Are you making these business mistakes?
Experience helps business owners make more informed decisions. So, if you are new to entrepreneurship, consider taking advice from an experienced person so that you can avoid making common business mistakes. It is important to note that mistakes are inevitable, regardless of how skilled you are. Yet, success can come a little easier, if you avoid a few common mistakes. As you read, try to identify any common business mistakes you find relatable, and share them with us in the comment section below!
Direct competition with already established businesses
Avoid direct attacks on any already established businesses that you consider your competitors. It is a bad idea to compete for the same customers in the same way they do because they have already gathered experience pass you!
Seriously, this actually exists as a strategy, you have to be smart and play it right. It is easy just to say “I’m better than them”, but it doesn’t make you better; so instead, try to show your audience why you are different from your competition. Maybe you could try and target a specific segment of the market you think of as the most suitable for you in a special way. Or you could try something new, something your competition is not doing, so that you are unique. This doesn’t have to be something big or bank breaking, but it should be something worth remembering, such as appealing to their emotions. See free tips abeg!
Go easy with unplanned expenses
It’s so easy to spend money on your day to day activities. Believe me when I say it is even easier to do so in business. Every day you are bombarded with reasons that will seem like a great purchase, things that were not included in your budget before. These things will feel NECESSARY! You’d either start thinking of how fast that new laptop would be, or ideas that will make you go viral, lol. This can be in the form of ads, employees, consultants, sales, software, equipment and many more ideas. We understand the need to blow, but please, take it easy. Make a list of only what is essential to you to achieve your goal in that particular moment. Making too many exceptions from your weekly or monthly budget can lead you to places you don’t want to go.
Track your income and expenses with dillali. Find out more how dillali can work for you.
Don’t rush in marketing
Walk before you leap in marketing. However, like we said, you will make mistakes, so don’t beat yourself up too much when it eventually happens. Basically, don’t be too cautious to try new things, but yet, be careful. We’ve got a few tips here to share:
-Never spend a lot of money on a marketing program until you see that it brings you profit. Test it small-small till you are sure of its value.
-If something works for someone else, it doesn’t mean that it will work for you. So, avoid follow-follow, learn the tricks to be sure that it applies to your business.
-No one can guarantee you results for sure, no matter if that is a marketing expert or a marketing agency. Leave room for disappointment, these things happen.
-Always try to start with small tests and measure all the results.
-Communicate with your customers to discover how they know about your business and track their responses so you know what to focus and promote. You could be focusing on a particular method of advertising which costs you and that may not even be what brings in customers. Get feedback from your customers to be sure, so if that is the case, you can save and focus on more effective marketing methods.
It could take a while before you figure out what works for your business best; the right media or copy to use, what kind of advertisement you need, etc. So, don’t rush. Take your time to measure results, test and optimize.
Appreciate your employees
Forget what stage your business is at, you should always appreciate the work of the people helping you. Pushing too hard and not giving them a break can only result in lower productivity because they will burnout. Body no be firewood. If people are doing a good job, let them know that you are impressed by what they do. You could do so through little but sweet gestures like publicly praising them. It boosts confidence! Even though it is hard to manage people, being too bossy, harsh, demanding and always micro-managing would not get you good results in the long term.
Nurture the relationship with your customers
People mess up here by focusing only on making sales and forgetting about building a relationship with their customers. You need to know your customers. There will be problematic situations that you will have to handle: complicated payment terms, faulty products you need to refund your customers for, or impossible requests. You will deal better with any kind of situation if you are familiar with the customers and try to maintain a good relationship with them. Customer engagement is crucial in growing your business and understanding what your audience really needs. Find time to listen to your customers and give them good value for their money.
We hope that you will find this useful and avoid these five business mistakes as you navigate entrepreneurship. Don’t forget to share your experiences with us in the comments section!
We look forward to hearing from you.