7 Business Mistakes You Can Avoid

July 5, 2016 4:38 pm0 commentsViews: 48

By : Lucy Adams

7_Mistakes__1In business, no one is immune to risks and bankruptcy. While some entrepreneurs comprehend the science of business through trials and errors, knowing the most widespread mistakes made by both novice and experienced businessmen would somehow lessen the business anxiety.

Although every mistake mentioned below has some unique features and peculiarities, the principal message remains the same which is to encourage entrepreneurs not to repeat the same mistakes. This will ensure that your business will have a bright and profitable future.

#1 Dispersed Target Audience

The lack of knowledge of the target audience is one of the most common reasons for being outcompeted. Before entering the market, the first thing you have to do is to define your target audience.  Who are your ideal clients?  Why do they buy from you?  Make a detailed portrait of your best buyer and try to update your goods and services up to his needs.

#2 Absence of Strategic Planning

Most entrepreneurs are engaged in solving momentary issues but not in strategic thinking. If an employee can afford himself the luxury of being unaware of the strategic development of the company, the owner must permanently think about how to make it better. Mktg_StratTo stay on business for long,  you have to push yourself out of the “momentary thinking” and consider the impact of business decisions on the company development in the long term. How do you see your business in 5 years? What is your plan? What do you need to do today to make your plan real?

#3 Taking an Unbearable Burden upon Oneself

Many novice businessmen try to cope with all the tasks by themselves. They feel overpowered. But no matter how experienced you are, you can’t be a purchasing agent, a loader, a driver, and a seller at the same time. Instead of taking such an unbearable burden, think of how you can build a system to be able to serve 10 clients at a time rather than 2. Hire, delegate and empower staff, whenever necessary, without losing top control. Remember that by encompassing the business by yourself, you are preventing it from going beyond your personality. The fear of losing control is one of the most destructive phenomena in business.

#4 Ignoring the Balance between Private Life and Business

Entrepreneurs often forget business is just a tool to achieve life goals, but not an end in itself. After all, it is only one of the life aspects, and certainly not more important than your family and health. Don’t even think of ruining your private life for the sake of business as it can also ruin your personality.  Set your priorities and learn to practice work-life balance.

#5 Selling of Goods and Services Rather than Benefits and Results

7_Mistakes_3To be honest, people don’t care about you and your products. But they do care about their own needs and problems. Thus, instead of demonstrating licenses and certificates, show your potential customers how your business can solve their problems and make their lives better. Focus on the client needs and talk about results and benefits.

#6 Poor Service

If you have a high-quality product, it’s already half the battle. But to consolidate the success, you should add a friendly service.  Restaurants with great food but poor service don’t last.  Thus, a high-quality service is as important as the product.

#7 Absence of a Well-Thought Marketing Plan

To some extent, a business may become volatile and unpredictable.  But with a well-thought marketing plan, you will have the abilities to act coherently and consistently, to calculate key performance indicators, to predict the future of the company, and much more.  In fact, a business plan consists of about 70% marketing plan and the remaining difference, which covers your goals and objectives, is made by you since nobody else knows your business and your goals as well as you do! 

 

Lucy Adams is a blogger and essay writer from BuzzEssay. Apart from writing, Lucy shows her strength in design, marketing, teaching, and few other fields. She’s constantly in search of best ideas and listens to good suggestions for her next research.

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