| 1. Not having a vision for
your business, or for yourself. |
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Do
you have a personal vision? |
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What do you want
out of your life? |
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What is important
to you? |
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Do you exist
outside of your business? |
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| Have you connected
your vision to your business goals? |
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Is
your business accomplishing what you want, personally? |
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Have you matched
your business goals to your personal vision |
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| 2. Lack of financial management. |
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Do you have current numbers at all times or do you
wait (nervously?)
until year-end for your accountant to tell you how
you did – and what you owe? |
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Do
you measure each division separately?
Should
you? Do you look at your costs regularly? |
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| 3. Putting up with mediocrity? |
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Do you hold your own people accountable? |
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How many people
do you have who you should have fired at least a
year ago? |
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Who are they? |
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Why have you
kept them? |
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What are you
going to do about it? |
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| 4. Failing to see DELEGATION
as a critical element of successful leadership. |
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How
many direct reports do you have? |
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Are you maximizing
the time you spend to capitalize on your strengths? |
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| 5. Failing to allocate TIME
for yourself and your family so you can have a life beyond
your business. |
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How
many hours a week do you work. How many would you
like to work? |
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What are your
hobbies now? What did they used to be before you
got busy? |
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List those things
you would like to find more time to do |
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| 6. Not having a SUCCESSION
PLAN or EXIT STRAGEGY – and not knowing the difference. |
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How
long would the business survive if you had an illness
that incapacitated you? |
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Do you have a
partner or nominated successor who could replace
you? |
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Do you know how
you will exit? |
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How would you
spend your time if you did? |
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Do you view the
business as an asset that will be sold, or as a
cash-flow generator? |
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What changes
would you make if you were planning to sell the
business |
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| 7. Assuming that because
you are good at some skill or trade, you’re automatically
qualified to run a business. |
How many of the following
areas do you handle yourself?
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Rate
your strength in each on a scale of 1 (low) to 10
(high) and indicate whether they could be delegated
or outsourced. |
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| SALES:
(rate 1 to 10) |
Strength ________
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Delegate |
Y |
N |
Outsource |
Y |
N |
| MARKETING: |
Strength ________
|
Delegate |
Y |
N |
Outsource |
Y |
N |
| HUMAN RESOURCES: |
Strength ________
|
Delegate |
Y |
N |
Outsource |
Y |
N |
| FINANCE: |
Strength ________
|
Delegate |
Y |
N |
Outsource |
Y |
N |
| OPERATIONS: |
Strength ________
|
Delegate |
Y |
N |
Outsource |
Y |
N |
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*
From Allen Fishman’s seminal book, “7 Secrets
of Great Entrepreneurial Masters”
and
from Steve Davies, Nassau Chief of The Alternative Board. |
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7
Mistakes That Hurt Business 
