Jim Muehlhausen, author of “The 51 Fatal Business Errors and How to Avoid Them,” will lead a two-hour workshop starting at 8:30 a.m. Tuesday at the Alhambra Theatre & Dining, sponsored by CEO Focus and Transamerica Insurance. The event is complimentary to the first 150 people who register and $75 for everyone after that. Call 240-4045.
Of “The 51 Fatal Business Errors and How to Avoid Them,” what is No. 1?
Hiring your competitor’s rejects. Business owners are always overly busy and never seem to have time to create training and hiring systems. So they are forced to hire pre-trained people. Typically, these people are found at our competitors. Like all businesses, your competitors hang on tightly to the best employees. The better plan is to hire people of high aptitude and train them.
What was No. 51?
Thinking “my business is different.” All businesses have customers, vendors, and employees. Therefore, 80 percent of all businesses are the same. From this commonality, there are many best practices and innovations that can be applied to your specific business.
Are there any errors more frequent in recessionary times than in a good economy?
Saving your way to success, underpaying yourself, and transforming from an entrepreneur into a shopkeeper. Drastic cost-cutting saved many businesses during the recession, but you cannot cost-cut your way to success. Underpaying yourself is a valid strategy that should be used as a last resort. Lastly, the recession has caused entrepreneurs to cut so much staff and so many expenses that they are forced into everyday production work. That only keeps you around until tomorrow. It does not help you next year.
Why 51?
I found myself taking notes when clients had a problem common to business owners, ending up with a list of 60 or so. After analyzing the list, it was nothing more than picking a catchy number.
Is there a No. 52 that didn’t make it?
Failure to innovate your business model. All business models go stale. Unfortunately, the day-to-day demands of a business make it difficult to find the time to do so.