Tag Archive business

5 Biggest Mistakes Many Business Owners Make And How To Fix Them

Are you making these mistakes?
Most probably!
You are going to learn what they are and how to fix them. So, let’s check it out.

Image of an ad for a car’s service prices.

First Mistake

Business owners try to do everything themselves. If you do this, you are going to drive yourself insane and burnout. If you are doing:

  • all the bookkeeping,
  • the marketing,
  • opening in the morning,
  • closing at night
  • the advertising
  • answering all the calls and
  • taking care of customers

You are going too quickly and found that you built yourself a job and not a business. That’s not a situation you want to be in because you limit the growth that your company can go.

Solution

The solution to this is obviously simple:

  • delegate to your employees,
  • delegate to another company
  • hire people that can help you
  • find a marketing company
  • find a bookkeeping service and
  • other services that can help you with your business.

When you do this, you’ll find more time to spend on developing your business, instead of working in your business. You never want to work in your business, you want to work on your business. So, learn how to delegate.

Second Mistake

Focusing on one type of marketing is not enough.
There are many types of marketing, you should be really taking part in all of them to really get the best marketing and advertising campaigns possible. These are the most used today by successful businesses:

  • online marketing
  • print marketing
  • direct mail and
  • depending on your budget, TV, and radio

Solution

Naturally, the type of business you own depends on the type of marketing you do.
Therefore, if you’re an online business you may want to spend a little bit more time and money in online marketing, but it doesn’t mean you should eliminate all the other ones. Here are other ways to go even further:

  • do video marketing
  • if you have a website, do website SEO
  • video SEO
  • do paper click campaigns
  • you can do banner ads
  • focus on social media.

There are a hundred and one different ways to go and each category can go deeper, and deeper. As an example, if you want to do video marketing:

  • do video SEO marketing
  • Google marketing or
  • YouTube marketing.

It will take some time and it may cost you a little bit of money, but in the result, you will have a  very powerful marketing campaign that will take your business to a higher level.

Third Mistake

Most business owners think that they are marketing geniuses. The truth is, they’re not!
There are a lot of things you can do on your own, there is a lot of research you can do and you can learn a lot of things. But really be honest here, the focus should be on your business.

Solution

What you should do is hire employees who know marketing or seek out a marketing company. Hence, if you want to do video marketing, hire a video marketing company, if you want to do print advertising, hire a print advertising company and so on.
Don’t be tempted to do the marketing yourself. Unless you have the experience, it will never be as good as a professional company.

Fourth Mistake

Most business owners don’t cater for their customers. As a business owner, there is a lot you need to be doing and like I mentioned in the second mistake, you should be focusing a lot on marketing. If you are, that’s awesome, but you cannot forget to cater to your customers, they are your business.

Solution

Focus on the customers you have because you need them, so give back value again, and again. If you’re spending too much time on marketing; driving new customers into your business, that’s great. But what happens if they don’t return? Your customer service and products should be so good that they think you are over delivering.
There are a few things you can do to ensure your customers are happy, and they come back to you time and time again.

For example, if a customer comes back often:

  • if you own a coffee shop, offer them a free cup of coffee sometimes or
  • own a running store, maybe give them a water bottle with your logo on it or
  • you have a retail store, give them a discount on the next purchase or
  • if you own an online store, you notice that some customers are buying from you time and time again, contact them, let them know you’re thankful for the business, and then offer them a discount code to use on their next order.

Small things make customers happy, and they end up telling their friends, and they say, hey this company gave me a free water bottle or I have a free cup of coffee here or this company gave me a discount on my last order because I buy from them so often.
People will talk about your business and that’s what you want, you want word of mouth because that is the best type of marketing you can do and you can’t put a price to that.
That’s what you want as a business owner. You want your customers to go out and tell other people about it. If you’re doing things right, your customers will go out, and they will tell everyone they know about your service. Another great thing you can do is to run a contest or a giveaway to get people involved

Fifth Mistake

They don’t listen or test new ideas, and this is really important for any of business because business is always evolving, methods are always evolving. Therefore, if you’re not changing things and moving with the trend, you will get left behind and if you haven’t changed anything, or tested anything in the last 6 months, it’s about time you do…

Solution

The best way to do this is to ask your employees or ask your customers what they like and they don’t like or what they would change about the business.
Ask about ways to be more efficient, the things that they would change. Once you start getting a list of ideas together, you can pick the best ways and start testing and changing. However, before you implement something to make standard procedures, you should always test it. What may look like a great idea, may not be so great once put into practice. But what doesn’t seem like a great idea could end up being a winner, so the only way to do this is to really just test it, and then find out what works.
Try to understand and listen to your customers they are keeping you in business. Hence, make sure that they are happy. If there are things that they don’t like, change them.

Good Companies Grow, No Matter The Market Conditions

Introduction

Good companies grow and every single business demands growth and double-digit growth is the vision of every dedicated business owner, even when uninspiring results show up at the end of the quarter.

Most business owners need a funnel to navigate their way toward considerable, sustainable growth.  It can be done even in a slow economy as demonstrated by such companies as Harley Davidson, Starbucks, and WalMart.  Even smaller companies such as Paychex and Oshkosh Truck have been able to make gains in revenue, gross profits and net profits.

Here are 5 simple techniques that show how good companies grow:

1. Hold On To Your Customer Base:  Keep the growth that you have already earned by coaxing customers into complex relationships that make it a hassle for them to switch to your competitor.  Modify your products/services using data gathered from your customers giving you an advantage.  Proactively managing customer defections will help you predict and anticipate them. Bonding with customers wherever sentiment is tied to an interaction is another great way to retain them.

2. Gain Market Share At The Expense Of Your Rivals: Give customers a reason to abandon a competitor’s product/service for yours.  Do what it takes to lower the switching costs.  Pulling customers away from a competitor can be difficult, so you must devote many resources to raiding their customer base.  Offering higher value and quality are crucial to this end.  Buying a competitor is another way to do this, but costly in the short term.

3. Take Advantage Of Market Position:  Illustrate where growth is going to happen by spotting it early.  This can be done by watching the industry for shifts in buying criteria, product or service innovations, and population trends.  You must be able to spot positioning opportunities to make the most of them by continually using a systematic approach to the process.

4. Occupy Adjacent Markets: Before moving into a nearby market, decide whether it offers significant long-term growth and profitability.  Determine whether you have an advantage over a competitor, and ensure you can match its standards of quality and value.

5. Invest In New Lines of Business:  If you take this approach, never overpay for a new line.  You must find simple strategies instead of complex ones, and partner with the new business by assessing its leadership team and balance sheet.

Conclusion

For a business to have a successful growth portfolio, may not need all five of the disciplines mentioned above, but it must contain more than one for the company’s growth.  Only a balanced growth portfolio can keep an organization growing when the market shifts dramatically. This is how good companies grow.

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