|Small Business Information|
Are You Making These Mistakes In Your Business?
You've probably heard the statistic that 95% of small businesses fail in the first five years. That's not a very encouraging number! Although being part of the 5% that succeed is not easy, it's definitely possible. What it takes is a lot of common sense, some marketing and sales skills and the ability to learn from the mistakes of others.
To get you started on the road to success, here are three of the biggest mistakes small businesses make and some tips to help you avoid them:
Mistake #1: Having a Poorly Defined Sales Process
The key to making money with any business is to stay focused on how you can "sell", "sell more" and "sell more often". Unfortunately most businesses don't consider all of the ways they can make money from customers and end up losing potential revenues.
There are three ways you can make money from your site:
1. Get More New Customers ? This is the sales activity that most small businesses spend 90% of their efforts on. Although it's an important element of your sales process, it's only one of three ways you can make money. Don't neglect the other two because you're focused on only attracting new customers.
2. Make More Money From Each Transaction ? Upselling is the process of increasing the value of a customer's order. Offering additional products and services at the point of purchase is an effective way to increase the value of the transaction.
3. Sell More Often To Existing Customers ? Existing customers are the least expensive customers to sell to. Why? Because they've already purchased from you once so they trust you, you already know what they're interested in and you know how to reach them. Use these facts to your advantage by following up with existing customers on a regular basis and offering them more products and services. This process is known as backend sales and is one of the most overlooked revenue sources by small businesses.
A well-defined sales process will include all three of these. If you're missing any of them you need to rethink your strategy from the beginning. Start with your first contact with a customer and walk through step-by-step how you'll take them from never having heard of you to being a lifelong customer.
Mistake #2: Not Learning What Makes a Website Sell
If you've been online longer than five minutes you know that the "build it and they will come" mentality doesn't work. If you want your business to succeed you need to learn how to make a website that sells.
Some of the best things you can do are:
Mistake #3: Not Treating it Like a Business
Too many small business owners fall into bad habits early on and end up treating their business more like a hobby than a business.
Here are a few things you can do to treat your business like a business:
Are you making any of these mistakes in your business? If so now is the time to make some changes!
About The Author
This article is an excerpt from the Special Report by Jennifer Tripp, "The 7 Biggest Mistakes Small Businesses Make ? And How You Can Be Smarter!" To get your copy of the entire report visit http://www.mysmallbizcoach.com/sevenmistakes.htm
Creating Lists to Learn About Yourself, Your Business and Your Customers
I love lists. I make them for everything. And I'm not just talking about groceries, things to do this week or places to see before I die; but more important lists that help me learn about myself, my business and my life.
Small Businesses With Work Trucks; A Warning
If you are a non-operator owner of many work trucks, you should keep your business credit card with you not leave it in one of the trucks. You should not issue them to employees without strict guidlines. Employees may tend to abuse credit cards by buying things that are not an emergency such as tires that are over priced instead of simply plugging a hole in a flat or spraying fix-a flat into the valve stem.
4 Areas Where Your Business is Losing Money
In my 18 years of consulting I have heard it all. Everything from competition to managed care as reasons why it's hard to create the business of your dreams. New customers are needed to keep any business going but it is how you and your staff manage these customers that determines your success in business.
But Weve Always Done It This Way
Sacred cows take a long time to die. We get comfortable in the way we do things and lose sight of how they could be improved. Here's an interesting story.
Small Business Newsletter Dilemma: Which Day Do I Send?
If you're just ramping up your small business email newsletter, you might be wondering what day you should send it to your opt-in list. After all, you want it to get opened and read and you know your prospects may be weeding through a ton of email clutter. What to do?
The Key to a Successful Business
Where would a business be without a business plan? A business plan sets the course for the future of the business. It gives the business owner or manager a sense of direction, listing the objectives and goals of the business from the outset.
How to Curb Antique Shop Theft Inexpensively
If you have ever had your antique shop or mall ripped off, you understand that it's very hard to detect. There are simply so many items to keep track of, and an item can be missing literally for months and you may not realize it.
The Triple A Way to Spark Your Companys Profits
Winning small and home based businesses today must continually shake things up to stay in the game. Whether it's adding new marketing twists on existing products and services or anticipating customer wants with compatible new items you can add to your product mix, hatching new ideas and concepts is vital to a profitable company.
Cash Flow: Why Chaos Equals Poor Cash Flow
Recently one of my customers told me the chaos swirling through his company was the result of poor cash flow. If only he had more money, his company would run better.
Leveraging Business Relationships for more Profits
When should you leverage the relationship?
Buying a Business
Start thinking about buying an established business if you want to avoid the immense risks involved in starting one. Not everyone wants to start a business from scratch, and buying a business with the infrastructure in place lets you focus on building it up, as opposed to getting a new business off the ground. This is not to say that it's easy to buy an existing business; it's a fairly complicated process throughout which you need to know exactly what you're doing.
Local Government Relations for Small Business
Most small businesses simply go about their daily business and serving customers without ever worrying about local government relations. For some it turns out okay but for others it can become a disaster. You never know when a new project down the street may call for new plans to adjust the roads or put in center medians. If you are on a busy road you rely on traffic from both directions. A five-month road project can kill a business and what if it is in your busy season. If you are in retail that could be Christmas Time; imagine half you customers not being able to turn into your driveway? Then imagine after the holidays are over you have to deal with a center median which does not allow cross-over traffic. Or a do not cross over the line sign with a police car enforcing the new laws from your drive way leading into your business?
Specialty Advertising in C-Stores
It appears the mini-blimp indoor theme and concept is making significant headway. We have seen them in the halls of Congress sniffing for anthrax. What else can we use them for? C-Stores can use Mini Blimps Advertising and Surveillance to prevent Shoplifting. These can be paid for by beer vendors, soda vendors as advertising signs, which float around the store like a pool sweeper around the family pool. It does not have to be a blimp shape, it could very well be any shape such as a giant banana or a football?
Small Business Health Check-Up
If your home business is not performing the way you hoped for, rather than stay away at night...use this simple list to check-up on possible reasons why your business is under performing.
Small Business Opportunities And The Tens
You may find this Newsletter a little long winded but it's for a good cause: It's all designed for Your Success!
Boat Detailers; Add-on Products and Services
As a Boat Detailing Specialist, you may want to offer services such as making sure your clients' boat's batteries are charged and offering to charge them or test the boat before they arrive for their departure. This is an easy service to provide and will keep you on the top of the boat owners list of reputable and reliable service companies. Battery Chargers can be purchased at:
Excuses Franchisees Make; When They Violate Exclusive Territory Agreements
One of the biggest excuses franchisees of home based and serviced based franchises make when violating their exclusive franchise agreement with their franchisor and fellow franchisees is: My Family Works There. As a franchisor, I cannot believe how many times neighboring franchisees steal each others clientele or work outside their exclusive franchise area. This jeopardizes trust within the franchise system between franchisees and franchisors.
Can Your Business Run Without You?
What would happen if you decided to take an extended vacation? Would you still have the same business results when you returned?
Business Scents - Do They Work?
You see it often in large shopping complexes. Customers seem to be flocking to a certain stall in large droves. There is a special attraction that cannot be explained.
Are You Ready to Own and Operate a Business?
How often has someone thought of starting a business based solely on the fact they think it will be easier than working for someone else. Fact is, owning and operating a business can be one of the most grueling experiences you will have. Granted, there are many advantages, but unless someone has actually run a business there is much to consider before you make that decision.
|home | site map|