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What do you think are the topmost mistakes that small businesses make?
I would say the four biggest mistakes small businesses make are these:
1. Not doing enough marketing research
2. Not enough cash on hand
3. Not spending enough on marketing
4. Not having the right skills in the team
I recently spoke to an owner of a small business; before he opened in his location, he spent six weeks, 8 hours per day, say outside with a click counter, counting foot traffic. He realized that even though his shop would be across a busy street, the foot traffic was more significant than his competitors' central area.
After being open for nine months when I spoke to him; He has consistently outpaced projection every day ever since he has been open. RESEARCH!
We are inclined to fall in love with our business ideas. However, the truly successful ones remove the passion and look at the cold truth, is there a market.
#2 Cash
Cashflow or lack of will wipe out the most successful small businesses, let alone a slow starter. You will want 3–6 months minimum available to keep your doors open; you don't need to have cash on your hands, it could be in the form of a Line of Credit, but you need cash available fast.
#3 Marketing
The internet is a double edge sword. It provides the world at our fingertips, but it lets every man and his dog market their idea.
You have to have a solid plan on marketing with trackable results; YOU WILL FAIL. Here are some figures:
Just $20 per day spent on Facebook is $600 per month. That is bottom-level spending.
Google ads you need to enter around $50 per day minimum.
Don't think of your budget in terms of hundreds but think in terms of thousands….and…. thank me later!
Ugh, HR is listed in the top 3 reasons businesses fail, and top 3 things owners’ tress about.
What are you bad at? Will that affect the company? If yes, employ someone to fill that gap TODAY!
You never want to be the smartest in the room in your own business; it sucks!
While this might massage your ego, you might miss the train heading your way to destroy your business.
You are looking for genius in 3 areas
1. Marketing & Sales
2. Financial
3. Operations
Those three areas will help make your small business successful, and they don't need to be three different people.
An example, I am good at 1 &3, but Number 2, yeah, I am not so hot on, So I have an extraordinary genius on my financial side.
We talk about the need for hiring the right people and how to do it.
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