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Posts Tagged ‘Mistakes’

You've probably heard the famous saying "I know that half of the money I spend on advertising is wasted: if only I could figure out which half it is!" Well, now you can. By eliminating the common mistakes many businesses make with their advertising programs, it's easy.

Here's a checklist of mistakes many companies make with their advertising:

1) Not focusing enough time and effort on their advertising

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If you are new to business you will soon find out that advertising is not so easy. there are a lot of things to consider when coming up with new ideas. You have information that you want the public to have, first of all. If your first wave of marketing has fallen flat or does not satisfy you, don't fret. You will soon have it all figured out.

If you are feeling that you need to mix thinks up with the method you have of advertising, you are not alone. A lot of times this happens. Business owners don't know what to do at first and sometimes sign up for mail out promotions and get signs and stuff. The problem though is sometimes the information that is being put on the signs and promotional products rather than the way it is getting out to the public.

Pretty much the idea is that any advertising is good advertising. I think that sometimes the main problem that people run into is the way they are wording their crucial information is not working. Sometimes they use too much information or don't have a logo that people can recognize. If your promotional campaign has not brought you fresh business then look at it in that light.

If you take these ideas and look at what you have been doing you will get a clearer idea as to what improvements that you need to make. If you get on board with a promotional campaign and use a simple concise message with your recognizable logo then you will start to see improvements no matter what medium you decide to go with.

When you look at things carefully you can then see you may be OK with your method and medium of advertising but the content is not working for you. So don't stop doing mailings or using promotional products. Maybe all you need to do is get a little more simple with your message.

While we all make mistakes, in small business , there are a variety of mistakes that are common. Learning from other people's mistakes can enable you to avoid many of them. These are 10 mistakes that you should work to avoid when starting a small business: 1. Not Doing Market Research - When selecting a small business to start, it is vital to research the industry and the current market for the products or services to be offered. Search online, research at your local library and talk with your local small business organizations to put together a full market research report to evaluate the opportunity for this business to become successful. 2. Choose a Strong Personal Match - When starting a small business, evaluate accurately what your personal strengths are. For example, don't go into selling insurance if you have never worked in that industry before. 3. Lack of Capital - The top reason for small business failure is not failure to plan or choosing the wrong business concept, but is lack of capital. Research will help you to determine the amount of capital to have on hand as well as the reserve money that should be kept in the event of an expansion opportunity or an emergency. 4. Lack of a Business Plan - In addition to lack of capital, the next most common reason for business failure is lack of a business plan. Spend time to write out a business plan for not only the short term, but the long term. Work through 3 months, 6 months, 1 year, 2 years, 5 years and 10 year plans. While the plans will change over time, establishing and writing a detailed plan of action out will make it much more likely that you will accomplish those goals for your small business. 5. Ask for Help - Many professionals view asking for help as a sign of weakness. But, successful individuals in business recognize that asking for help is actually a sign of help. Don't wait until something becomes a challenge for your business, as at this point, it is likely too late to make the necessary corrective actions. Surround yourself with experienced professionals not only during the start up phase of your business, but ongoing to act as a support system. You never know what you will need help with or when you will need it. 6. Lack of Revenue - Many small business owners go into business as they have a specific skill, talent or interest. And, they will generally not fail due to those things. But, they fail due to lack of revenue. Spend a significant portion of every day working to build new customers by marketing your products and services. 7. Setting Prices Incorrectly - If your prices are not right, your products and services will not sell to the levels that you are expecting. Be sure to spend time researching the current market for pricing when setting yours. And, if things are not working smoothly in the early stages, be sure to re-evaluate so that you can make changes as needed. 8. Lack of a Budget - While no one really likes the word 'budget', in small business, it is vital to its survival. Track income and expenses regularly and make necessary adjustments as necessary to enable your cash flow to always remain positive. 9. Poor Record Keeping - Many small business owners excel in certain areas of their business, however, it is not uncommon for business owners to be challenged in the areas of administrative duties, including keeping accurate records. 10. Growing Too Quickly - In small business, it is important to grow organically instead of forcing growth as this can cause challenges in cash flow.

While we all make mistakes, in small business , there are a variety of mistakes that are common. Learning from other people's mistakes can enable you to avoid many of them. These are 10 mistakes that you should work to avoid when starting a small business:

1. Not Doing Market Research - When selecting a small business to start, it is vital to research the industry and the current market for the products or services to be offered. Search online, research at your local library and talk with your local small business organizations to put together a full market research report to evaluate the opportunity for this business to become successful.

2. Choose a Strong Personal Match - When starting a small business, evaluate accurately what your personal strengths are. For example, don't go into selling insurance if you have never worked in that industry before.

3. Lack of Capital - The top reason for small business failure is not failure to plan or choosing the wrong business concept, but is lack of capital. Research will help you to determine the amount of capital to have on hand as well as the reserve money that should be kept in the event of an expansion opportunity or an emergency.

4. Lack of a Business Plan - In addition to lack of capital, the next most common reason for business failure is lack of a business plan. Spend time to write out a business plan for not only the short term, but the long term. Work through 3 months, 6 months, 1 year, 2 years, 5 years and 10 year plans. While the plans will change over time, establishing and writing a detailed plan of action out will make it much more likely that you will accomplish those goals for your small business.

5. Ask for Help - Many professionals view asking for help as a sign of weakness. But, successful individuals in business recognize that asking for help is actually a sign of help. Don't wait until something becomes a challenge for your business, as at this point, it is likely too late to make the necessary corrective actions. Surround yourself with experienced professionals not only during the start up phase of your business, but ongoing to act as a support system. You never know what you will need help with or when you will need it.

6. Lack of Revenue - Many small business owners go into business as they have a specific skill, talent or interest. And, they will generally not fail due to those things. But, they fail due to lack of revenue. Spend a significant portion of every day working to build new customers by marketing your products and services.

7. Setting Prices Incorrectly - If your prices are not right, your products and services will not sell to the levels that you are expecting. Be sure to spend time researching the current market for pricing when setting yours. And, if things are not working smoothly in the early stages, be sure to re-evaluate so that you can make changes as needed.

8. Lack of a Budget - While no one really likes the word 'budget', in small business, it is vital to its survival. Track income and expenses regularly and make necessary adjustments as necessary to enable your cash flow to always remain positive.

9. Poor Record Keeping - Many small business owners excel in certain areas of their business, however, it is not uncommon for business owners to be challenged in the areas of administrative duties, including keeping accurate records.

10. Growing Too Quickly - In small business, it is important to grow organically instead of forcing growth as this can cause challenges in cash flow.

Advanced email marketing - email marketing mistakes. Many business owners who opt to try email marketing make the mistake of believing any type of email marketing is beneficial. This is simply not true; there are a number of mistakes business owners can make when they organize an email marketing campaign.

Examples of these types of mistakes may include allowing promotional materials to be tagged as spam, not following up with promotional emails, not being prepared for an influx of customers after an email marketing effort and not marketing specifically to the target audience.