Are These Common Business Mistakes Costing You?

Any business owner who says they’ve never made a mistake is lying. Making mistakes is part of running a business, so you should expect it to happen once in a while. That said, admitting mistakes happen doesn’t give you a free pass to make as many as you want.

Since most mistakes have negative side effects, it’s important to try to minimize the number of mishaps that occur in your business. To help you do that, we’re revealing the two most common mistakes—and why you need to stop making them.

Not creating a marketing plan

Marketing is the bread and butter of any company. It’s what turns prospects into clients and one-time buyers into repeat customers. While there are plenty of mistakes that hurt your marketing, lack of organization is one of the worst.

Many business get the misguided idea that they need to try every marketing tactic out there. They switch from one strategy to another, jumping on every trend because some blog says they’re the “in” thing to do. Or they juggle too many marketing channels at once, trying to cast as many lines as possible to lure in customers.

However, you can’t do marketing on a wing and a prayer—you need a strategy and a budget. When you switch strategies rapidly or try to use lots of marketing platforms at once, you burn through your marketing budget a lot faster. And it’s harder to track your results to see which methods are working.

Undervaluing team members

You may have started your business solo and bootstrapped it into success, but once your company grew to a certain size, you had to hire help. Now, while you may be the one who started the company, you’re no longer the only one with a stake in it.

Too often, business owners act like their workers are unnecessary to the business. They think, “I started the business, I know best.” But the truth is that your team has a whole realm of knowledge you don’t. (After all, if you could do everything they do, you wouldn’t have needed to hire them in the first place).

It’s important to accept that your employees are talented and capable of making your business even better than it is. And it’s especially important to show them appreciation for their efforts. If you don’t let employees know you value their hard work, they’re more likely to get discouraged or leave to work for another company where they feel appreciated.

When you improve your marketing strategy, you’ll build a better connection with customers. And when you show appreciation for your team, you’ll be amazed at how they step up to help you grow the company. That leads to improved relationships all around—after all, business is all about making the right connection at the right time.

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