Obviously, you want your business to be successful. Otherwise, you wouldn’t have set it up in the first place! While getting a business off the ground is admirable, running it afterwards isn’t the easiest thing in the world. You may be making one or more big mistakes which could be holding your company back. Here are just a few to be aware of.
First of all, ignoring your manufacturing process. When your business starts to grow, it’s obviously a very exciting time. You might be focussed on what the new logo’s going to look like, the slogans on your marketing materials and other exciting points. However, some of the drearier areas need just as much attention. There may be issues with your manufacturing process which you’ve come to accept as inevitable. Every process can be improved, so turn that around! If you’re struggling to meet quotas, then you may want to consider outsourcing some industry solutions. Look at companies such as SSI Schaefer US for this. Even if everything appears to be fine, have a good look at your manufacturing. Nipping this in the bud will pay off further down the line.
Erratic marketing could be another big thing which is holding back your business. When you first started, you obviously had a big, initial marketing drive to get your business off the ground. Afterwards, it may feel natural to slack off when business is going well, and focus more on marketing when you’re in a slump. If your marketing is erratic, then conversions and profits will be erratic as well. No matter how your sales figures are looking, never forget the importance of consistent marketing. This will not only stabilise your profit margins but give you a much clearer brand identity. If you’re outsourcing every single campaign, your customers won’t have a clear idea of your values and identity. Marketing should always be seen as a necessity, not an auxiliary.
Image source: Pixabay
Finally, being too rigid about your ideals. Sure, the heads of Apple, Virgin, and all the other big names can afford countless prototypes and trials before launching a product. If you were in this position, though, you wouldn’t be reading a business blog! Some entrepreneurs, especially when they first set up, become fixed on reaching perfection when good will do. This can often lead to impatient customers, unpaid suppliers, and a business that doesn’t make any money whatsoever! Obviously, it’s your business. However, sometimes it’s better to focus on keeping the business afloat, rather than getting everything exactly right. If
Obviously, it’s your business. However, sometimes it’s better to focus on keeping the business afloat, rather than getting everything exactly right. If your R&D are slow to perfect some kind of techy gimmick, then consider putting it off until the next version. If you’ve been back and forth with a graphic designer for far too long, then try to settle on an earlier draft. It’s great to have ideas, so long as you remember a business has to turn a profit!
If you’re making any of these mistakes at your business, then work on remedying them straight away. No business is perfect, but some mistakes are more expensive than others!
Main Image: Pixabay