10 Common Mistakes to avoid in Business
Us Business Owners all make mistakes. It's part of the journey towards running a successful business.
As you know, I Business Coach a large range of Small Business Owners throughout Sydney, Melbourne, Perth, Brisbane and well beyond.
Over the years of Coaching and Mentoring Business Owners, I've seen a variety of patterns when it comes to making mistakes in business. We must also remember to embrace the mistakes - also known as 'blessons' (blessing + lesson)
Below are 10 common mistakes to avoid in Business:
1. Creating a Plan
Create a plan, but don't over do it by spending too must time in this phase. Small Business is fast paced, so you want to enter the market in the climate you're planning within (rather than launching years later).
Know your 12 - 18 month vision, then understand which Marketing Strategies you need to focus on for the next 3 months. These are your stepping stones to take you to where you need to go.
2. Pricing your Product / Service
Getting your pricing right is a fundamental principle for success.
- Where do you want to position yourself in the market?
- What are comparative brands / products charging?
- Are you value adding and will this effect your price and offering?
Research your Industry’s benchmarks for profit margins. Use this research along with your sales projections to assist with the pricing structure.
Don't be compelled to compete on price - I like to steer clear on positioning via a price point as I find it brings the wrong types of customers. It's extremely important your business is viable - so be sure to charge correctly from the outset.
You may find you can value add / structure your offering smartly to reflect a higher price.
3. Market Research
Does your Business need some Market Research to identify your target audience?
Do you need to create a focus group, a survey monkey questionnaire or host an event to gain a greater insight?
4. Choosing your Business Model & Structure
There are lots of Business Models, and choosing the right one for your business is extremely important.
I've changed several Business Coaching Clients business models, and suddenly their business is thriving.
Look carefully at how you're structuring your business and speak to an expert if you're in doubt.
5. Website Fundamentals
Ok - this element is hugely important (like all the others listed here!).
Your website is a strong Marketing Tool which bridges the gap between stranger and potential customer. It must be easy to navigate, understand and take action upon.
It's an investment in your business and something which cannot be overlooked.
Relauncher has an in-house Graphic Designer and Web Development Team which builds websites, creates logos and packaging artwork. Contact us if you'd like a quote
One element which I often see is that people build websites before they are ready. Ensure you have your business mapped out before creating Marketing Collateral - otherwise this can be a costly mistake which will result in both time and money being wasted.
6. Invest in Marketing
Many Small Business Owners view Marketing as an expense. As a result, they struggle building brand awareness, generating leads, or creating a buzz.
Marketing is an investment (both time and $) which all Businesses need to thrive. Some strategies can be implemented by you at no charge while other strategies need some spend behind it.
My philosophy is to build businesses within their budget, and as the business grows so does the investment (remaining mindful of where funds are being allocated!!)
All expenses must have a reasoning and justification behind it - otherwise it can be money wasted.
**Be confident in your decisions and invest wisely**
7. Hiring a Team
Are you in the tricky spot of hiring or doing it all yourself?
Finding the right person & recognising the perfect time to fill new roles within your business can be tricky. While this is the case, whether it's now or later - at some point you will more than likely need to hire to grow.
The timing and jump should be on your radar so you can navigate this well. Interview wisely, hire carefully and don't forget the reference checks!
8. Troubles with the Team
Oh gosh, this is a bit of a minefield and one that some of my clients face.
Firstly, be extremely clear with the role so it's easier to hire the right person.
Would a contractor or freelancer work better for you?
Communication at all times must be clear and if there's an issue - address this quickly to resolve issues.
9. Creating Written Agreements
Always create a written agreement before entering into a business relationship - even if it's with a friend. There are loads of templates you can use, just ask Google.
Most people in business aren't great at Accounting - it's not their strength and neither should it be.
The 1st person I ever hired was a Bookkeeper - best decision I ever made! She's still with me 7 years later. Mari handles all my invoicing, receipts, BAS and Accounting Systems.
I highly recommend finding a Bookkeeper you can trust to help with your business.
Alison Morgan is a highly experienced and down to earth Business Coach, specialising in helping Business Owners find their way and thrive.
Alison adapts her coaching style to suit the client, focusing on start ups through to Businesses which have been in operation for over 10 years.
Learn more about Business Coaching with Alison HERE
Contact Alison to arrange a chat
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