Ep. 206 - 5 Common Business Mistakes: That’s Killing Growth and Forcing You to Work Harder

In this episode, Robert and Kay Lee Fukui discuss five common business mistakes that hinder growth and profitability while affecting work-life balance. They emphasize the importance of focusing on profit margins rather than just sales volume, the pitfalls of discounting, the necessity of tracking financial metrics, the value of hiring help, and the need for training employees to ensure business success and personal fulfillment.

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Key Takeaways

• Focusing on volume not margin

• Lower prices/discounts to attract more customers

• Not tracking metrics: doing the same thing over and over again expecting different results

• Too cheap to hire

• Not willing to train

Sound Bites

"Five common business mistakes."

"Focusing on volume, not margin."

"Lowering prices to attract customers."

Chapters

00:00 Introduction to Common Business Mistakes

01:29 Focusing on Volume vs. Margin

06:10 The Pitfalls of Discounting

12:55 Importance of Tracking Metrics

19:19 The Cost of Not Hiring

22:09 The Need for Training Employees