Five Business Mistakes to Avoid in 2012

You want to be successful in your business but feel you aren’t moving fast enough or are stuck at your current revenue level. Maybe the problem isn’t the business or lack of opportunity. You may be unconsciously sabotaging your success with one of these small business mistakes: Fear of change, Lack of focus, Going it alone, Not playing to strengths, Thinking small.

Fear of change. That big contract or client looks attractive but is going to take you out of your comfort zone. You won’t have the safety and security of having a track record with that size client. You may have an unconscious fear that you are not totally prepared to handle the new responsibilities or have the skills to succeed in the job. Conquer this by letting go of your current identity and creating a vision of yourself as successful with this client. Reflect on the successes that you’ve had and how much you’ve learned with your current clients. Recognize that you have the skills to meet the new challenges.

Lack of focus. You don’t have a business plan or marketing plan and accept each client as they come to you. This gives you an excuse to complain about the quality of client that you’re getting and becomes a reason for not making your revenue goals. To conquer this mistake, take ownership of your business plan and marketing plan. Write your business goals down and create a marketing map which identifies who your ideal clients are and what you need to do each month to achieve your revenue and business goals. Each new client should support your long term business and revenue goals.

Going it alone. This fear masquerades as false confidence. You think you know everything that is required to achieve your goals so you don’t ask for help or you are embarrassed to ask for help. The danger of not asking for assistance is the loss of objectivity as well as missed opportunities. Leveraging the wisdom of others help you accelerate your learning. You don’t re-invent the wheel. To conquer this one, build a support team inside and outside of your company, to include trusted mentors, coaches and business advisors who will give you constructive feedback, information and recommendations.

Not playing to your strengths. We each have aspects of our business that we love and are experts in and other areas that we don’t like or have average skills. It’s a mistake to offer clients solutions based on less than average skills where we have no desire and perhaps no ability to become an expert. Rather, focus on those areas that you are really good at and become known for them. Be the person that everyone thinks about and asks for to handle that particular job. It may seem counterintuitive but the more you specialize in a narrow set of solutions, the more sought out you will be and the more you can charge for them.

Thinking small. This one is a variation on the Fear of change. The author and lecturer, Marianne Williamson says “Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light, not our darkness that most frightens us. We ask ourselves, who am I to be brilliant, gorgeous, talented, fabulous? Actually, who are you not to be?”

To conquer this fear, look at the leaders in your industry. Watch what they do and how they do it. You’ll probably discover a few things that you do better than them. Perhaps it’s your ability to provide more personalized attention or perhaps there are aspects of a solution that they overlook but that you include in what you offer. Take what you learn and highlight that when you are targeting that ‘big fish’.

To conquer the fears of success, acknowledge both the positive and the negative consequences of playing a bigger game. Think about how your business will be transformed if you are successful. Get guidance and support from mentors and coaches. Most importantly, identify a business goal, actively work towards it and measure your success.

Learn the Way to Avoid Key Online Business Mistakes

Is your online business not doing as great as you would like it to be? There could be several different online business mistakes that you might be making. By looking at the various ways, you can attempt to rectify or avoid them.

Reason 1- You are too immersed in the hype, as well as the excitement that comes from trying to get rich fast.

This mistake can really bum you out. It is easy to leap before you look, and use strategies that haven’t been properly thought over, when you have been blinded by the thought of getting money easily. People get frustrated many times, when their success isn’t instantaneous, so the business person usually quits, or attempts to try something else, when they haven’t even learned from their mistakes at all.

To make a successful business on the Internet, this can only be accomplished by working as hard as you can, and staying away from the lies and excitement. You must learn from websites and Internet business models that have been successful, and do what they are doing. Your own business can incorporate this into it.

Number 2- Not being aware, or too impatient to succeed.

One of the main reasons that online businesses fail, is because people don’t have the patience it takes to wait for success. Most of the time,this is caused because the person running the business doesn’t know how to get success from the business that they are doing. Because of this, no research is done, and much money is wasted on activities that yield nothing.

There is always a certain process that is involved in making money. A constant supply of prospects are needed, and also a service or product that they will purchase for a good price, and a way has to be made that will allow the product or service to be gotten to the client in the right amount of time, as well as in a manner that is good for the client, and lastly, your business has to be able to make money at the same.

You must know how money is made, as well as everything that you can know about your business. After this, use the actions that allow you the best success.

Number 3- Not knowing who your market is

This is usually done in one of two ways- “I know that people are there, I just hope they are able to find me”, or “I am sure that everyone will love to buy what I am selling.” What happens in each example, is that you have a promotion that is not effective, as well, your business will not be advertise the right way. Tons of money and time is used to promote your business that doesn’t ever get to the customers.

For every business that is out there, when a profile is made, then it is more likely that your product will be bought. By knowing who the best people to buy your products are, you are in a better place to get your marketing to reach them. This is much better and more profitable than attempting to sell to the entire world.

Number 4- Instead of testing- going for the big bang.

This is akin to starting and going through with an entire advertising campaign that has never been tested, in hopes that the ad will work. None of the variables of the ad are known or tested. Much time and money is wasted, as well as the frustration and disappointment that you are sure to experience, is the most likely result of this.

Everything you try has to be made the best it can be, and tested thoroughly. To insure financial catastrophe, go into an expensive marketing campaign with a huge budget, and fail to test it first. To be positive, test it. Switch things around, like wordings, offers, headlines, and many other things. Everything needs to be tested, like any ad campaign, as well as your target market.

Number 5- Spam

The lure of quick and easy money, by sending millions of emails to people who don’t want them, is something that should be avoided. People think that if only 1% of the people reply to the offer they are sending, they will be rich. But you will closed down by your ISP, which means that you will have no access to the Internet, everyone in the world will know you are a spammer, and people won’t want to have anything to do with you.

Professionals don’t choose to do business this way. When you are a professional, you have to think of the long run, and make many good relationships with prospects, as well as clients along the way. You will not be able to get long term business success by spamming.

Ending

Long term business success has to have hard work, a very professional and ethical approach to business, knowing your market well, a system of success that works, as well as making certain that your business is always tested, so that it can adapt and get larger. Online success is the same thing. Your business will achieve long term success, when all of the basics of online marketing are know as well as they can be.

Are You Making These Business Mistakes?

William Gladstone said that ‘No man ever became great or good except through many and great mistakes’.

Mistakes are one of the best learning opportunities we have in our businesses but sometimes we’re not aware of them, choose to ignore them (praying the situation will change) or try to dodge them by staying in the comfort zone.

If you feel that you’re not making progress check out these 6 common business mistakes that can keep you spinning your wheels…….

Mistake # 1Lack of vision or not being on purpose in your business and your life can have you heading off in the wrong direction, wasting time and energy on the next bright shiny thing that promises to make you money or solve your problems. When you get on purpose life begins to flow. As the author Dr Wayne Dyer said, ‘When I chased after money, I never had enough. When I got my life on purpose and focused on giving of myself and everything that arrived into my life, then I was prosperous’.

Mistake # 2Negative and critical thinking patterns can blind you from noticing positive aspects and potential opportunities that surround you every day. These limiting beliefs and low expectations can keep you in that familiar comfort zone when you could be taking a few risks, expanding your experiences and who knows ‘hitting gold’ from time to time!

Mistake # 3Not having a handle on the numbers! When you don’t keep track of conversion rates, profit margins or pricing then it’s difficult to make decisions that are going to have a real impact on your business success for the long term.

Mistake # 4Offering too broad a range of services for too wide an audience. It’s tempting to want to offer as much as possible to as many people as possible, in the hope that something sticks, but the problem with this approach is that it dilutes your message and your brand. Experts and specialists are more sought after and are usually paid higher fees than generalists.

Mistake # 5Inconsistent marketing. When your tweets dry up or your blog has not been updated for months it sends a message that you are neglecting your business. It may be that you’re busy but keeping your marketing fresh and engaging keeps you at the forefront of other people’s minds for when they do need your services

Mistake # 6 – Neglecting your self care. Running a business can use up huge amounts of energy and time but business owners often put themselves at the bottom of the list of who they look after. Neglecting your health and vitality can lead to exhaustion and burnout in the long run. If you are a solo business owner you are your business’s most important asset. So put the oxygen mask on yourself first!

8 Online Business Mistakes to Avoid

Starting a business online takes far fewer resources than trying to build a physical retail business or franchise but it is still hard work. Here are 10 online business mistakes to avoid.

1. You don’t have a business plan.

Planning is important to your success when you’re starting your own online business from home. There is no ready made job description telling you what to do each day. If you start your day or week without a plan of what you are going to do you can lose many hours or even days of fluffing around and not really accomplishing anything. Have a clear, and achievable, list of tasks that you need to complete each day.

2. You are not organised

You have to remain organised even when the work starts to pile up. Starting your own online business from home requires a fair amount of paperwork, record-keeping, daily planning and other essential tasks. Keeping everything organised is critical.

3. You don’t know how to get customers

Once you have your products ready to sell on your website you cannot just sit back and wait for the customers to come rolling in. Make sure you learn all the right methods for getting customers to your business, as no customers means no business.

4. You don’t have anywhere to work

Make sure you have a place to work. Don’t leave your business paperwork and information scattered around your house. You need a place to keep all of this where it won’t be lost among other possessions or simply misplaced.

5. You take advice from friends and family

Although they can be well intentioned, friends and family do not necessarily make trusted business advisers. Separate your online business from your family and friends and look to join an online community of like minded entrepreneurs for your business advice.

6. You are always interrupted

When you are working, it can be hard to sit down and focus if your phone is constantly ringing or if you’re dealing with a child or family matter. You need to treat your online business like any other job and set aside blocks of work time and restrict outside communication.

7. You work too much

Starting your own business online is a lot of work. It’s very tempting to spend every waking moment working on completing tasks. But be careful that you do not burn out quickly. If you put all of your energy and time into your business, you’ll become worn out and having nothing left for your family and friends outside of your business.

8. You don’t bother to learn new skills

The online business world is competitive and it is vital to keep up to date with the latest technology and you have to know what works and what does not work. Invest some time and resources in learning from others who have gone before you and had success.