Ten Don'ts That You Want To Avoid To Help Your Business Grow and Profit
Small business owners and budding entrepreneurs should follow successful small business advice that is available to help turn more profits. Many times money is lost by making mistakes that could make or break a business. Here is a list of don’ts that you should not do because it may hinder your business from thriving in the business market place.
- Don’t put money into unproven products. Don’t fall in love with a product without testing the market. Research must be conducted to determine the market for the product.
- Don’t reinvent the wheel. Marketing is a basic strategy with defined steps. Try to follow the basic structure focused on your business. Great marketing ideas tend to be used over and over again so use them and focus on your business making money.
- Don’t spend your time over preparing, over organizing and over researching. Activity like that does not produce profits. Don’t let the fear of failure stop you from doing things that will bring profits to your business.
- Don’t change success strategies because of boredom. If you find a business strategy that works, don’t drop it to try something new because of boredom. Stick with proven strategies. If you want to test new business strategies don’t drop the old ones.
- Don’t rely on networking to generate leads. Networking will give your business exposure and put you in contact with vendors but rarely will it generate good sales leads. Most people who attend networking meetings are there for the same reasons to drum up new business.
- Don’t do what your competitors do. Make sure your business fills a need that your competitors don’t so customers choose you. A unique selling proposition or USP is a big strength for a business.
- Don’t target a broad market. The more specific your market or niche is, the easier it is to attract customers. If you can find a specific market of customers with needs and wants that you can fill, you have your target market. However don’t drill it down so thinly that you won’t have a constant availability of potential buyers. Create a profile of your perfect customer in your niche and go after it.
- Don’t focus only on acquiring new customers. When starting a new business the first customer is the most important however after that you should concentrate on building a relationship with each customer in your base. A sale is the beginning of a relationship not the end of one and smart business owners know that their customer base is their most valuable asset. Two cost effective tips to increase business: Sell additional products or services to current customers and use your customers to obtain referrals. It is so much less expensive to take advantage of your customer base then to go after new customers.
- Don’t think that products and services sell themselves. It is a misconception to think that just because you have a product or service it will sell. A successful business profits from selling which results from marketing. It pays to develop a niche market with a unique selling proposition so that buyers will buy from you. It is necessary to develop a marketing strategy that will reach your niche market.
- Don’t follow up on leads. Whatever method you choose to acquire new customers you have to develop a system that follows up on interested parties. Those people that have expressed an interest are much easier to sell to then a person with no interest at all. If you have a plan to stay in touch with business leads, you will be more likely to turn a maybe into a yes.