Day 3: Common Mistakes Small Businesses Make - and Solutions

Being a small business owner is no easy feat. With long hours, endless responsibilities, and constant uncertainty, it's a wonder that anyone wants to do it at all.

However, the reward for those who succeed is well worth the effort.

As is learning from the common mistakes being made time and time again.

Failing to Identify a Target Audience

I touched on this in the last message.

Not everyone is a potential customer.

It’s nearly impossible to create a product or service that appeals to everyone.

Instead, niche down and identify a specific audience and cater to its needs. By doing so, you'll be able to create more effective marketing and generate higher revenues.

Listen to your best customers.

Whether it’s formal through surveys or focus groups, or informally over coffee or client dinner, try to determine your customers' needs, wants, and desires.

Why your best customers?

Because you want more of them.

And what you learn from your best customers, can be used to create products and services that appeal to others like them, resulting in increased sales and customer satisfaction.

Failing to Plan for the Long-Term

It’s easy to get caught up focusing only on the short-term, such as meeting monthly sales targets or cutting expenses.

But it's important to keep a long-term view, even when the benefits might not show up in the P&L for a while.

This is why you want to create a long term plan. It keeps everything in perspective and helps you stay proactive instead of reactive.

Your long-term plan should cover your vision statement, annual and monthly goals, challenges and responsibilities, financial projections, marketing strategies, operational plans, and other elements that will help you succeed.

If it’s measured it get’s done.?Keep it simple.

Avoid paralysis by analysing rabbit holes, where you waste months trying to make the perfect plan.

Ultimately, you want your short-term goals and long-term objectives to line up, and build a business that can grow to where you want it to be.

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