Many entrepreneurs have approached the marketplace with their best products and offerings, yet were unable to survive the harsh business world. Studies have shown that it is not the best manufactured products that win at the marketplace. For your business to thrive, you need to be aware of not only what you need to do to stay competitive, but, also what mistakes to avoid as you run your business.
In this post, I have highlighted the common business mistakes entrepreneurs make in running their businesses. Take note of them and consciously work towards avoiding them as you wouldn’t want to add to the growing statistics of failed businesses.
Random uncoordinated activities
It is often said that he who fails to plan, plans to fail. To run a successful business, entrepreneurs must be systematic in their approach to business. Random activities would get you nowhere. Rather carefully orchestrated business process will lay the road map for a sustainable business.
Laying measurable plans will help you move from where you are now to where you want to get to faster.
Poor feedback analysis
Not all marketing efforts will yield positive results. If we fail to get the expected results, it is important that we try to look at the various steps we took in launching the failed marketing strategy. That way we would be able deduce why we failed and know how to carry out a better campaign next time.
No written marketing plan
Many business owners neglect the power of written plans. Trying to commit to memory every marketing detail or insight that comes to mind is foolhardy. Nothing beats a written plan. Writing down your marketing plan will enable you get clarity on how to achieve your pans.
Random and poorly planned sales strategy
Being clueless on how to drive sales for your business is like going fishing with a nail as bait. Sales is one of the business processes that generates revenue for your business and should be managed systematically. Knowing where your customers are and what they want is key in designing marketing strategies to attract their patronage. Going to market without a specified market segment to sell to would definitely prove counter-productive.
Poor market intelligence
Every business outcome has to be critically analyzed to be able to make inferences. Business people should be able to use data analytic tools such as PESTLE,SWOT,PORTER’S FIVE forces to analyze their businesses every now and then to be able to know what works and use that data to plan the next line of action.
Marketing is a delicate and sensitive business process. It takes time to develop and execute a marketing plan. Taking on many marketing projects all at once is a bad strategy and will not get the desired result .When we try to juggle too many business processes at once, we surely would make mistakes-mistakes that are likely to hurt our business in more ways than we can imagine.
Wasting resources on business processes that do not work
If a business process fails, that process should be reviewed and lessons drawn from that outcome. There is a thin line between perseverance and sheer ignorance. Do not continue on a marketing strategy that does not work in the name of perseverance. Constantly measure business outcomes and discard any business dealings that seem to be short-circuiting your efforts in growing your business.
Poorly crafted marketing message
In crafting your marketing message, clarity is key. Reduce business noise in your business by being clear on your business’ offerings. Develop a one-liner that will tell what your business is all about. Communicate this one-liner down your team and copy it on all your marketing collaterals.
Working in business
It is no longer news that most business owners work in their businesses as opposed to working on their business. Entrepreneurs should learn to have a bird’s eye-view of their businesses,this way they will be able to know which areas of their business that need attention.
Business owners should make out time to ‘leave the building’ and visit the marketplace in other to gather intelligence that could be useful in growing their business.
CEOs should not be bugged down by the daily operations of their business as to forget looking out for ways to develop their business.
Avoiding marketing because it seem complicated
Marketing arguably is the least understood discipline in the business process. It is an aspect of your business that you cannot neglect. If you do not have the right skill set…you could outsource your marketing or hire marketing professionals to help you with that. Do not neglect marketing for any reason.
Having a single means of generating business
While I am an advocate of being focused on one task at a time, it is unproductive not working out other avenues of generating revenues for your business. Diversify your marketing and sales strategy .For example instead of using only traditional marketing strategies you could also use digital marketing strategies to grow your business.
Poor records of customers contact details.
Growing your customers is as crucial as monitoring your cash flow. In today’s business world, entrepreneurs need to keep good records of their customers. A database of your customers’ information is an invaluable tool in designing strategies to grow your business. A business with a low customer base would make frantic marketing efforts to grow their customers through marketing campaign targeted at attracting new customers.
Not being clear on why anyone should buy from you
Yes it sound odd that a business owner would find it difficult to explain what his business is about.And it is common among business owners. The reason for this is a lack of clarity and ambiguity in their approach to crafting their business’ marketing messages. With multiple value propositions flying here and there business owners must learn how to communicate their value propositions in simple terms that will resonant with their target customers.
Anticipating good business outcomes without commensurate effort
This is a common practice with many entrepreneurs. Waiting for things or business outcome to improve without some level of action or strategy to illicit same is bad. Newton’s 3rd law says something about actions and reactions being equal and opposite…so it is with your business. If you do not come to the market with some growth strategies to scale up your business, your business will most likely take a swipe from your competitors’ activities that may prove quite deadly for your business.
I hope you consciously look out for these pitfalls in your business and be proactive in your approach towards your business marketing efforts.