As an entreprenuer there are business mistakes that you see other entrepreneurs making time and time again. Especially new entrepreneurs.
These are mistakes I’ve made over the years in my own journey and these mistakes if left and not fixed affect business growth and profits.
With all the moving parts of a business to look after, it’s easy for things to fall through the cracks, but that’s why I’m here!
Let’s take a look at these 5 business mistakes that will diminish your profits if not fixed right away.
Business Mistakes to Avoid
1. Inconsistent Marketing
It’s just not enough to publish a couple of times a month to Instagram and once every 3 months to Facebook. Likewise, ignoring your email list is also detrimental to your business.
If you don’t keep up with a consistent marketing plan, people will forget your name, will forget how they ended up on your email list, or forget why they’re following you on social media.
These forgotten people need to be won over again and they need to hear and see your company name on a consistent basis before they decide to spend money on your products or services.
Being consistent is the number one rule of doing business. Your people need to know they can depend on you to show up.
Easy ways to remain consistent is to have your main platform, which can be blogging, Podcasting or Youtube. Decide on what day you’ll show up on that platform then create 4-6 weeks worth of content and schedule it to post automatically.
This way you will always be ahead in terms of content and not trying to figure out what to post on the morning you’re meant to publish your content.
Then only focus on being present on one social media platform. Then you can take your main piece of content and repurpose it to this platform and to others if you have the time.
But it’s important to be consistent in at least 2 places and only expand where you show up when you’re being consistent on your main platforms.
2. Failure to Automate
Are you stuck doing things with pen and paper or trying to use out of date tech? Then you need to upgrade.
You can automate so many aspects of your business, from scheduling, emails, billing and social media.
Yes, automation tools can be costly however there is tech for different price points and entry levels and compare the monthly or annual costs to the cost of an employee or a virtual assistant doing the same task.
You’ll see that it’s worth it. Doing things manually costs you a lot more in the long run.
Some beginner tools you have to use in your business;
- Calendar Scheduling | Acuity Scheduling
- Email Marketing | Convertkit
- Social Media Scheduling | Planoly, Tailwinds and Buffer
3. Poor Branding or Messaging
Working on your branding and niche to get your marketing message right is critical for success in a noisy online market.
Knowing the basics like;
- What is your company’s mission?
- What is your Unique Selling Point?
Is just the start.
If you can’t answer these two questions, you need to revisit your messaging and your brand RIGHT NOW! (Stop, click here to schedule a call with me!!!)
Branding is more than your logo and business colours; branding is your overall image, personality and soul of your business. It’s what you promise to your customers.
If you need help with this book in some time for a chat with me right now.
4. Bad Money Management
Money management is extremely important in your business, but so many newbie entrepreneurs can get it wrong.
I go over here the 5 most common mistakes new entrepreneurs make and how to avoid them.
But some of the questions you must ask yourself is:
- What processes do you have in place for your bookkeeping and paying your invoices?
- Do you have any idea what your income vs expense looks like?
- Do you have a habit of buying courses & training programs that you don’t have time to use?
You should never be surprised at tax time with how much (or how little) profit you made in the last year.
Businesses that are positioned for growth have great money management solutions in place.
A first step would be to create a budget for your business along with solid processes for handling your monthly expenses.
A great tool to use to manage your business finances is Quickbooks.
I also highly recommend Small Business Sarah Youtube channel to help you set up Quickbooks if you have a service-based business like Coaching, an Etsy business or a Shopify business.
Seriously I spent hours looking for the information and step-by-step training she provided before I found her.
5. Reluctance to Reinvest in Your Business
Think of reinvesting as a way to grow your business.
Instead of taking your extra profits and paying yourself every month, keep those profits in the business and use them to hire a virtual assistant, get new software or training tools that will help your business grow and scale.
Each of these reinvestment options will help your business run more efficiently so you can have more time to serve your clients and leads.
Of course, when it comes to paying yourself you should be paying yourself a salary every month. It’s the profits (or a percentage of the month’s profits) that should remain in the business to help it grow.
If you’re looking to get started with any of these steps, check out the Build Your Business Vault – where you’ll find templates, worksheets and checklists that will help you get started!