouth full of missing teeth. These mistakes offer a learning experience that can never be reproduced in a classroom. Mistakes are the real-life business MBA. Business mistakes cost you money. They cost you customers and clients. Because of this, mistakes become imprinted on your brain. They are scar tissue on the brain. Forever there and forever remembered. In an effort to save you from missing teeth or scar tissue, this article will focus on business mistakes you should avoid.

1.  Poor Quality
High quality products or services are the cornerstone of every business. Quality keeps customers/clients coming back. Businesses that produce average quality are perpetually in search for new customers/clients. New customer/client acquisition is a far more expensive proposition than than keeping the old ones satisfied and coming back. Businesses that produce average quality are always just getting by. They eek out a living.

2.  Lack of Customer/Client Feedback
The most successful businesses are in a constant search for customer/client feedback. This feedback is crucial as it provides important information on what you are doing right and what you are doing wrong. Every business should ask for feedback on the products/services they provide. Ideally, this feedback is most valuable immediately following a product sale or a service provided. Timely customer/client feedback allows your business to make course corrections in order to improve quality.

3.  Over-staffing
Successful businesses keep employee staffing levels at the bare minimum, even during growth phases. These businesses hire reluctantly. They, instead, rely on a core group of highly competent and proven staff members for 80% of sales and fill the 20% gap with seasonal or part-time employees and outside contractors.

4.  Procrastination
Successful businesses adopt a “do it now” mindset. They don’t procrastinate on meeting customer/client needs. Procrastination results in a “put out the fire” response to meeting the needs of customers/clients. Oftentimes, this “put out the fire” response results in poor quality, dissatisfied customers/clients, lost customers/clients and potentially litigation, costing the business valuable time and money.

5.  Lack of Goals
Successful businesses set action-based goals for their organization. These goals are in writing, constantly monitored and revised to meet an ever changing business environment. Successful businesses understand the difference between a goal and a wish. They know that wishes do not come true. Goals do.

6.  Failing to Keep Up With Your Competition
Successful businesses are tuned in to their industry. They read their industry periodicals immediately for industry trends and new opportunities. They adapt their business to industry changes. They are constantly in “self-improvement” mode; always improving/expanding their core products/services to match or exceed their competition. successful businesses have their fingers on the pulse of their industry.

7.  Your Product/Service is a Commodity
Successful businesses always have a gimmick. They do something that stands out from their competition. Their products/services are not a commodity. They are unique in some way.

8.  Poor Marketing
Successful businesses have a unique marketing strategy that sets them apart from their competition. They do not follow the heard in terms of marketing strategy. They create their own proprietary strategy through trial, error and brainstorming sessions with their staff and business partners.

9.  Not Understanding Customer/Client Needs
Successful businesses know their customers/clients. They understand their needs. They create high quality products/services to meet these needs.

10.  Failing to Meet Customer/Client Expectations
Successful businesses exceed customer/client expectations. They always try to deliver on a promise. Customers/clients are always satisfied when you subscribe to the rule to undersell and over-deliver.

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Thomas C. Corley About Thomas C. Corley

Tom Corley is a bestselling author, speaker, and media contributor for Business Insider, CNBC and a few other national media outlets.

His Rich Habits research has been read, viewed or heard by over 50 million people in 25 countries around the world.

Besides being an author, Tom is also a CPA, CFP, holds a master’s degree in taxation and is President of Cerefice and Company, a CPA firm in New Jersey.
Phone Number: 732-382-3800 Ext. 103.
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