Every business owner will worry about their business and if they are doing the right things. The following are 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. Not being prepared is one of the most common failures in business. 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 cannot maintain a business without it.
2. Not setting SMART goals
Goal setting is a crucial factor in success 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 on a sinking ship. Everything from remote capabilities, protecting your data, and 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 your goals.
5. Not knowing your audience/customer
You will struggle to gain traction in your market without determining and narrowing down your audience. The most efficient way to target your audience is to identify who makes or influences the decisions. Once you have selected your audience, you can pinpoint their needs, goals, and budget. You will likely grab their attention when you make the decision maker's goals and needs the focal point.
6. Overspending/ Underspending
Commonly, business owners fall on one or the other end of the spending spectrum. Some business owners think they must 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 many reasons you should not try to run a business alone. The first reason is that there will never be enough time in the day. Secondly, you can't be an expert in everything you 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 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 depends on someone else telling you what your company is worth, then you will likely be underestimated. You need to clearly understand where your business stands and be honest with your clients so you do not mislead them.
In conclusion, ensure your roofing company avoids the above eight common business mistakes. If you need assistance with your roofing business, John Kenney, CEO of Cotney Consulting Group, is here to help.