Top Business Mistakes in 2015 - So far

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

Is A Mobile App Really Needed?

Business owners sometimes don't want to invest in technology because they feel it will not benefit their business. And, in some cases, this is true. So, how do you know if paying to develop a great mobile app is really needed?

Stats released by BuySellAds.com state that worldwide app revenue is set to hit $15.1 billion by the end of 2011, a 200% increase over 2010, while other research from Deloitte LLP says that 45% of smartphone users download a new app at least once a week. In the same Deloitte research, however, they found that 80% of the apps they reviewed had less than 1,000 downloads.

The type of mobile app, the type of consumer phone, the type of business you are in makes all the difference. According to recent numbers released by Pew Research, only 35% of Americans own a smartphone. While that is rather high and will only increase, that’s still 65% of consumers that can’t use an app. If you’re looking to reach the masses, you need to evaluate how many of your customers are actually using these devices, and if they are, which platforms (iPhone, Android, etc.) they prefer.

My best advice is to give the power to your consumers! Run a survey and see if they really want, and will use, a mobile app for their cell phones and what types of cell phones you have. Since this topic is so subjective based on business and phone type, you want to do more research based on a market survey before making any huge decisions.

Until next time
Twyla