If you own a small business, you may be making mistakes that you never realize adversely affect your business. However, these mistakes can lead to losses in your company. It’s easy to get caught up in a rush to introduce new products, enter new markets and increase sales, but overlooking these unrealized mistakes can really hurt your business.
As an entrepreneur, be cautious of these six unrealized mistakes that can hurt — or even wreck — your small business.
1. You overpromise
Overpromising can have negative consequences on your business and your business’ reputation. Small business owners, especially when just starting out, are tempted to make your service or product sound perfect and adhere to any and all of your clients needs and wants. However, if you promise more than you are capable of providing, it will no doubt cause your client frustrations which can lead to a downward spiral. It is better to lose a client or deal here and there rather risking your business’s long-term reputation.
2. Your sales team isn’t informed
Your sales team is typically the first contact potentials clients have with your company, they really are a reflection of your company. If they are undertrained or misinformed about your products and services, they can hurt your chances of not only getting new clients, but also can harm the perception of current clients or return customers. As a small business owner, ask yourself some questions like:
- How well do they know our service or product?
- Can they easily troubleshoot common rebuttals to using your product of service?
- How well do they know your company?
- How well do they know the industry “pain points” and how your product/service alleviates them for potential customers?
Remember, as the owner proper training falls squarely to you.
3. You’re targeting the wrong audience
You may think you are targeting the right audience, but it is the best audience for your services or products? Conducting thorough marketing research is extremely important to the success of your business (preferably before your launch). Ignoring this analysis can cause you to target the wrong audience or miss target markets completely, as well as miss potential business.
4. Your marketing is inconsistent and incomplete
Along with targeting the right audience, you may believe you have a decent marketing and social media presence, but is your marketing messaging consistent and complete? If not, you are missing out on thousands of dollars in potential revenue.
- Take time to audit your small business presence on all social media outlets, make sure your product and services are marketing in a consistent, clear, and concise manner.
- Ensure you have a professional looking website landing page.
- Monitor reviews on all the common outlets such as Google Reviews and Yelp.
- Explore all avenues of getting your product or service (even if they are uncommon) in front of the right audience
5. You offer poorly researched inventory selections or unneeded services
Poorly managing your inventory or providing an unneeded service will strain your resources, especially time and money. If you are offering products or services — that are not in demand — you will inevitably be chasing clients or customers to no avail.
6. You do too much
We live in a culture of 25/8 hustle and grind, however this is not a sustainable small business model. It’s easy to succumb to the hundreds of ideas you and/or partners have for growing your business. However, as humans you have limited time and energy. This energy can’t efficiently or effectively explore every idea or avenue, so prioritize and focus on one big thing at a time.
You’ve got a lot to focus on, how can TSAT become your Trusted Advisor?
Your Trusted Advisor… At TSAT, we know that a great businesses need to operate at high levels of service, accuracy, reliability, and throughput. We also know that the only way to ensure these things are achieved is to develop a comprehensive set of accounting and finance policies and procedures and to regularly train all personnel involved in the management and control of the company’s software. Only by taking steps toward accounting, quality assurance, and finances can a small business accounting department expand its business and improve its profit margins. It takes a little work to make sure that every aspect of small business accounting is running at full capacity, and we are here to help!
Here at TSAT, we are not simply bookkeepers. We work with you to provide a 360-degree strategic financial advice, including small business operations and investment guidance. We will help you stay ahead of the curve when it small business or personal investments!
If you are a gig worker or small business owner looking to grow your business, TSAT’s AMAZING Trusted team considers much more than just your taxes!
TSAT’s is your Trusted Advisor and will let you focus on your business’s core competencies! Whether you have a small business or you need help personally, TSAT can give you HOPE! Call us today!
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