You might have thought that you could make profits as soon as you established your business. Surely some maintenance fees will come at you monthly and annually, but if the revenue only breaks even or puts you at a loss, then there is something wrong with the way you run your business. Scrutinize your company’s book-keeping for the past three years, and see what procedures that have been violated.
If you do not find any misconduct in the financial report, then you must reflect on yourself. But before that, you should read these three common mistakes that can hinder a business from success.
A Lone-Wolf Leader
When the winter comes, the pack survives, and the lone-wolf dies. The business world is about networking and expansion. You build your network to expand your market reach. One without the other of those two variables will be useless.
As a company leader, you may have hustled your way to your current position by hard work, which is an honorable deed on its own. However, you may lack the understanding of nurturing the company’s reputation among competitor.
For instance, you may think that you know everything about your business. Consequently, you will also believe that a business coaching program will be useless for you. This particular thought is destructive to both your career and company.
The best way to build a business network is by socializing with others in either a charity gathering or educational program. For example, if you run your business in Perth, you can reach Business Coach Perth – Business Mentor and Consultant – (08) 9207 3069 to share your story. This business coach service is outstanding because it offers ideas and mind-tools that you can apply directly to your case. Besides, they guarantee that their assistance will bring positive changes to their clients. Otherwise, the coaching is free!
You have to throw away the idea that dictates the Internet is just for e-commerce business. Today, every company of any fields needs to claim their digital lot on the search engine if they want to survive. The Internet facilitates not only B2C (Business to Customer) but also B2B (Business to Business) communication.
You should reflect on yourself and evaluate whether your policies have embraced information technology or not. Ask yourself if you have been familiar with SEO (Search Engine Optimization), digital personality, customer leads, and big data analysis. If any of those words sound foreign to you, then you have to set a schedule to learn about them seriously.
An Overwhelming Business Model
An amateur in business thinks that he/she can handle everything in-house. The cost might look cheap in the long run, but all the energy to maintain and to upgrade the equipment will also be on the company. Today’s business trend is to outsource overwhelming tasks.
A small company in the US does not need to allocate an office for the customer service because it can get the same feature from customer line company in Philippine. That US company only needs to set an SOP (Standard Operating Procedure) and sends it to the customer line company. This method can work on SEO, digital marketing, web maintenance, cybersecurity, and data management.