5 Business Mistakes You Should Avoid

If you are part of the business industry, you’ll understand the need to be always moving no matter what. As mobile devices and the internet became staple items of an average consumer, the level of competitiveness has increased in the last few years. And because as a business owner you have your eyes stuck on besting your competition, you may fail to notice those obvious little mistakes that are eating your business away. 

No business plan and no marketing campaign is 100% flawless. There will always be mistakes and the best way to protect your business from spiraling down is to prepare for them – identify the potential mistakes that may come your way and make plans on how to lessen their impact, if not to totally prevent them from happening. Below are some of the mistakes you may be overlooking.

1.       You’re not using data effectively. Your main goal as a business is to improve your return on investment (ROI), but you won’t be able to achieve this if you’re not using market and business data to enhance your product or improve your service. 

You must note, however, that not everyone on your team needs the data. As long as you put it in the hands of team members who can analyze and make use of them, you’re golden. Data used properly by the right people can improve your business big time.

2.       You’re not motivating your employees enough. You think that salary is enough to keep your employees passionate and engaged to improve your business. Think again. Just like everyone else, they must be motivated. Feedback and incentives can help.

3.       You’re not giving people enough incentives for them to talk about your business. Customers nowadays are more informed than before. They basically know their value as potential marketers of your business. They’ll be more than willing to tell people about your products or services, but you’ve got to give them enough reasons to do it. Quality customer service and customer satisfaction counts a lot, but you should not stop there. Offer them substantial incentives so that they’ll be even more motivated to market your business on your behalf.

4.       You despise negative feedback. If you ignore complaints, dismiss customers making bad reviews as crazy or make excuses then your business won’t become better and grow bigger. As Bill Gates puts it, “Your most unhappy customers are your greatest source of learning.”

5.       You think that closing a sale is the light at the end of the tunnel. Nope, it’s not. A new sale is the start of a new marketing cycle. After the customer buys your product or uses your service, the nurturing phase then begins. You want to build an even deeper relationship with them so that they do business again with you.

Over to you..
Are you guilty of committing any of the 5 mistakes mentioned above? What are your plans to correct them? Any more tips to add? Please share your thoughts and ideas in the comments section below.