Mistake No 1 - No testing or measuring:
Most of the business owners don’t do any testing and measuring for any of the business activities they do. Without testing and measuring, and therefore putting numbers to their various activities, they don’t know where they are, let alone where they are going . With the numbers, the business takes on a totally new meaning. They are able to read the health of their business by the flow of numbers. They become familiar with their business numbers, just as their doctor is familiar with their blood pressure and pulse rate.
Mistake No 2 - No Business Development Program:
Most of the business owners are busy running their day-to-day operations. They either spend no time or spend too little time in developing their business. And unless they spend specific time, in a specific manner on developing their business their business does not grow. And if the business does not grow, it will eventually die .Or if it does grow, they would not be able to handle the growth.
Business development program is the step-by step process , through which the business owner converts his existing business or the one he is about to create - into a perfectly organized model .
Mistake No 3 - No unique way of doing business:
If a business cannot articulate clearly and concisely, his or her company’s unique way of doing business, they have a big problem on their hand . It means that it is a ‘me too’ rudderless, business that feeds solely upon the momentum of the marketplace. There is nothing unique, there is nothing distinct. They promise no great value, benefit or service - just buy from us for no justifiable reason.
It is no surprise that most businesses merely get by. They only get a small share of potential business. With no unique benefit, no incredible price or selection, no special service or guarantee, why should customers prefer a particular firm.
Mistake No 4 - No customer knowledge:
Do you know who your customers are? Do you know why they buy from you? Unless you know the answer to these two questions, you don’t know what you are doing. You are doing things arbitrarily rather than scientifically. And if you are doing things arbitrarily, you have no control over the results which you will get.
Big companies take such things extremely seriously and spend huge amount of money and time to collect this information and utilize the lessons to perfect their marketing strategy. A small business is far more fragile than a big business. So if anything, they must take this even more seriously than big business.
Mistake No 5 - Not implementing multiple marketing efforts:
If your entire marketing effort is dependent on just one or two marketing strategies, you are skating on very thin ice. You need to develop a series of interconnected sub-strategies; each connected and integrated to a single theme. By developing and implementing, multiple marketing efforts, your company will progress on a rock solid and calculated basis.
Mistake No 6 – Having no systems in place:
Do you have a selling system? If you do not have a system, which is documented and sales staff are trained on, you are leaving an unknown amount of business on the table. Just following a system can produce a 100 percent to 500 percent increase in sales.
Do you have an accounting system? Do you have a purchase system? Do you have a schedule of repetitive tasks? Do you have a training system for the people you employ?
If everybody is doing various activities, through their own discretion, their own choice, their own method do you know what you are getting? You get a huge level of inefficiency and activities which are completely person dependent. That person leaves the job and you suddenly have a big problem on hand.
In fact without a system, what you are producing is chaos and not order.
Mistake No 7 - Not hiring effective, capable, motivated employees:
Even if you need to hire only one employee, you need to hire a capable employee. Employees should not be hired just because they are known through some friends, or they are related to you.
First, identify the most important knowledge areas, skills and abilities the ideal candidate should possess. Next, create the same specific questions that you will ask of all candidates that will clearly demonstrate to you, that they have these critical factors. Ask that person to demonstrate the skill, solve a problem, or write or create something that clearly and concretely provides you with the proof you need to make an informed decision.
Never, ever hire even a moderately qualified person just because you need someone now. That rushed hire will likely become problematic. So take your time and make sure you have the best person possible for every position. You and your company will be pleased with the results.
So there you are. Avoid these seven mistakes diligently and you are on your way to a successful business.
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