Tag Archive for 'Mistakes To Avoid'

Avoid These Fatal Mistakes At Your Start-Up

I’m fascinated by business, and I’ve read countless stories about it over the years. I’ve heard some truly inspiring success stories. Then again, I’ve also heard some heart-rending horror tales. There are a few big mistakes which your company needs to avoid if you want the best chances of success.

Here are a few you should be checking for right now.

Don’t overthink every single move you make

The first mistake you can make as a business owner is overthinking each little move. This is natural for almost every new entrepreneur.Starting your own business is nerve-wracking, especially when you’re always reading posts like these! Determined not to fail, a lot of young new, first-time business people will question their own judgement at every turn. Often, this will only slow down the progress of your business.

Yes, you have a lot to learn. However, if you don’t approach your business with confidence, it will show up in everything you do. In your start-up phase, try to keep a proactive, positive attitude in all your big decisions and don’t sweat the small stuff. If you lack confidence in your own ideas, so will your customers and investors. Exert confidence, and it will have a positive effect on every aspect of your venture.

https://pixabay.com/en/busy-office-ol-answer-the-phone-880800/

Photo Creative Commons Source – Pixabay

Don’t get overconfident

Then there’s the opposite problem; being too confident in your company or yourself and biting off more than you can chew. Okay, when your first big client comes along, it will feel fantastic. However, if you’re not ready for them, your business could grow so rapidly that the whole thing spirals into chaos.

If you start a partnership with a larger company, but don’t have fundamental things like PR and IT support, your firm could outgrow itself. It’s integral that you never enter into a deal unless you’re confident your business can accommodate all the requirements involved, no matter how great it sounds. Understand your limitations and have a reliable system for measuring progress and goals. I know baby steps might be irritating, but they’re often a lot better than the alternative!

Don’t go it alone, get advice, a mentor, advisor, coach

Finally, not seeking advice. Since you’re reading this, you’re probably not affected too much by this issue. However, reading blog posts and seeking a business mentor are too very different things. Of course, in business you can’t expect anything to be spoon-fed to you. However, if you rely too much on your own limited experience, you’ll be setting yourself up to fail.

You may already have a pretty good advisor in mind (click here to contact me!), with a respected coaching philosophy. If not, network like your life depends on it, and find as many business owners you can talk to. Try to find someone in a similar industry, but obviously avoid your competitors! Business owners are squeezed for time, but you’ll be surprised at how happy some of them are to dish out advice and guidance.

Make sure you’re getting constant pointers from valid, reliable sources like my blogs. Business is constantly changing, so don’t overlook this point!

By steering clear of these mistakes, you’ll be saving you and your company a lot of “avoidable” mistakes. There’s a lot more to guaranteeing success, however, you should certainly be wary of these three pitfalls in the beginning to get started on the right foot.

Digging yourself into a hole

I just came back from a trip to North America where I met some very smart and ambitious business people.

In contrast, upon my return to Australia, I came across a 19-year old squash player who wants to make it on to the professional tour who said “I don’t have a coach, I prefer to do things on my own, see what’s out there and do it my way.”

I was gobsmacked. His fate is sealed – he is already YEARS behind his peers. We have local players here in Sydney who at the national level are already YEARS ahead of him.

So what does this have to do with business?

Dig Yourself Into A Hole - The Exponential Growth Strategist

 

In as much as today’s example is squash related, the same is true in business. I see it all the time. Business people who have dug themselves into a hole and want to get out. In many cases, the hole is too deep and as a mentor, I simply walk away. The reason I do that is because as Einstein said “The thinking that created the problem is not the thinking that will solve it.”

As The Exponential Growth Strategist, I decided a long time ago to work with the elite in business, those who know what they want and are willing to invest in themselves to get it.

One of the key principles is the quote above. AVOIDING problems and MINIMISING mistakes is a necessary part of success.

One of the most valuable aspects of what I do for my clients is help them AVOID mistakes – prevent them from picking up that shovel in the first place.

A common and all-too-popular hole people are digging themselves into is with social media, another is poor quality copywriting.

The next time you get yourself into a hole – ask yourself this simple question: “How could I have avoided picking up the shovel in the first place?”

If you can do that, you will reduce the number of holes you dig for yourself moving forward.

Why You Lose Clients

This graph says it all…

As a regular reader or subscriber to this and my other blogs, you know about my holistic approach to business. One of the key components of what Exponential Marketing is all about is establishing authentic and genuine rapport with your suspects, prospects and clients via what I call “Killer Konversations“.

If you don’t engage interactively with your suspects, prospects and clients, they will simply gravitate towards suppliers and providers that give them the attention they seek.

The exponential question then becomes – what conversation / relationship do you want to have with them? And secondly, how are you going to manage them?

Client Attrition, Lost Clients, Losing Clients, Lose Sales, Lost Sales

Sources Of Client Attrition

Creating the various client conversations is one of the main features of what we do within the Platinum Program. Click on the hyperlink to learn more about how we could help you grow your business.

Institutional Advertising Versus Call To Action Marketing

A lot of people ask me what the difference is between institutional advertising and call to action marketing. Simply put, institutional advertising is brand building and is only recommended when you have MILLIONS or BILLIONS in your marketing budget.

Call to action marketing I don’t even call it advertising because it’s unilaterally focused on getting suspects to convert into prospects (take an action to show their interest in your product/service/offer) or prospects into clients (give you their money).

A friend of mine, Andrew Powell of Montreal, Canada asked me this outstanding question with the added twist that his company, Bogdon & Gross Furniture has been building furniture for over 80 years, using the tagline “Handcrafting your dreams since 1927″ and the e-mail signature “Canadian manufacturer of solid, hardwood furniture and supplier of Koosh ® mattresses – the world’s first high resiliency, soy-based foam Mattress.”

So here is the short version of the answer – something I cover at our Exponential Business Building and Internet Marketing Bootcamps

Continue reading ‘Institutional Advertising Versus Call To Action Marketing’

10 Recession Proofing Tips

The article below appeared in this week’s BRW Magazine. It’s a classic example of what you can do with an Exponential Mindset. I ripped out the page and was going to send it to Jason Chuang, a graduate of our Business Mastery Platinum Program. Then I caught myself and realised that you also need to benefit from it.

So here it is:

10 Recession Proofing Tips For Your Business

10 Recession Proofing Tips For Your Business

10 Recession Proofing Tips For Your Business

Continue reading ’10 Recession Proofing Tips’