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Is Your Firm Making Any Of These Mistakes?

Contributory

by | Jun 4, 2018

Is Your Firm Making Any Of These Mistakes?

Entrepreneurs and business owners who don’t have a lot of experience tend to make the same mistakes over and over again. That is a shame because it often results in their companies going bust or failing to create the profits they should. It’s possible to avoid all that is the entrepreneurs concerned were to read about some of the most common errors in advance.

So, this article will draw your attention towards some of the things you should avoid during the next twelve months. If you pay attention and refrain from making these mistakes, there is a reasonable chance you will create high profits and succeed well into the future. However, if you ignore the advice in this article; you could fail like 50% of all new businesses within your first twelve months trading.

Mistake 1: Not creating a business plan

Before you do anything else, it is critical that you create a watertight business plan that highlights the ins and outs of your new operation. That document should tell readers how much cash you require to get your concept off the ground, and it should also detail how you will go about making a profit. There are professionals you can employ if you need assistance when it comes to writing a business plan that cuts the mustard. When all’s said and done, you will take that document to the bank when you need to raise some capital. So, it is vital that you don’t overlook anything significant when writing the plan. There are also free templates you can download online that should help to ensure you don’t miss anything out.

All business plans must include:

  • Details of required startup investment
  • Explanations of business practices
  • Predictions for profits

Mistake 2: Not planning for growth

All entrepreneurs and business owners need to create a growth plan during the early stages of their operations, so they know when to expand and move into new markets. Try to work out some milestones you need to reach before you relocate to new premises or employ extra staff members. With a bit of luck, you will achieve the milestones mentioned in the document, and you can then move forward in the most logical and rational manner based on your growth plan. Again, there are free templates available online if you don’t know where to start when it comes to this task. There are also business advisors who can create the growth plan on your behalf if you can afford to employ their services.

Mistake 3: Not seeking enough investment

Your business plan should highlight how much startup investment you require to get your business off the ground. Make sure you overestimate costs because it is better to have money left over then run out when you need it most. Call your bank and ask to speak to the business manager. That person should then arrange an appointment where you can make your pitch. You can also take a look at websites like UnsecuredFinanceAustralia.com.au to learn more about alternative funding solutions. Crowdfunding has become an exceptionally popular choice during the last few years, and so maybe that is something you would like to consider? If the bank manager turns you down, it is essential that you have a plan B and C.

Mistake 4: Not focusing on online marketing

Far too many new entrepreneurs and business owners fail to understand the importance of online marketing these days according to experts from GetOnlineAustralia.com.au and other sites. There is no getting away from the fact that you will spend a small fortune on promotion when attempting to get your business off the ground. However, the worst thing you can do is focus your efforts on traditional, real-world techniques. Like it or not, we live in the digital age, and that means you will always achieve the best outcomes by advertising your brand using the internet. Social media websites are your best friend, and you must learn how to use them correctly. You can also invest in Google Adwords to drive lots of traffic to your website.

Mistake 5: Not publishing a professional website

Whatever happens, and no matter how much money you need to save, never make the mistake of publishing an amateur website. Do not use any of the free site builders you find advertised on Google because your customers are not going to feel impressed.

While you might save lots of money, people will feel less confident when it comes to entering their bank details into your platform. Instead, you need to get in touch with some reputable web designers and employ the experts to handle the task. Let the experts know what you hope to achieve from the website and how you want it to function. The specialists will then use their years of experience to ensure you get the best possible results. Those working in the industry know about the latest trends, and so you should always employ their services.

Mistake 6: Not building marketing mailing lists

It’s essential that you can stay in contact with as many of your customers as possible. For that reason, it’s sensible to create a database where you can store email addresses for your mailing list. Add details to the database whenever someone new purchases from your domain. You can then send bulk emails a couple of times each week that contains deals, discounts, and offers. Hopefully, you will notice a spike in traffic in a couple of hours after you send those messages. Once you have thousands of customers, that should mean you can encourage hundreds of sales at will. You can also use your mailing list to send questionnaires, but we’ll get onto that in a few moments.

Some of the benefits of mailing lists include:

  • Helps to build relationships
  • Promotes your company in the best light
  • Drives traffic to your website
  • Increases conversion rates
  • Boosts product or service sales

Mistake 7: Not using the latest tech

New technology appears on the market every single day, and some of it could assist you in saving lots of time and money. For that reason, it is vital that you remain at the forefront of your industry when it comes to adopting new tech. Failure to do that could mean you lose out to the competition every single time. So, be sure to take a look online and bookmark some industry-related tech news websites and blogs. You can also sign up for mailing lists to ensure you don’t’ overlook anything that could benefit your operation and take it to the next level. For instance, you might think about using automated accounting software, so you don’t have to employ professional accountants in-house? You may also choose to adopt automated inventory control software or something similar.

Mistake 8: Not asking customers for opinions

Your customers are the backbone of your business, and they are the people best placed to highlight issues and offer suggestions and advice. So, you’d be a fool to ignore that, and you should consider sending questionnaires out from time to time. Let your customers know they can save 5% on their next order or something similar if they answer a few questions. With a bit of luck; you should manage to gain a useful insight into the perceptions of your clients and customers if you do that. You can then use their comments and ideas to improve your approach and remove any stumbling blocks for the people who spend money. While you could pay lots of cash to experts, asking your customers outright is usually the best strategy.

Mistake 9: Not making use of outsourced help

Outsourcing is one of the best ways for some entrepreneurs to save a fortune and boost productivity. For instance, it doesn’t make sense to hire a large team of call centre staff to work in your office when you can outsource that task to experts for half the price. The same goes for issues like accounting, marketing, and even HR in some situations. Some business owners find it difficult to let go of the reins and employ outsiders to help them hit their targets. However, thousands of companies do that every single day with incredible levels of success. If you want to follow in their footsteps and ensure your brand stands the test of time, it’s sensible to keep your employed workforce as small as possible. You can outsource whenever you need extra help.

If everyone reading this post manages to avoid the mistakes listed here today, they should find themselves in the best possible position to ensure their latest ventures succeed for many years. Everyone makes mistakes from time to time, that is a basic fact of life. However, it is your will and ability to learn from your errors and prevent yourself from making them again in the future that will determine how successful your business becomes. There are some excellent articles on this blog, and so it is sensible to take a look around before you leave today. Free advice is hard to come by in the business world, and so you need to make the most of it wherever you find it.

xoxo, Karmen K

***This page may contain links from paying affiliates. That means if you buy using the links you’re helping me continue to provide free content for this blog. I only recommend products & services I use and love. BT-dubs this is my affiliate disclaimer, cool?

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