What Are Some Of The Business Mistakes We’re Seeing A Lot Today?
Business mistakes are common, but if we can avoid as many of them as possible, we can ensure we have a great chance of success. So, what are some common business errors we see today that you should be careful of?
Using too much paper
Did you know that roughly 40 per cent of office paper is discarded within a day of it being printed on? This is according to research conducted by Xerox. Add to this the amount of money you spend on paper and printing supplies, and you can see how it can be much more cost-efficient to use electronic file storage.
Overlooking web design training
The importance of effective web design cannot be overlooked. In today’s digital age, having a website that looks great, loads quickly, is easy to navigate, and is marketed effectively, is worth its weight in gold. This is why more and more people are taking web designing courses.
Web design courses give you all of the tricks and tips you need to build an effective website. You only need to look at the statistics to see that web design is vital. The Change Sciences Group concluded that 18 per cent of users will be likely to comment, follow, or share once they have interacted with a highly usable site. They discovered that 60 seconds is the average time a person will try to use a website before giving up. They also revealed that some of the most significant website stumbling blocks are too much going on, not enough information, the text is too small, difficult navigation, and a lack of organisation.
If you can get your website on-point, you will reap the rewards. Not only will you attract a higher level of traffic to your website, but you will increase conversions too. People will be more likely to share your website with others. However, if your website is slow, difficult to understand, challenging to navigate, and cluttered with information, people will be hitting the back button. This is why it is so important for businesses to invest in web design training.
Think about it from the other side – When you want to find a website, how do you go about it? You will probably do a search on Google, and choose one of the first few results, meaning visibility on search engines is important. Then, if the site is not aesthetically pleasing, it will have a negative impact on your thoughts about the company. Moreover, if it is difficult to use or takes ages to load, you will probably go back to Google and try another website, although you won’t have ranked very well in the first place if your website is poorly designed. Now, can you see why web design courses are crucial?
Not protecting your business with the right insurance
All businesses need to have insurance in place to ensure that they are protected should something go wrong. There are legal requirements concerning this, which can differ from industry to industry.
Of course, this is the important place to start when figuring out your insurance requirements, as there are specialist policies, like commercial truck insurance, available.
Aside from this, you need to think about how much cover you are going to need. The best thing to do is to consult with an independent insurance provider who will be able to advise you on this so that you can ensure you do not leave yourself underinsured.
Neglecting to market your company
Are you wondering how to be successful in business? The truth is that there is no magical formula. If there was, we would all be doing it! However, there is one key ingredient you need if you are to have any chance of being a success, and this is an effective marketing strategy. Below, we will reveal why this is vital to the success of your company.
So, why is marketing key when it comes to how to grow a business? Well, think about it like this; you could have the best product in the industry, but if it is not marketed effectively, how are people going to know about it? Marketing ensures that your product or service is introduced and promoted to customers. After all, your business is not going to succeed if people are not aware of it, is it? Whether you sell sports equipment or floral arrangements, marketing is the only way to get the word out.
The potential of marketing is often underestimated as well. Once your product or service starts to get some attention, the ball will really start rolling. Of course, you will have those who view your online adverts or your leaflets and posters. However, you then have word of mouth, which is as powerful a tool as ever. Consumers will start to spread the word about your business if you have marketed it effectively.
Marketing is also important to make sure you create the brand identity you want your business to have. If you ask any company specialising in small business advice, they will tell you that a solid reputation is imperative. Marketing builds product recall with a business and brand name recognition. Your company will expand and sales will improve, as your reputation grows.
All in all, it is quite clear to see why marketing is a crucial ingredient when it comes to how to be successful in business. Without it, you will struggle to generate a consumer base for your products and services.
Holding onto your business for too long
Are you thinking about selling your business? This is a process a lot of people rush into, and they live to regret it, as they miss out on a considerable amount of money, or they find themselves involved in a complicated and frustrating legal process. With that being said, read on for some top tips, including using the services of business transfer agents.
Get an accurate company valuation – First and foremost, you need to get an accurate company valuation. Don’t merely take the word of one business. Get several valuations so you can get an accurate idea of how much your business is worth. So many company owners price themselves out of the market or miss out on more profit.
Consider your reasons for selling – This is something a lot of people overlook, but your reason for selling a business will determine what sort of buyer you are looking for. Common reasons include a loss of interest, being overworked, partnership disputes, and retirement.
Make your business appear more attractive – You have to make the right buyers want to purchase your business, and to do this you must make it an attractive proposition. You can do this by securing a major contract that spans numerous years, strengthening your consumer base, ensuring consistent income figures, and, of course, increasing profits.
Have a plan in place for the future – You need to know what comes next, even though you are leaving the business. Potential owners want to come into a company that has direction and is going somewhere.
Hire a business transfer agent – Last but not least, you are advised to use the services of business transfer agents. It is always advisable to have an expert on your side that can ensure the best deal for you. A specialist agent will be able to tailor their service to suit you, making certain that you are matched with the best buyers for your business.
Categories: Outside Contributors