Mistakes are a part of life – everyone makes them. What’s important is we learn from our own, and others, business mistakes to build a happy and successful business. What’s more interesting is there are a set of common business slip-ups that happen over and over again.
What are the top business mistakes you can learn from?
You don’t have a website
According to not-for-profit organisation SCORE, “Just 51% of small businesses have websites.” This is a huge mistake, particularly for local business with more than half of researches being local.
You don’t track results
It makes sense. If you don’t track results, you don’t know what works. Ideally, you’ll be tracking any paid marketing (Google Anlaytics, PPC ads, incoming calls, leads etc.) If you’re not doing this, how can you learn from your mistakes? Chances are, you don’t even know your making them.
You don’t know your competitors
Here’s another perfect opportunity to learn from what is and is not working. Find at least 3 competitors similar to yours that are doing well. Figure out what is working for them, and learn how you can do some similar (yet better!).
You’re trying to reach the wrong audience
Without a clear idea of who your existing customers are (and who you want them to be), you’re marketing spent could be going straight out the window. Study your audience, really get to know their likes and dislikes as well as other relevant information such as demographics, build client personas around this, and have them front-of-mind in everything you do.
You don’t know marketing
There is only so far a business can go when the owner has very little knowledge of marketing. You don’t need a University degree to understand why marketing is important, and it’s basic principles. Even if you’ve hired a marketing expert, you need to understand what they’re doing and why. There are plenty of ebooks, cheat sheets, articles, and podcasts that can teach you anything from the basics to advanced marketing strategy.
You put more work into your social media accounts than you do your website
No matter how popular your social media channels may become, don’t lose sight of the importance of a website. All your social media efforts should ultimately lead back to your website, where all the information and resources are. You know what they say, don’t built on rented land.
Falling in love with your product
When you create a product or service, there’s an understandable bias. You probably think it’s the best thing since sliced bread. While it’s great tp believe in your product, you need to make sure you don’t lose sight of what else can be done to make it better.
Not setting the right goals
Setting clear, measurable goals for both the short term and long term can be deceivingly difficult. Make sure you short-term goals are directly related to your long term goals, and have a clear idea of what needs to be done to get there.
Being cheap on marketing
It’s shocking how common this is. You should always have a marketing budget, and this number needs to be decent. Marketing is how you get more leads and sales! Don’t under-estimate it’s power when done correctly. Consider your goals whens etting your marketing budget
Doing everything yourself
This a real issue for business owners, particularly in small businesses. The sooner you learn to delegate, the better your business and mental state will be! No one person can do it all, so you need to be able to trust your employees with their strengths and experience.