But, also there are mistakes that can be really fatal to us as entrepreneurs and our business. We must escape that mistakes. Here is one list of some basic mistakes that can be fatal to every business.
1. Allow limiting belief to prevail in decision making
Sometimes we have our limiting beliefs that can impact negatively on a decision making process. If we based our decisions on that beliefs we will make mistakes and sometimes that mistakes can be fatal. Limited beliefs are our beliefs for something that sometimes is true but sometimes is not true. There is good post about limiting beliefs on Steve Pavlina Personal Development Blog where he wrote:
Many limiting beliefs get installed during childhood, but that isn’t always the case. The pattern is that your mind drew false generalization based on one or more specific events. It assigned questionable meanings to those events, and those interpretations are disempowering you. As a result your mind blocks you from taking certain actions, even though the actions may be reasonable and intelligent choices.
Decision making process must be free from these types of beliefs and must be based on strong analysis of the problem and choosing the optimal solutions.
2. You don’t make market research
Every business exists on some type of market. On the market, the business is not alone. There are customers, competitors and other entities that have influence on the business decisions or business decisions have influence on that entities. Entrepreneurs must conduct marketing research not one time research but continuously. Without marketing research that will give us precise information from the market, there is a risk that limiting beliefs will prevail in the decision making process (previous mistake). In one of the previous post Marketing Research – What is It, Benefits, Process and Information Source, I write that:
Marketing research is the process of objective identification, collection, analysis, and distribution of information for assisting entrepreneurs and managers in decision making associated to the identification and solution of problems and opportunities in a market. The task of market research is to provide entrepreneurs and managers with important, accurate, reliable, valid, and current information in real time.
3. You don’t use business plan
For some business, this mistake can be fatal but for other businesses that emphasize invention as the basic for their work business plans can be waste of time. However, the need of a business plan is obvious for all types of businesses only the format of the business plan is different. Some businesses lose a big amount of time on formalization of the business plan and this is common for the businesses that want to attract fresh finances for business growth. However, what is the need for business growth and optimal work is a business plan in the form of blueprint that will be roadmap to business success. It’s simple.
4. Do not offer up sale
Up sale is great way for increasing profits. Your business already makes a sale but why do not make another sale. This is simple selling something else in addition to already sold products or services. Every up sale will increase your profit. Ask one simple question: Why we must leave money on the table? If your average selling is $1,000.00, you have 20 buyers, and offer up sell products for $500.00 and the conversion rate of up sale is 10% you up sale additional income of $1,000.00 (2 buyers x $500.00).
5. Do not try to repeat selling
Sometimes we are focused too much on finding new customers and forget repeating sales with current customers. The costs of finding new customers is larger than the costs to repeat a sale with current customers. The magic of success businesses is always to have been repeating sales with current customers and always to find new customers for growing the business.
6. Do not try to increase a conversion rate of the sale’s funnel
This task is one must have in everyday business activities. More conversion rate, more sales and also more profit. If we have 10% conversion rate why not have 11, 15 or 20% conversion rate. You can read more about conversion rate and metrics of the sale’s funnel and conversion rate in the previous post about Most Important Metrics of the Sale’s Funnel.
7. Do not try to make your sale’s funnel to be always full
Another important metrics of the sales funnels are entrance on the fresh leads that can be converted into buyers. If you have always full the wider side of the sales funnels, you will have always buyers for your business.
8. You don’t use social media as a part of marketing strategy
There are not individuals and businesses that are not having a presence in some type of social media. This is a big potential and will have been bigger in the future for every business. Because of that our mistake will be if we escape this reality and don’t start building our presence in the most important social media for our business.
9. You want to escape from technology
Technology is something that cannot be followed simply with the changes that come in every second. However, technology is something that can improve every aspect of business and entrepreneurial life, although the business is not in some technology industry. One of the mistakes that entrepreneurs can make is to escape from the new technology because of fear from changes.
10. Do not improve your business on an everyday basis
Possibilities for improvements are infinity. In every aspect of business operating can be finding something that can be made better. Avoiding improvements can stop the growth of the business. This mistake also can be because of fear from changes.