Stupid on the way to Beautiful: The Top Five Mistakes Small Business Owners Make

Stupid on the way to Beautiful: The Top Five Mistakes Small Business Owners Make


By : Dalia E Paratore Harrison

We get it, being a small business owner can be very rewarding.  Unfortunately, most small businesses fail because of these top five mistakes business owners consistently make.

Being a Tinkerer and not an Entrepreneur: You go into business for one of two reasons: 1. You have a product or service you’d like to share with the world; you think your product or service is unique and better or 2.  You don’t want to work for “The Man” or “The Man” let you go and you think you can do better on your own.  Either reason is valid.  But remember, once you go into business you are a business, NOT a product or service.  So if you bake pies or have the best widget, remember that a business is not really about the tinkerer, it’s about taking the product or service and selling it.  It’s about a vision and a plan to get there.

No Business Plan: OK so now you know you have to be more than a tinkerer.  Good.  But have you put your vision down on paper?  Do you have a plan, with goals, KPI’s, contingency plans and scalable growth?  You also have to plan for black swan events (pandemic anyone?) Have alternative courses of action for that rainy day.  Remember that this plan is a work in progress and can be modified as you continue your journey as an entrepreneur.  But you must have clear goals and metrics or you’ll get stuck.  And you may need financing to get there.  If you have a well-crafted business plan you can approach lenders with confidence.

Forgetting Marketing and Identification of Target Audience: If no one knows you exist how will you sell anything?  Yes, hitting the pavement is a crucial part of selling. But if you have no brand recognition how will you build credibility?  And if you haven’t identified who your customer base is, how will you know whom to market?

Sales and Buyer journey: Once you’ve defined your target customer, you need to qualify those you’re selling to. Out of your targets, which ones are ready to pull the trigger? They’re the ones you should focus on. You need to know the customer’s pain points wherever they are in the customer journey. Your sales success will depend on meeting specific needs at specific times

Ignoring Competitors: Competitive Intelligence or CI allows you to know what your competition is doing, where they’re successful, where they’ve made mistakes, how they’ve gained market share…and how you stack up against them. Allow me to argue that if you don’t take the time to do this, in a consistent fashion, you will remain small. There are definite ways to conduct this research and then implement your findings regardless of the size of your organization

Does all this seem complicated or you simply don’t have the time to do this all on your own?  No problem! Outsourcing has become a big business for small business owners. Paratore Enterprises, Inc customizes our research, pricing and strategy to meet your needs.

To find out more about what we do and how we can help guide you, please contact us at info@paratoreenterprises.com or https://paratoreenterprises.com/#contact

Paratore Enterprises, Inc team has over 50 years of experience in providing strategy and consulting in marketing, sales and business management for organizations in the Defense and Tactics space, as well as retail and commercial markets. We provide know-how in vendor relations, trade show/event tactics, dealer of record implementation, competitive/differentiator analysis, sales leadership coaching and development. We enable companies to better target their audiences, improve reach, reduce churn and improve pipeline management.

http://www.paratoreenterprises.com

 

 



More News