I am asked often about common business mistakes, which is why this is my fourth blog post on the subject. The problem with asking general questions is the answers will always be generic. You see, there are different types of industries in business which means there are different types of mistakes to be made. Some you can recover from, some you can’t!
Below are three common ‘general’ business mistakes that I've seen people make in business so far this year:
1. Hiring the wrong people. Don’t trust a resume, vet it. Hiring the wrong person costs time, money and can ruin your reputation in the very delicate first three years of a start-up. Make sure someone doesn’t simply looks good on paper. Call those references.
2. Pricing. Yes, price point is a major issue because it pays the bill. Price something too high and you will not have sales. Price too low and you will not make a profit, maybe you will even put yourself in more debt. Take the time to do your research and really price your item or services within competitive range. Adjust as needed!
3. Being cheap about marketing. No one ever wants to spend money on marketing or advertising or public relations. And when a business isn’t receiving any attention or customers are not walking through the door, business owners question why. It takes money to make money. Whatever you can afford for marketing, double. You need it. Period.
Until next time,
Twyla N. Garret