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Do you make these seven mistakes in your business?

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CIOL Bureau
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Mistake # 1: No Testing and

Measuring

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Most of the business

owners don't do any testing and measuring for any of the business activities

they do. Without testing and measuring, and, therefore, putting numbers to their

various activities, they don't know where they are, let alone where they are

going. With the numbers, the business takes on a totally new meaning. They are

able to read the health of their business by the flow of numbers. They become

familiar with their business numbers, just as their doctor is familiar with

their blood pressure and pulse rate.



Mistake # 2: No Business Development

Program

Most of the business

owners are busy running their day-to-day operations. They either spend no time

or spend too little time in developing their business. And unless they spend

specific time, in a specific manner on developing their business, their business

does not grow. And if the business does not grow, it will eventually die. Or if

it does grow, they would not be able to handle the growth. Business development

program is a step-by step process, through which the business owner converts his

existing business—or the one he is about to create—into a perfectly

organized model.



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Mistake # 3: No Unique Way of Doing

Business

If a business cannot

articulate clearly and concisely his or her company's unique way of doing

business, they have a big problem on their hand. It means that it is a “me

too” rudderless business that feeds solely upon the momentum of the

marketplace. There is nothing unique, there is nothing distinct about them. They

promise no great value, benefit or service, they just shout, “buy from us”

for no justifiable reason. It is no surprise that most businesses merely get by.

They only get a small share of potential business. With no unique benefit, no

incredible price or selection, no special service or guarantee, why should

customers prefer a particular firm.



Mistake # 4: No Customer Knowledge

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Do you know who are

your customers? Do you know why they buy from you? Unless you know the answer to

these two questions, you don't know what you are doing. You are doing things

arbitrarily rather than scientifically. And if you are doing things arbitrarily,

you have no control over the results, which you will get. Big companies take

such things extremely seriously and spend huge amount of money and time to

collect this information and utilize the lessons to perfect their marketing

strategy. A small business is far more fragile than a big business. So if

anything, they must take this even more seriously than big businesses.



Mistake # 5: Not Implementing

Multiple Marketing Efforts

If your entire

marketing effort is dependent on just one or two marketing strategies, you are

skating on very thin ice. You need to develop a series of interconnected

sub-strategies; each connected and integrated to a single theme. By developing

and implementing, multiple marketing efforts, your company will progress on a

calculated basis.



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Mistake # 6: Having No Systems in

Place

Do you have a selling

system? If you do not have a system, which is documented and in which everyone

who is involved in sales is trained into, you are leaving an unknown amount of

business on the table. Just following a system can produce a 100 percent to 500

percent increase in sales. Do you have an accounting system? Do you have a

purchase system? Do you have a schedule of repetitive tasks? Do you have a

training system for the people you employ?



If everybody is doing

various activities, through his own discretion, his own choice, and his own

method-do you know what you are getting? A huge level of inefficiency and

activities, which are completely person dependent. That person leaves the job

and you suddenly have a big problem on hand. In fact without a system, what you

are producing is chaos and not order. 



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Mistake # 7: Not Hiring Effective,

Capable, Motivated Employees

Even if you need to

hire only one employee, you need to hire a capable employee. Employees should

not be hired just because they are known through some friends, or they are

related to you.



First, identify the

most important knowledge areas, skills and abilities the ideal candidate should

possess. Next, create the same specific questions that you will ask of all

candidates that will clearly demonstrate to you, that they have these critical

factors. Ask that person to demonstrate the skill, solve a problem, or write or

create something that clearly and concretely provide the proof you need to make

an informed decision.



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Never hire even a

moderately qualified person just because you need someone. That rushed hire will

most likely become a problem later. So take your time and make sure you have the

best person possible for every position. You and your company will be pleased

with the results.



Finally...

So there you are.

Avoid these seven mistakes diligently, and you are on your way to a successful

business.



Arun Pujari is India's first Action International Business

Coach-the world's no. 1 business coaching team. He helps small to medium

sized businesses grow their business, increase their profits and make them more

effective and efficient through a variety of programs-one-to-one coaching,

training programs, workshops etc.

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