A small business is almost always an adventure, right? Well, as much as you love your business and your work, there are some common mistakes that many businesses make. These mistakes could cause you to fall short of the goals you've set for yourself and the business. You may not even be aware of them until it's too late.
There are a lot of common small business mistakes but I want to talk about the four biggest ones. These are the most common mistakes and they inhibit your growth, sustainability and financial success.
1. Not Having a Marketing Team
One of the biggest marketing challenges is getting new clients, which directly relates to generating new revenue for your company. The more clients you have, the more revenue you'll be able to generate. But when a business first starts out, it's not always easy to get new clients right away. If you're looking for a way to bridge this gap, hiring a marketing team is one of the best ways to do so.
2. Not Understanding Who Your Target Audience Is
The biggest mistake that new businesses make is not taking the time to develop a strong customer persona. A great way to start is by observing your customers in person—not from behind the cash register, but from behind a two-way mirror in the corner of your store or office. Watch how they interact with each other, how they talk about your products, and how they move around throughout your workspace. All these details will help you to develop a stronger understanding of exactly whom your business is trying to reach out and serve.
3. Not Focusing on Your Employees’ Needs
As a small business owner, you don’t necessarily have the same resources as your larger counterparts. That doesn’t mean that you can’t offer your employees the same kind of benefits and services as a big corporation. It just means that you need to get creative. For example, if you want to reduce employee turnover, you might consider introducing flexible work schedules or offering more vacation days. If you want to keep employees happy, give them personal challenges and their own opportunities for growth. If they succeed in these challenges, they’ll feel rewarded and respected—and will be more likely to stick around.
4. Not Having a Sales Strategy
There's no magic formula for success with marketing a small business, but you definitely want to make sure there's a strong sales strategy in place before you dive in. You don't want to throw money at an ad hoping it will work. You have to know exactly who you're targeting and what they need from your product or service so they'll be more willing to purchase it. For example, if your product is aimed at young people who are always on their phones, social media ads are probably your best bet—unless they're on their phones all day long.
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