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How To Do A Family Financial Assessment Not starting a business with enough cash, known technically as being "undercapitalized", is probably second only to not researching your business concept as a major cause of small business failure. This...
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WHEN NITTY-GRITTY DETAIL IS CRITICAL TO BUSINESS SUCCESS

Many entrepreneurs fail to succeed because they won’t, or cannot, sweat
the details. Although it’s important to see the big picture, it is equally
important to get details right. Trouble is; many entrepreneurs view detail
work as boring, time-consuming and petty. After all, they could be pulling
off some exciting deals, instead of wasting time on “nitty-gritty” details.

However, by not dotting the i’s and crossing the t’s, those very same
entrepreneurs could be running a serious risk of having their wonderful
deals come unstuck. The fact of the matter is; even the smallest business
mistakes can be costly in terms of both time and money. These could be
small (but critical) mistakes like:

§ Adding up money incorrectly.
§ Getting customer names, phone numbers and address details wrong.
§ Not getting a web site address correct in an advertisement or sales letter.
§ Not checking local bylaws, regulations etc.
§ Not understanding employment, health or safety regulations.
§ Not checking the fine print on contracts, lease agreements etc.

Yes, simple mistakes like these can be very costly. And, it’s not easy,
when small business entrepreneurs are expected to know everything
and be experts at everything. It’s a tough ask!

Fortunately most entrepreneurs have a positive outlook on life and seem
to bounce back after making mistakes. Although their mistakes may have
been painful at the time, most would put them down to experience and
move on to the next exciting task at hand.

I guess we are all the same. We like to focus on the things we enjoy
doing and things we are good at. It’s only natural when detail work is
viewed as a chore and a bore.

As an example, I hate accountancy work, but I


know it must be done.
Important details like: if I don’t file a tax return on time I will get hit with
penalty interest charges. Ouch! That’s why my accountant handles much
of the “boring” detail for me. I know my strengths and I know what I enjoy
doing – accountancy is not one of them. Despite that, I do understand the
importance of getting the essential details right and that’s precisely the point
I’m making.

So, getting the details right is important, but surprisingly enough, the
opposite is also true. By focusing too much on detail, it’s easy to get
bogged down in specifics and lose sight of the bigger picture. I have
seen many a success turn to failure for exactly that reason. It’s when
the thought, which should be trained on big things, is diverted to attend
to the detail of little things.

The fact remains, that too much attention to details can kill initiative and
redirect the focus away from important goals. However in saying that,
most successful entrepreneurs do understand the importance of getting
details right. Even if they don’t handle the details themselves, they don’t
ignore them. In all likelihood, many entrepreneurs will have learnt that
lesson the hard way.

So, success doesn’t necessarily go to the person who never makes a
mistake. The fact is; those people tend to avoid risks at any cost. Rather,
success tends to shine on those who recognize that life is basically a game
of percentages. It isn't the making of mistakes that's so critical. What’s
really important is fixing them when they do happen, without losing site
of objectives and goals.

About the Author

Noel Peebles. Market Leaders Limited.
http://www.instantsellbusiness.com
http://www.instantsellhome.com

 

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