7 Mistakes Small Business Owners Make When Investing In Their Own Business

Posted on by Jeremy Overton Posted in Business

Here’s a little preview of my next focus area. I have been compiling research (and continue to) about the habits of small business owners in southwestern Indiana. I’m not finished with my special report yet, but I thought it may be beneficial to begin to expand on some of the anecdotes, experiences, and obstacles we’ve uncovered as we’ve embarked on this process.

I’ll be discussing each of these mistakes at length over the next few months.

  1. They don’t groom a successor.
  2. They don’t maintain adequate liquidity.
  3. They feel a false sense of security by being out of the stock market.
  4. They spend the money in a short-sighted manner.
  5. They “forget about the grandkids”
  6. They don’t clearly separate business and personal assets.
  7. They keep their head in the sand.

Stay tuned . . .

 

UPDATE — HERE IS MY SPECIAL REPORT ON THE 7 MISTAKES SMALL BUSINESS OWNERS MAKE WHEN THEY INVEST IN THEIR OWN BUSINESS

Are your orders digestible?

Posted on by Jeremy Overton Posted in Business, Personal

If you’re like me, you’re a quick starter and all too many times you’ve found yourself starting initiatives and delegating responsibility all in the same motion. Part of having a staff that understands your strategic vision involves giving directions that are digestible. In other words, you probably pick up on concepts, buzzwords, and jargon at an above-average pace, then attempt to regurgitate them to your staff ASAP.

It’s incredibly difficult to implement large projects on the fly, especially when you and your staff are juggling multiple projects. Doing so requires laying out your strategic plans, prioritizing objectives, setting realistic time tables for each, and measuring progress at regular intervals.

Remember, as an entrepreneurial quick-start, you may have a severe disconnect when it comes to communicating with your staff. They may misinterpret your suggestions and observations as set-in-stone edicts that must be carried out immediately. This can leave them clamoring to rearrange priorities as you get back to work, unknowingly leaving a wake behind you.

If you’re not “geared” toward breaking down these grand ideas into actionable tasks and assigning them appropriately (think baby birds), consider delegating to a member or members of your team who are and focus your time with staff on building their confidence, understanding what obstacles they face, and entertaining questions about the principles behind your decisions, and offering feedback.

A Standout Among Midwest Getaways: New Harmony

Posted on by Jeremy Overton Posted in Personal, Relationships

New Harmony, Indiana is a great choice among midwest getaways.  This little town is so cozy and convenient that you can park your car and walk, ride a bike or rent a golf cart during your stay.  Even on foot, you can easily explore enough attractions to keep you busy for an extended weekend.

This quaint town in southwestern Indiana is less than three hours from Nashville, Indianapolis, Louisville and St. Louis.  It’s a great place to unwind and enjoy what some visitors have referred to as “forced relaxation.” 

Each year, thousands of seasonal visitors return to New Harmony seeking inner peace and calm.  A well-known spiritual retreat center for groups and individuals alike, New Harmony features two labyrinths – including one of the oldest in North America. These sacred pathways help with meditation and relaxation.

Looking for a place to hold a larger business retreat or family gathering?  The Macleod Barn Abbey, long revered as a center for group retreats for artists and writers, sleeps up to 29 guests.

You’ll also find a selection of dining and lodging options including more than one bed and breakfast, guest houses and The New Harmony Inn.  If camping is your thing, consider Harmonie State Park, with miles of bicycle and hiking trails just a few miles from town.

You’ll find the merchants in town to be engaging, friendly and approachable.  If you stay more than a day, you’re likely to become a participant in the witty banter that goes on at Sara’s Harmony Way or the Main Cafe in the morning hours.  Listen as locals and visitors alike sip coffee and discuss current events.  Stick around into the afternoon and you can enjoy a glass (or bottle) of wine, a growler of Harmonist Bier and a snack on the patio before you slip away for a quiet nap or stroll. 

You’d be hard-pressed to find a small town in the midwest with a wider variety of culinary, cultural, and historic attractions New Harmony’s. 

You can learn more about what New Harmony has to offer by visiting the New Harmony Business Associates.

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