The First 10 Business Killers
Lists like this one are usually made up of financial reasons for the failure of a small business. Unfortunately there are also many sales and marketing reasons. But fear not! There is a positive step that can be taken for each one that will greatly increase your chances for success.
- Face Your Weaknesses. Failure to face up to your weaknesses and a lack of effort to take advantage of your strengths can keep your business in a nogrowth mode. No it’s not really as bad as you think.
- Take Action. Talking about the great marketing program you have been developing and following through with it are two very different actions. Implementing the program is the key to marketing success. Plan all you want, but be prepared to act on all the steps you have identified. Don’t be surprised to discover that there are some steps you hadn’t initially considered.
- Accountability And Responsibility. Understand the difference between accountability and responsibility. Make sure your staff and suppliers recognize that by accepting responsibility, they are accountable to you and to the rest of the company. It is now their job to get the assignment completed.
- Don’t Play At Business. Don’t play at being in business. It is not a hobby or a pastime. Think about the message you are sending to your staff, suppliers, and customers. A genuine commitment to the customer and to the success of the business will get you through difficult times. It will also pave the way for
much success in the future. Always seek ways to improve everything. - Avoid Ad Hoc Marketing. Struggling from one idea to another without thinking your complete marketing story through will typically end in one failure after another. Prepare a program for the year or at least for a complete season. Build on previous efforts to ensure continuity.
- Seek Employee Buy In. When your staff does not support your marketing program, you are usually destined for failure. Get them involved early in the planning process and incorporate their ideas.
- Appreciate Every Customer, Especially the Profitable Ones. A complete disregard for customers is a sure sign that a business is failing. There is nothing more irritating than walking into a business or past a booth at a trade or consumer show and discovering that the person behind the counter is having a personal telephone conversation or reading the paper. Immediately, you are made to feel like you are interrupting. Customers should be welcomed into your business and greeted with full attention.
- Define Your Ideal Customer. Who are you targeting? Where can you find them? What do they want from your product/service?
- No Egos. If you suffer from the ‘‘not invented here’’ syndrome, fix it right away. Great ideas can come from anywhere and from anyone. Limiting yourself to ideas created only at your company is like viewing life through a very narrow lens. Seeking outside assistance and not listening to it is equally dangerous.
- You Don’t Know It All. The assumption that all of your ideas are right just because they were ‘‘invented here’’ is also dangerous. You may know your business better than anyone else but you don’t know everything. Seek outside help when you are traveling into unknown waters. Look for the next group (you thought that was it?) in our next Newsletter. Visit me at www.SoundviewAdvice.com
Jack works with a select group of clients who are driven to improve their profits, team performance, and lifestyle. Are there areas in your business that need some adjustments? Call me direct @ 631-757-2936 or email him at Jack@SoundviewAdvice.com
