Five mistakes impacting your small business

Five mistakes impacting your small business
June 18, 2013 Linda Murray

Building a business is exciting, highly motivating and can even be fun. But it also involves hard work and lots of strategic thinking, because on the way to success, there are many unexpected obstacles and pitfalls. The good news is that you can grow a successful business in any chosen field. The most important prerequisite is to ensure that your mindset matches your plans. Great results won’t come over night, but with determination, focus and most of all a strong belief in self you’ll make it happen. Think big and bold, and follow your ambitions with passion and drive. And on your way, pay attention to the five mistakes you need to avoid

1. Paying too much attention to what the others do

To be successful in business, you need to stand out. Copying the competitor, who probably copied from another competitor, will only make you one in many. Chances are that customers will hardly notice you. Look at your unique strengths and skills and use them to turn an ordinary product or service into an extraordinary one. Work on what you are passionate about, match it with what your customers want, and people will pay attention.

 2. An unclear vision and lack of strategy

The more accurately you define the vision for your company, the easier it will be to create an action plan and to market to your niche. Don’t over think the process and do not try to achieve perfection before you start to take steps, as it will only delay progress and have a de-motivating effect. Use SMART goals to move forward:

  • Specific
  • Measurable
  • Accountable
  • Realistic and
  • Time specific.

3. Not having a strong marketing plan

Even the most innovative product in the world won’t make you any money if nobody knows it exists. That’s why smart marketing plays a crucial role in your business success. It means having an in-depth understanding of who your customers are, their concerns and preferences, and offering them tailored solutions. Consistency is key – in the messages you send out and in the frequency of your communication.

4. Not charging for your product

You have a great product and offer excellent customer service but can only charge so much because the market does not allow for more or the competitor sells it for less. Wrong! and one of the biggest mistakes in how small business owners think. There is a market for quality products, and customers will be prepared to pay the price for added convenience and better service. Cutting prices can lead to a dangerous downward spiral that affects your cash flow and can create serious problems.

5. Trying to take care of it all

The process of building a business with all of its numerous tasks can be overwhelming at times, and busy activity is often mistaken for what needs to be done to grow the business. Focus on your strengths and talents and delegate the other tasks. And last but not least, make sure to align your business goals with your personal goals to keep a healthy work-life balance for better performance.

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