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

Sales Tactics That Fail.

If you're in business, you have to sell. You're either selling your company to clients, investors or other businesses. Thus, you have to know how to sell. I've learned what works and what doesn't work over the years. If you want to amp up your sales, try these tactics and stay away from the failures I've listed.

Be exciting. Don't fail your business by being boring. Presentations that are too long, even if they have substantial information to offer, will not result in a sale. Cut to the chase and present what is exciting about your company and/or proposal. You can work out details later.

Be mean. Yes, don't be too nice to potential clients. Being too nice can make the client feel like you're desperate for the sale. When you're overly accommodating clients tend not to respect you or your services much. So, be firm and polite, but not overly nice.

I read this one on Inc.com. And, I have used it. The article states that a sales person, "uses his or her neocortex, part of the brain that can handle complex reasoning and data analysis. But the potential customer processes those messages through a more primitive, instinct-aware part of the brain. Consider car marketing: no one wants to hear about gas ratios or complicated navigation systems; they want to know how they'll feel tearing down the highway at 90 miles an hour. Unless asked details, stick to emotion and narrative when selling."

Don't be too available either. If you respect your time, so will your potential clients. In fact, they will feel lucky to have you on their team. When you walk into a sales pitch, tell them you only have 30 minutes to talk with them and answer questions. At the twenty minute mark wrap up your sales pitch, mentioning you have another meeting with potential clients, and that you would love to provide one-on-one service when they sign the deal.

Although these tactics seem harsh, the nicer versions have failed me in the past. Save yourself from learning the hard lessons I subjected myself to. Be firm with potential clients and your sales tactics won't fail.

Until next time,
Twyla