The mission of every business is to exchange its services and products for financial rewards. Business services and products need to solve an individual problem or meet a need for customers to part with their resources to get these goods and services. The greatest business mistake is that startups don’t focus on reconciling their products and services to the right audience.
Mistakes in business are vital learning opportunities. Mistakes in business are teachers that help us on the journey, but we can’t continue to make mistakes and expect our businesses to grow. Constant errors and misconceptions only lead to ultimate business failure.
The success of every business is contingent on how clear you are on your services and the things you will be doing in your business. Clarity is instrumental to success on this journey. Gaining clarity is like spreading your legs out wide to push out the greatness in you.
The clearer you are on your values and your offering to the marketplace, the higher the intensity of your impact.
You can’t serve everyone and as such; you should not be a generalist. Generalist medical practitioners get paid less than specialists. You should found your online business on clear cut brand statement and missions.
You are wondering why you are not getting the results you crave?
These 7 mistakes in business are robbing us of income!
Inability to identify your target audience – Often time, our products, services, and expertise tend to appeal to a variety of audience. This tends to make most entrepreneurs deplore a one-size fit all approach to business.
All the marketing and visibility techniques in the world won’t yield a result if you do not know who you serve. Your inability to draft your ideal customer avatar is the reason you are not getting results that move your business to the next level.
Imagine if you keep advertising accounting software to medical doctors. This is a crowded market place. You have to state clearly who you serve.
When you know your audience, you see solutions to provide that meets their goals. The best way to identify your primary target is to look at who needs the solution that your product and services offer.
You may need to research and inquire to identify your audience. When you identify your target, your products and services are better tweaked to meet their specific needs.
Avoid this mistake in business and watch your business growth skyrocket.
Inability to identify your offering – You are good at many things. You have the knowledge and capacity to do several things, and this may be your greatest undoing. Stop venturing into everything you are good at and focus on that one thing you do best!
The fact that you do many things should not rob you the benefits that accrue from having paying fans. Your inability to be specific on your offering in the marketplace is derailing your business and effectiveness.
By offering, I do not mean church offerings but the value that you bring to the market place.
Lots of us think we know what we offer, but in reality, we don’t know it clearly.
The clarity we have on the value we bring to the marketplace helps us focus and meet the needs of our target audience. You have lower chances of drifting off the lane when you are clear on your products and services.
Research and evaluate yourself, what do you do best? Focus on the things you do best and outsource all other frivolities to help you focus on your impact.
Don’t Miss: VISIBILITY: HOW YOUR INVISIBILITY IS COSTING YOU
Lack of Consistency – Consistency brings stability. The 3C of customer satisfaction is consistency! Consistency!! Consistency!!!
Lack of consistency, account for the collapse of most businesses in Nigeria.
Approximately 60% of individuals seek consistency from their solution providers. You have to do it consistently to be known as the solution provider.
The people who win at business are people who stay consistent when others have left.
Entrepreneurship is not a get rich quick scheme that turns to million Dollar Empire in very little time.
This mistake in business costs you more than you can imagine.
Lack of patience – if you still have the get rich quick mentality, now is time to have a rethink. The biggest brand that we patronize today started long ago.
As an entrepreneur, you are under pressure to make money, and this makes you jump from one money making strategy to another. Business success is contingent on patience. Patience to stay true to your values, patience not to compromise on your brand quality and reputation are paramount to long term success.
Ensure you are patient in everything you do: It pays in the long run.
Lack of a strategic plan– Without a strategic plan, you get distracted by what others are doing. You focus on what others are doing as if you are running the same race. You forgot that you are at different stages and levels of your journey.
This distraction makes you jump on every bandwagon of what others are doing at the moment. Because someone is writing a book or running a facebook ad, you decided to do the same, not because you needed it at the moment but because you never had a plan for your business.
Stay in your lane and run your race. Have a plan or sequence of action that you are going to act on to enable you to get from where you are to where you want to be.
Without a plan, you are just like a paper blown away in the wind. Think strategically!
Lack of focus– Just like how a lack of strategic plan make you hop on everything, a lack of focus does something similar. If you are not focused on a particular thing, you will find yourself like a leaf swimming aimlessly in a river.
Concentrate on those things that matter: focus your attention on the right metrics. It’s a mistake in business that you should avoid like a plague!
If you could do just a thing to move your business to the next level, what will it be? Will you give yourself the chance to succeed by diverting your attention to the things that counts and matters?
Trying to be perfect: This was my undoing for such a long time. I always wanted to get everything perfected before I engage in anything. This drive for perfection kept me in the shadow for so long.
Perfection will not make you a pro at what you do just yet, but it will only delay you the more.
Just do it and stop wasting time trying to be perfect.
There are no ideal time or condition. You can only make the time perfect for your action. Avoid these mistakes in business as much as possible.
In conclusion, I’m sure you are wondering, are these all the mistakes in business I should avoid? Well, the answer is no. There are 101 mistakes out there. Do you have the luxury of time to make all the mistakes yourself before getting out the diamond?
In anything you do, position yourself to succeed by avoiding the biggest pitfall that haunted the journey of others.
Avoiding these mistakes guarantees your success in the long run. That’s why it is advisable that you think strategically instead of tactically.
What mistakes have you made in business? Are there other mistakes in business we are missing out? Share with us in the comment.
Yet to join our Private community of Achievers? Gain FREE access now!