You Want to Succeed? Avoid These Costly Business Mistakes
Does this sound familiar? Failure to plan is a great recipe for failure. These are the golden words of Benjamin Franklin. Now let us apply this to you, how great do you handle your business? Are you making some costly business mistakes that could ruin you?
Many parts make up a business, and to be honest… handling all these parts isn’t easy. Running a business is one of the most difficult things to do ̶ especially without guidance.
As you run your business, whether as a coach, or service business owner, a lot of things will go amiss. This is inevitable and it could stall your business growth and affect your ROI.
You can be safe from such tragedy and get clients by getting the right business guide. Hence, we want you to go through the most lethal mistakes most coaches and business owners make. Take down notes and avoid them like plagues!
The first of them is…
1. Nonchalance towards Marketing
Putting your business out there with consistence is what helps you get clients for your business and keeps you on people’s lips. People will neither forget your name nor service. This is a huge business mistake entrepreneurs and coaches make all the time
They make posts twice in a month, a few tweets a week and that’s all. They don’t know what’s going on with their email list, nor do they nurture their leads. Yet, they maintain that they do everything right, but no breakthrough. These are marketing viruses that will eat into the thickest fabric of your business.
Without a consistent marketing rhythm, people will forget you and everything you represent. They will wonder who you are, what you do and how they stumbled on you. At this level, you lose them, because serious minds hate redundancy.
At every point as a business owner, you should always remind clients of your business. Be in their faces always, winning them over with consistent marketing. This is one way they can trust you not to vanish into thin air, and spend their money on you.
2. Laid Back Zeal to Automate
The fastest way to burn out is by having to do everything the manual way. Thanks to the wonders of science, we can now do a million things in minutes. Automation happens to be one of them.
Imagine having to call clients one after the other to confirm appointments. When an easier way is to send email reminders with an automated scheduling system?
In business, there is a lot to do. From keeping up with posts on social media, to handling the internal bits. It would take a ton of employees to be effective with handling every part. It will even cost you more to foot the bills for man power, and they have only limited strength.
A lot of coaches and service business owners do not want to spend money on automation techniques. They want cheap labor, but forget that it is more time consuming and the accumulated bills will cost them more.
Hence, learn to use automation for every aspect of your business that requires it. For instance, I use Hootsuite to automate my social media posts. For my webinars, I use Everwebinar to automate my best webinars. It schedules and resends them at intervals. I do not have to always do a fresh recordings or run to my website every time to repost.
This will help you give prompt response to clients, send a thousand emails in 5 minutes. It will help also sieve out information you need in minutes, among other benefits.
Working the old fashion way is more time consuming and will gulp more money over time. You will also lag behind in your market and will struggle. So, ditch this business mistake!
3. Inconsistent and Ineffective Business Message: A Costly Mistake
Sending out great marketing messages to clients is beyond creating refined designs and content. Have you sat down to define the mission and vision of your business? Do you know your unique selling point and market positioning? What type of messages do you send out and do they align with your brand or business?
If you have no answers to these questions, then you need to re-evaluate. Your messaging is your image to clients and prospects. It links with the outcome you promise to deliver. If it is poor or inconsistent, you will lose prospects and even clients in the process. This will happen slow and gradual until there is no one left.
Check out the messages you send if they are laden with diverse personalities. You do not expect clients to trust such, rather they’d get confused. Be consistent in your marketing across all your marketing channels. Establish a realistic mission and let it reflect in the messages you put out.
Be candid about your target audience. You cannot work with everyone, else the mission and message will keep changing. When you shift into chasing many markets, you’d reach no one. This is because; no one actually understands what you stand for.
Let your message be bullet destination specific, outright targeted and hard metal consistent. Anything to the contrary is you heading for a business mistake you may not recover from in a hurry. Consistency and direction is one trait most business owners lack. Skip this fall!
4. A Costly Spending Habit That Leaves Nothing For Reinvestment
While it is great to pay yourself and have some fun after a business breakthrough, it is wiser to reinvest! Often times, lots of business owners say that they cannot reinvest yet, till they get more money. While others have this very big picture in their heads which only clearing out a bank vault can afford.
You want to wait until you have tons of clients paying you tens of thousands of dollars, before you reinvest. But in the meantime, you squander everything you get. You forget that the better your business looks, the more ideal clients you attract.
Reinvesting is a smart way to grow your business. Depending on the level you are in business, do not squander profit. Pay yourself as is right and use the rest to improve your business. Buy the automated assistants, software and training tools to stand out in business.
These will help your business run at a more efficient speed, giving you more time to serve clients. You will also be able to upscale your productivity level, because you are not burnt out.
5. A Disoriented Money Management system
As bad as business mistakes get, this is an area that is common to many business owners. There is no record of book keeping or electronic documentation of expenses. No trace of how much is paid in monthly invoices. There is no accurate data or idea of the income they make or how much they spend.
They subscribe to about every training class they come across, even if it’s of no use. By year end, the tax bill hits them like a tsunami and they cannot understand how it is so. It is so because; there was no effective money management system in place.
If you want longevity, stability and thrive in your business, this is one entrepreneurial mistake you should never make. Create an effective finance department that tracks all business monies. Know your financial stand at every time in your business.
The day you lose the sight of your financial stand, begin a countdown to your business demise.
6. Costly Bonus: You Head For the Ruins without a Business Coach
Lots of business owners believe that the old way is still the smart way. But as much as the old way of doing things are still effective, most of these methods are obsolete. The world is dynamic and a lot of people take out their time to get trained as guides through the business world every day. These are the seasoned business coaches!
One way to skip business mistakes by applying everything above is to get a business coach. As it is, you could be victim of these mistakes already, you need to rectify them and fast! Seek help by employing the services of a seasoned business coach.
Oh you’re reluctant to get help because it will cost you some cash? Then get ready to sink. I’m not about to be soft or apologetic. You need only the truth now. Hiring a business coach is the best thing you can do for your business to succeed.
Your business coach is in the best position to help you get your business back on its feet. This is because; they have the training and expertise. Your business coach has the ideas and solutions for your marketing. They will inject more consistency and effectiveness into it.
They are abreast with the latest trends and tech to help you automate within your budget. They will dig deeper into your business to help you establish your mission, what drives you and your goals. They will overhaul your money management system. They’d also help you create a realistic budget, with grounded ways to track your expenses.
In all, they will total your growth speed and spin it up to a new level.
To wrap this up…
Lots of service business owners don’t see the crash of their businesses coming. It hits like a hurricane and sweeps all they are worth as it goes! This is a result of ignored accumulated business mistakes over time.
These costly mistakes are very common in business, that you don’t even notice when it happens. It begins from a little scratch on the surface to a deep rot that collapses the building.
Make hay today and don’t be a victim. Get yourself a business coach worth their weight in gold. They will guide you on how to market consistently through effective channels. You will also learn how to work smart by using automation, tracking your expenses and reinvesting.
It is all simple, but not easy to apply. That is why you should seek help from a business coach.
You should not waste time. We have the best and result oriented business coaches within your reach.
Get our support by scheduling a breakthrough call with one of our professional business strategists here.