Tuesday, April 17, 2012

1. Expect the economic recovery to lift your company out of the doldrums without you putting in much effort. The recovery isn't going to take you along for a free ride.

2. Wish, hope and pray for the "Field of Dreams" syndrome to help you. Just having a good product or service doesn't mean customers will come.

3. Expect your employees to initiate any strategy or tactic without direction, careful guidance and encouragement.

4. Stop innovating. You must constantly have new products, services and pricing. Not to mention new marketing to keep customers interested.

5. Create bottlenecks (aka dependencies) in the company. This could be key employees, a top customer, a critical vendor or the owner. If that bottleneck becomes incapacitated you're stuck.

6. Ignore planning. Even a mediocre strategy does better when you have a plan around it.

7. Forget the tactics; assume your strategy is all you need.

8. Ignore your people. They usually have good answers and just need to be heard from.

9. Coast because you're making a very comfortable income. Coasting becomes stagnation, which leads to a dying business.

10. Bypass implementation. From local to national sources I am hearing that not implementing the tactics necessary to achieve your vision is what bothers CEOs the most.

About John Martinka

Over the last 15 years Mr. Martinka has written over 200 articles, authored a workbook, assisted on over 100 buy-sell transactions and spoken to thousands of people on the subjects of buying, selling or growing small to mid-sized businesses. Some of his related articles and speeches include:

• The Seven Deadly Sins of Business Buying

• Non-Financial Factors Influence a Company's Value

• How to Sell Your Business for What you Thought When Other People Can't

• Growth by Acquisition is the Fastest, Least Painful Way to Grow

• An ACTION? Plan to Sell Your Business

Mr. Martinka can be reached at 425-576-1814 or at john@johnmartinka.com. Please follow him on his website at www.partneroncall.com/johnmartinka, his blog www.johnmartinka.com, and via Twitter at http://twitter.com/johnmartinka He is available to speak to and write for associations and media.

* * * * * * * * * * * *

END END END