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7 Business Don'ts from 17 Years in Business
Business
1. Chasing Perfection
Forget
it! Just do it. Get going. Too many people try to get everything just
right. They paralyse themselves and end up doing nothing or missing the
prime opportunity timing.Who cares if there is the odd spelling error.
Better to have your article or newsletter or whatever out there working
for you. If you are working on a new value proposition, adopt one now
and use it...before long you will discover how to improve it, but in
the mean time you're out getting some runs on the board.Your key focus
should be on success, not perfection. And that means taking action now!
2. Not marketing
There
are many excuses trotted out about marketing, some we've heard
include...we're in a technical business; our shopping centre does the
marketing; we are accountants and we don't do that stuff.What a load of
rubbish. You don't have a business if you aren't marketing. The only
expenditure in your business that produces profit is marketing. Its
measurable. Its accountable. If you don't do it and are still
successful, you are either lucky enough to be in a business with such a
short fall of providers that it is like a monopoly or you are actually
grossly underperforming!And what about the economy heading south? How
bad will it be? What if a new and credible competitor comes in and
gazumps you? If you maintain a degree of marketing at all times, it
will be easy to 'rev up' your business when needed; protect your
position; survive a downturn or simply increase return on
investment...more profit and business value!
3. Fear of Failure
So
many people hold themselves back because they are afraid. You get up
and make a speech and forget something...so what. Move on. No one will
hold that against you. You call a prospect on the phone and they say
no; so what, move on to the next one. Nothing is going to hurt you.
Having your business fail around you will hurt.
4. Hanging out with the wrong crowd
If
you hang out with losers, eventually you will become one. Find people
who have done what you are doing and succeeded. Seek mentors who have
achieved results and done what you are targeting. Find people who can
help you do things better. The Sydney Hills Business Chamber is a great
place to find your prospective 'winners'.
5. Not Articulating A Clear Value Proposition
It
doesn't always have to be unique (often called the USP...unique selling
proposition) but it sure helps if you can find something or some
element about your offering that can make it unique...something that
sets you apart from the rest. If you only sell your product or the
features or price, you are in a commodity business and end up competing
head to head with every other provider. Create some clear
differentiating value and you can own your own market.Everyone is
looking for value. They will always throw out a smoke screen..."We
don't have that sort of money!"...in order to avoid being sold
something. And it will work if you can't build the value offered to
such an attractive level that they can't afford to say no.
6. Poor time use
So
many people are constantly late and we let them get away with
it..."It's okay" "Not a problem". But it’s not because it effects us as
well. Make people accountable and they will change their tune over
time. Start meetings without them. Don't go over old ground in a
meeting if it was covered before the late person arrived.What about
this simple one...booking too many things too close together. We all do
it and it stops us getting things done.
7. Not having a Rainmaker
Its
got to be someone’s job to bring in new business. It’s no good as the
head of the business saying that you're (say) an architect and that's
what I want to do. If you want to be a technician or professional, then
go and work for someone else who has the marketing and business
development skills for you to take advantage of...or employ someone
else into that role. A good rainmaker will be both assertive and
persuasive; have the ability to talk on many subjects and be good at
thinking on their feet; won't take rejection badly; can frame issues
well and in a way that solves the clients problems or meets what they
are looking for. There is no point talking product or service until you
have determined a real need and can identify the value you can deliver
to solve that problem. Every business needs a rainmaker; not having one
definitely holds your business back.
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