5 COMMON MISTAKES PROMINENT TO SMALL BUSINESSES

5 COMMON MISTAKES PROMINENT TO SMALL BUSINESSES

In a bid to make more money and increase the growth rate of companies and businesses, many business owners and managers tend to make some mistakes while mapping out their marketing plans. Unlike the old times when marketing was 100% offline without the need to be strategic in planning and setting up, many are yet to fully understand the HOW TO, and HOW NOT TO do some things. 

Some of these mistakes are explained below;

  1. THINKING EVERYONE IS YOUR CUSTOMER: This is the first and commonest mistake many businesses make. To think that everyone is your customer is to think that anyone can be your mother, or father, or even spouse. No! It doesn’t work like that. Not everyone is in need of your service or product, even if you sell food (which is an essential need). There is a need to understand the kind of purpose your product or service is meant for, i.e. the problem it is to solve; then, you streamline your customer to people who are in need of such service or product.
  2. THINKING YOU HAVE ALL THE PLAN IN YOUR HEAD: The truth is, You cannot always know what to do. The business may truly be your idea, but having a business idea doesn’t automatically come with the total picture of HOW to run it. Having a functional and effective business strategy that contains the marketing, financial, and social media strategy  is expedient in running a successful business.  
  3. THINKING YOU CAN RUN WITH THE PICTURE OF YOUR LONG TERM GOAL: Here is another common mistake that keeps some businesses on the same spot for years. Understanding the overall big picture of a company doesn’t erase the need for setting periodic goals. The Long term goal should be splitted to stipulated time intervals such as 3 or 6 months to enable the measurability of results.    
  4. THINKING YOU KNOW ALL YOU NEED: Research has shown that many businesses start out their operations without having a clear understanding of their financial needs, the required resources, and the basic organizational models and structures needed for their business. This only leaves a business with random guesses and options. Hence, the need for a business plan.     
  5. THINKING YOU CAN ACHIEVE ALL SUCCESS OVERNIGHT!: Unlike a get-rich-quick scheme, running a business can seem like a snail’s journey until it all matches up to wholeness. Consistency and continuous updates of those seemingly little efforts are what matters most. 

To know how to avoid these mistakes by setting effective marketing goals, analyzing business growth, developing a marketing and financial plan, or learning how to implement the right strategies into your business(es), Visit dabgs.com and join the #30dayschallenge.

Leave a Reply

Your email address will not be published. Required fields are marked *