Business owners can be a real stubborn bunch. You’d think that, when in decline, these individuals would be more inclined to try new tactics but it’s rarely the case.

These individuals seem to place up blinders, and it’s at this point that *blip* … it’s all over.

These faults, however, can be avoided.

The following will share these three items so, in the event you find yourself in the situation, you’ll be ready to take the right action to avoid having everything come crashing down.

The Right Information … the Wrong Time

The problem: Business owners hear the right information at the wrong time.

What I’m talking about is selective hearing.

As in … the business owner is deaf to innovation and new technology – the very same technology that will aid them in growing beyond the boundaries and limits for which they are stuck.

In essence it’s a missed opportunity.

Business owners are very skeptical about change because it disrupts their business model and regular routine. This failure to change ultimately leads to … failure … due to those emerging in the industry that are younger, faster, and ready to use these new technologies.

What needs to change: Start listening to the younger generation.

The next big wave is generally decided on what’s “hot” within the younger generation because they’re the next round of consumers; they’re also the ones most likely to adapt to the new technology.

So, from now on, keep a pulse on what’s happening with the youth. Listen to the youngest member of your team or community, talk to your children, or become active on younger, hip online communities because they’ll talk about what they’re into … and that’s the information you need to keep going.

Holding back information … the Death Knell for Business

The problem: Business owners are afraid of competitor swiping.

Another common problem business owners fall victim to is this idea that their documents, company “secrets”, and workflow will be swiped by the competition, copied, and then put them out of business.

That’s not, however, how things work … these days.

Yes, it’s important to hold back some information (like financial reports) but those “secrets” are already available because someone is willing to publish and share their findings.

What needs to change: Become transparent and open with your information.

Ever hear of “authority”?

When business owners are resistant to releasing information, to the Web, it’s restricting them from becoming the authority within their industry. The reason, for this, is that people will pay attention to those willing to share valuable information. If you’re the type of business that holds back but a competitor steps in to share that information than you’ve lost the opportunity to become the authority because they’re first to the market with the information.

The content you push, online, will aid in sending your qualified leads to your business because it’s there to show that you’re the one worth trusting, you’re the one with the great product, and you’re the one that will be around for years to come.

Final Thoughts and Suggestions

Tackle these two elements of business and you’ll avoid the most common reasons why you’ll fail as an online business owner.

Listen to the youth to keep up with trends and changes to the industry. Don’t be afraid to share industry secrets and information which will help build authority. Keep your finger on the pulse of your community, listen to the feedback, track technology, and push onward into the future of business.

You’re ready for the next big leap … don’t let these get you.