There are so many decisions that a small business owner needs to make each day that it can feel rather overwhelming at times. The constant need to be right and not to make mistakes can be stressful. In order to make mistakes less likely, it is important to know what the biggest mistakes are – that way you can do your best to avoid them.
Mistake 1: No Marketing Plan
A marketing plan is crucial in any business, no matter what it is you sell. Not having a marketing plan, therefore, is a problem, and one of the biggest mistakes that a small business owner can make.
A business plan will stop overspending, and it will ensure that you are targeting the right people with your campaign. If you can do this, the money you spend will have a much better chance of a bigger return.
Mistake 2: Not Reviewing Expenses
As with your personal finances, reviewing your business expenses is an important part of running the business in general, but it is something that can be neglected, and this is a mistake. By reviewing how much you are spending on your rent, your stock, or your outsourcing, you can stop overspending in its tracks and save money easily. You can now even compare business electricity suppliers online by using Utility Bidder which can considerably reduce business costs.
If you let your outgoings continue without checking on them regularly, you might find that your business is losing money when there is really no need for this to happen.
Mistake 3: Not Being Professional
Being professional is a hugely important part of running a business. It’s true that you need to be friendly and approachable, but you also need to retain a professional image – this makes customers trust you more and feel that you are an expert in your sector.
There a number of ways that you can be more professional, even if you have only just started or if you don’t have much money to spend:
- Be polite and courteous to your customers
- Check spelling and grammar on everything that goes out, including your website and social media posts
- Never rant about anything or anyone
- Answer questions
- Look smart
- Keep a tidy office or shop
Mistake 4: No USP
If you don’t have a USP (unique selling point) in your business, then it will be immensely difficult to differentiate yourself from your competitors. Make sure that you take the time to work out what your USP is. To do this, step back and look at your business objectively; what is it that you do that no one else does, or that you do better than everyone else? This is your USP. It might be great customer service or unique products, or it could be that you work in a specific geographic location, for example.
Once you have your USP in mind, you can use this on your marketing material to show that you are different. Make videos that explain your USP or write blog posts about it. Whatever you do, make sure that you always keep it in mind no matter what you do; if you lose your USP, you will lose business.