8 Small Business Mistakes You Should Greatly Avoid

The more your business becomes successful, the more serious you take life daily that you sometimes forget to look at all your moves in a different detached perspective. You are sometimes unaware that you have committed the great common business mistakes that are every crucial in all your business moves. Of course, you surely could have avoided it if you only knew it. However, do not worry about it as this guide is here for you to stop any further pain in managing your business towards sweet success.

Here are the 8 hidden but terrible mistakes every small business owner should avoid.

1. Improper Project Estimates

Service providers as well as those people selling solid products critically encounter this factor. This is all about estimating your time and effort for the whole duration of the project. The greatest mistake small business owners usually commit is to underestimate the actual time for the project. This will eventually lead you to destruction and bankruptcy if not address earlier.

Stop this hidden mistake now, no matter how tempting it is to close a deal faster. Start recording normal project times and set real-time estimates based on these records for your next clients. Remember to add the variables that each of these projects need for a more reasonable service.

2. Incorrect Pricing

Some small business owners usually set confusing and inconsistent prices. This sometimes happens when they found competitor’s prices as either higher or lower than their original list. You can base your prices from an existing competitor’s price as start-up guide but do not stick to it forever.

You may have the same business but not exactly the same procedures and plans at hand. You have to set a fair price based on different factors that your business currently holds.

3. Not Charging Quality Time and Effort

It is not bad to put some extra care on the services or products you are working for clients. What irritates here is the fact that you seem to ignore the special quality of your product or service and the money and effort you put into it.

You would say that this is how you conquer competition. Yet, you are investing more money and creative time and effort for a higher quality. Are you just waiting for your downfall and let competitors laugh at your face?

4. Getting Slow on Payments

This relates to the old familiar cash flow problem. There are three major ways to get you out of this mistake.

– Start billing your customers at the earliest possible time. Get ready with your invoices according to your company procedures and system

– Try paying your employees or contractors for at least once a month. Talk to them about payment mode even before they are hired to avoid conflicts.

– If possible, get a credit card for your company. An accessible credit line is a good choice if you will have to deal with clients who normally pay within 60 to 90 days.

5. No Organized Solid System and Business Procedures

This mistake pertains to the general administrative procedures that need to be established in the first place. Things such as the hiring process, human resource development, job descriptions and responsibilities, collections, billing, employee benefits, vacations and payroll terms should give your business a solid structure that will define greater company identity.

If you are running your small business alone, set a well-defined systematic procedure that will make everything organized as your business grows. This will save you a lot of headache by the time your business expands and calls for more employees and subcontractors. Be ready for any positive change without facing much chaos.

6. Advertising for Nothing

Marketing involves advertising but most business owners do it without tracking results. If you are paying for advertising your business without tracking results regularly, then you are just doing just to tell others that you advertise. You are just wasting money in the process. Make advertising beneficial tracking and analyzing results for more success.

7. Wearing Multiple Hats at a Time

This brings a lot of stress and multitasking issues that could lead to burnout. Know your strengths and weaknesses in terms of the business skills you are dealing with. Do not overwork or take all roles all the time. Do the things that you really love doing here and leave those tasks you somewhat hate to freelancers.

8. The Old Outsourcing Problem

Outsourcing or delegating tasks to some smarter freelancers is not a waste of money. Just think of how much money you could have actually earned by now if you only focus on running your business and marketing it for continued success rather than doing all the tasks for a slower progress.

Check yourself and your business about these crucial business mistakes you may have unconsciously committed along the way. You may seek professional advice from consultants, accountants or even corporate lawyers to help you succeed further.

8 Ways to Avoid the Worst Online Home Business Mistakes

Are you building an online home business? If so, you need to be aware of some of the common mistakes that many people make. Here are 8 ways you can avoid the worst online home business mistakes.

1. Avoid trying to market more than one business at a time. This can be a very easy trap to fall into as opportunities are all around and it can be tempting to try and offer a whole buffet of products and businesses. However you must not do this and learn to focus in order to succeed with your online home business.

2. Avoid the temptation to be advertising all the time. If you are not careful this can be seen as spam. Learn what the differences are between advertising and marketing and be marketing all the time rather than advertising.

3. Take the time and spend the money it takes to do it right. Too many people kill their online home businesses by trying to save money or take shortcuts. Spend the money on domain names and website hosting as well as an autoresponder and then learn what you need to do and then do it.

4. Know your target market and know it well. Learn how you can market to your target market and then do it. Avoid trying to market to and trying to please everyone.

5. Avoid putting up a website and then abandoning it or giving up and changing everything on it when you are not getting the results you want. This can cause you to lose search engine rankings, lose income and waste time. While you will want and need to make minor changes to your website from time to time making drastic changes is a recipe for disaster.

6. Avoid buying domain names for which you do not have a website or a clear marketing plan. Again this is another waste of money and you need to resist the temptation to do this.

7. Build a list from day one and have a plan for what you will offer to that list, when you will offer it and how you will build a relationship with that list. Offer insane value and avoid the temptation to spam your list or to send out offers that are not of true value to the people on that list.

8. Avoid paying for information unless you are sure that it is what you need and what you are going to get what you paid for. There are a lot of online home business information scams out there and it is crucial that you do your homework before paying for anything.

Business Mistakes Other People Make – How To Learn From Them

Undoing the damage caused by business mistakes is often difficult, which is why it’s best to avoid them in the first place. It’s hard to generalize, of course, as it depends on your business and the mistake you’ve made. It’s always painful, though, to have to clean up a mess that you realize could have been avoided. Even a fatal mistake is a learning experience that can help you if you ever decide to start over again. As long as you have the right attitude, you can always try again with some extra knowledge under your belt. With internet businesses, you can almost always rebuild them, as this doesn’t even require any capital. If you’re smart, you will start off by studying the kind of mistakes other businesses have made and learn the lesson painlessly.

If your work habits are sub-standard, nothing else you do in your business is going to be able to compensate for this. In saying that, there are an abundant amount of ways to display poor work customs such as lack of discipline, for instance. The leading step is to ethically look at how you devote your work day and realize what you are really achieving. Also, you can create a schedule such as working for 60 minutes without disruption and breaking for ten minutes. Don’t just assume your work habits are good, as the only thing that matters is what you’re really doing with your time. This is really the most fundamental part of building a business, though many courses and books don’t cover it much. Self-improvement is one of the most popular categories of product.

There are endless videos, books, magazines and so forth. Yet, many of the biggest customers for these products still feel that some piece of the puzzle is missing. Many of the people who order these products don’t implement what they’ve learned. There’s also the issue of consistency, as many people don’t stick with a method long enough to see lasting results. Another common thing is people know they can improve, but they’re too lazy and don’t want to make the effort – or it’s not instant enough. To make lasting changes, you have to be ready to commit yourself to the self-improvement process for the long haul. No matter if you feel like you’re regressing certain days, just make sure to achieve better results tomorrow.

So many people actually believe they have the skills necessary to do certain business and marketing activities, when in reality commonsense is not enough to handle what needs to be done. Here’s a classic example of this that’s been repeated by countless numbers of IM marketers. Someone hears about article marketing, and they think it’s easy. All they have to do, they think, is submit articles to a directory after writing them. Obviously, there is much more to article marketing, something that most people are aware of if they have any experience.

There are good and horrible ways to write articles. Effective headline writing is something that you should focus on in order to get the maximum amount of views. Despite being familiar with this type of marketing, you can always learn something new, so keep that in mind. When you first set up an online business, you will almost certainly make a few mistakes. Do your best to find trustworthy resources where you can learn the basics. Some quality internet marketing books or courses are a worthwhile investment. Then get started and be small about it and build on it. Any mistakes can be considered part of your education, and you’ll never have to make them again.

Top 4 Business Mistakes Law Firms Should Avoid

The business of law has its own set of rules and regulations. Nevertheless, as with any other businesses, it can suffer due to certain mistakes, industry inaccuracies, and errors made by law firm or its staff. Whether your law firm is large or small or whether you have a solo practice, these business mistakes can lost you dearly.

Given below are the four most common business mistakes that law firms should avoid

1. Not Focusing on Your Niche

This is particularly applicable to smaller law firms and solo practices. In an attempt to gain more clients and business, there is a temptation to spread yourself too thin and take on cases outside your area of expertise. Don’t give in to this temptation. Focus on your niche, as it allows you to deliver greater client satisfaction that will automatically enhance business and profitability. Once you are well established, you may expand the services your firm provides by hiring experts in other areas. Larger law firms that handle diverse cases should assign specific areas of work such as corporate law, environmental issues, and real estate to specific people. Having everyone look at everything is a sure recipe for disaster.

2. Not Marketing Effectively

Some law firms do not believe in marketing at all and want to rely completely on word of mouth and referrals. This is a mistake. At the other end of the spectrum are law firms that spend heavily on advertising and are puzzled by the lack of results. Marketing is an essential tool to promote your law business, but it needs to be used intelligently to offer maximum value. It is not necessary to have a full-page ad in a national newspaper. You may get better results with a small ad in a local magazine that has a greater chance of being read by your target clients. Your website can also serve as a cost-effective marketing tool.

3. Not Paying Attention to Receivables

Providing the best services to clients costs money, but when clients don’t honor their bills on time, most lawyers are reluctant to follow-up. Some clients may take advantage of you and delay payment even further. If this situation continues, you will be left low on cash, which will ultimately affect the quality of service. Remember that clients will not leave your firm because you ask them to pay what they owe, but they will surely leave if your level of service goes down.

4. Not Communicating with Clients

Not communicating is a common mistake that most lawyers commit without even being aware of it. The volume of work in a law firm is so large that you tend to be overwhelmed and may actually have no time to communicate with your client. Sounds unbelievable? But it is true. Communication with your clients is very important for business. You may be working very hard for their interests, but they need to know it. Giving regular updates to your clients by phone or email is essential. These are some of the most common business mistakes that law firms regularly make. Avoiding these mistakes will help keep your clients happy, and you will be able to retain them longer than you would otherwise.

The Golden Rules

  • Find your niche and become an expert in it
  • Market yourself well
  • Pay attention to cash flow
  • Stay in touch with your clients