Business Mistakes. You Want a Successful Business – So Don’t Do This!
Business Mistakes. You Want a Successful Business – So Don’t Do This!
1. Believing that you will start earning straight away. All businesses take time to establish themselves – even internet based ones. People need to know where you are, what you sell and most importantly, that they can trust your company to deliver what it promises. Expect to spend at least 6 months working away at your business before you break even – sometimes longer.
2. Believing that you can set up a business and it continually earns for you. Even a very profitable business needs continual management to ensure that your profit does not erode. Your products and marketing need to continually change to meet the changing circumstances in the real world.
3. Believing that you can earn whilst you are aware from the office. Even if you fully automate your business and hire really good staff, there is always an element of “while the cat is away”. That is why there are so many “absent owner” sales.
4. Being a single product company. As good as your product may be, markets and tastes will change and so must you. If your product is very good – other companies will quickly take action to seize your market share by bringing in similar products at cheaper prices.
5. Not offering upgrades and enhancements. It is far easier and cheaper to sell to existing customers. You do this by offering upgrades and enhancements to their existing products. You should have a group of products at several increasing price points.
6. Relaxing after you success. Businesses need continual effort, management and improvements. Although a product launch is hard work, you should start on your next product shortly afterwards. This will give you sustainable success and several income streams.
7. Believing that a business can be established with little capital. Marketing, infrastructure purchases, stock, advertising and staff all cost money and must be purchased in order to make a profit. Cash flow kills more business than anything else.
8. Believing that you know all you have to. Your competitors may have been in the business longer than you have, your customers may be very knowledgeable. Meeting customer needs is a constantly changing landscape and you need to keep up to date on the latest trends and technology. You need to be able to project yourself as an expert in the field you work in. If you do not have this knowledge then learn it or buy it in!
9. Not investing in your staff. Your staff are the public face of your business. They should be well trained, knowledgeable and well dressed as well as fully motivated to sell on your behalf.
Learn these lessons well, avoid the mistakes at all costs you should save valuable time and resources by doing things right the first time. Good luck.
Business Mistakes You Want a Successful Business So Dont Do This - To learn more about this author, visit Lee Lister's Website.
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All entrepreneurs have to learn from their own mistakes as they build their business, but wouldn’t it be great to have some one tell you what the common mistakes are and how to avoid them? Well here are the common business mistakes – don’t do them!
1. Believing that you will start earning straight away. All businesses take time to establish themselves – even internet based ones. People need to know where you are, what you sell and most importantly, that they can trust your company to deliver what it promises. Expect to spend at least 6 months working away at your business before you break even – sometimes longer.
2. Believing that you can set up a business and it continually earns for you. Even a very profitable business needs continual management to ensure that your profit does not erode. Your products and marketing need to continually change to meet the changing circumstances in the real world.
3. Believing that you can earn whilst you are aware from the office. Even if you fully automate your business and hire really good staff, there is always an element of “while the cat is away”. That is why there are so many “absent owner” sales.
4. Being a single product company. As good as your product may be, markets and tastes will change and so must you. If your product is very good – other companies will quickly take action to seize your market share by bringing in similar products at cheaper prices.
5. Not offering upgrades and enhancements. It is far easier and cheaper to sell to existing customers. You do this by offering upgrades and enhancements to their existing products. You should have a group of products at several increasing price points.
6. Relaxing after you success. Businesses need continual effort, management and improvements. Although a product launch is hard work, you should start on your next product shortly afterwards. This will give you sustainable success and several income streams.
7. Believing that a business can be established with little capital. Marketing, infrastructure purchases, stock, advertising and staff all cost money and must be purchased in order to make a profit. Cash flow kills more business than anything else.
8. Believing that you know all you have to. Your competitors may have been in the business longer than you have, your customers may be very knowledgeable. Meeting customer needs is a constantly changing landscape and you need to keep up to date on the latest trends and technology. You need to be able to project yourself as an expert in the field you work in. If you do not have this knowledge then learn it or buy it in!
9. Not investing in your staff. Your staff are the public face of your business. They should be well trained, knowledgeable and well dressed as well as fully motivated to sell on your behalf.
Learn these lessons well, avoid the mistakes at all costs you should save valuable time and resources by doing things right the first time. Good luck.
Business Mistakes You Want a Successful Business So Dont Do This - To learn more about this author, visit Lee Lister's Website.
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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