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5 Common Mistakes Entrepreneurs Can Stop Making to Grow Business

Posted by Shailesh Merai on Jan 13, 2015 9:00:00 AM

Mistake #1 - DIY   

     Do-it-yourself may be a good thing when fixing up the basement but probably not a good idea when trying to grow your business.  You think you can do it all (we’ve been guilty of this too!), you know: sales, marketing, business planning, accounting and much more.

  
bigstock-Stop-Doing-What-Doesn-t-Work-52434685    You have seemingly valid reasons for this: you know your business best, you don’t have time to train someone;don’t have the cash flow to hire staff etc. etc. Plan to quit this behaviour in 2015 as it can prevent you from growing your company. Make delegation your new BFF – it can be the true key to your success.

Mistake #2 - Being cheap on spending

     Think you’re being prudent by watching those pennies? Think again! How else can you get your message out there, broaden your reach and communicate effectively with your prospects?  

    Realistically, the only way to grow your business and achieve the success you desire is to fork out some cash. First you’ll have to get over your fear of spending and realize a comprehensive marketing program is an investment in the future of your company.


Mistake #3 - Too broad a target market

     You can’t be all things to all people and not everyone will want or need your product or service. Don’t waste your precious time and resources trying to hit a huge and moving target. It’s more cost-effective to fine tune your reach and define your specific market.  

     Spend the time to get to know your perfect customer and play to him or her. This move will pay you dividends in increased lead gen.


Mistake #4 - Not taking advantage of the Triple W (World Wide Web)

     For all you dinosaurs out there we’ll say it again... in fact we’ll shout it out: GET INTO THE NETOSPHERE FAST!!! Seriously, if your website is outdated with little or no SEO, or you have no social media presence or you haven’t done any email marketing yet, what are you waiting for?  

     Harnessing the power of the Internet will get you the business growth you want for your company. You don’t have to spend a ton of money, just enough to invest in a well-rounded online marketing package that will give you a great ROI.


Mistake #5 - Fear of taking a risk

     Nothing ventured, nothing gained. You can’t play it safe and expect to have the success you’ve always dreamed of. Do some research on successful companies that you admire and get inspired by what their leaders did to get where they are today.

     Remember that you want to differentiate yourself from your competition so be creative, take a leap of faith and make sure your company stands out and gets noticed by your target market.


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Topics: Small Business Marketing

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