Read PDF 8 Reasons Why Businesses Fail: How to Avoid These 8 Business Traps

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Trap #2: The Business Can’t Grow Fast Enough to Support Everyone
  1. 8 Reasons Why Your Marketing Strategy is Failing - SavvySME
  2. Small Business Money Traps to Avoid
  3. We'd love to hear from you

Whenever companies give more importance to their products over their customers, they are doomed.

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Products bring in the money, but only when the customers are willing to pay for them. Most companies stick to their age-old formula that has served them well over the past years. This stops them from innovating.

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Either they are afraid of trying or have become complacent. What they fail to realise is that what has worked for them in the past, might not work in the future. They should experiment. These experiments help them learn about their product and the market. Hence, it is important that they keep on experimenting and looking for newer way to boost their growth. But what can prove detrimental to the growth of your company is ignoring those mistakes and sweeping them under the carpet. If you ignore them, the chances are you may repeat them.

Bring the mistakes out on the table, dissect them without blame and learn from them.

8 Reasons Why Your Marketing Strategy is Failing - SavvySME

Once the error has been acknowledged and dealt with, move on. A weak leadership ridden with stubbornness, ego and lack of vision can spell doom for even the most successful companies. If the leaders of a company are more interested in establishing their superiority, fail to grab opportunities, lack the commitment and the drive to make it big, not much can save the company from failing.

The list may seem daunting, but the good news is, even if you achieve one of them at a time, you will certainly see a difference in your growth.

Small Business Money Traps to Avoid

However, for long term, sustainable growth, all the above must be achieved and addressed on a regular basis. We use cookies to give you the best possible experience on our website. Read our Privacy Policy to learn more. When you plan your campaign make sure all three elements line up. What is surprising though, is how common it is to see marketing pieces like business cards, flyers, websites and more without a clear action you want people to take.

It is so common to see businesses in the same niche market saying the exact same things in their marketing. Usually because most business owners are not marketing experts so they learn from the competition. However, the competition probably began the same way. So, you can see how ineffective marketing can perpetuate an industry. In fact, you could simply change the name of the company on most ads and the message would still work! Instead what you need to do is differentiate your business from everyone else. So instead of promoting yourself as a Bookkeeper, for example, you instead promote yourself as a specialist Bookkeeper for a particular industry.

People will choose a solution that seems like a custom fit for them. So, if you specialise in that industry, you will stand out from anyone else promoting themselves as a generalist. The good news is potential clients care a lot about what you can do for them. How often do you see an ad and say to yourself, "So what? The reason that you do so is because the ad gave you no compelling reason to pay attention to it.

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Compare these two hypothetical examples for a chiropractor and imagine which one would grab your attention most. For the sake of this example, your name is name is Sarah Jones and you currently have severe back pain I hope you never do. A strategic mindset will instead ask good questions like:. A little bit of education on strategy can really make these media platforms payoff for your business. Whole industries can be destroyed by aggressive promises in marketing.

I hope you implement what you learnt today and see rapid growth in your business over the years ahead. William Siebler. CEO at Seo Melbourne. I work with businesses to find untapped profit opportunities in their existing business. Specifically I help them get more leads better quality , convert more leads to paying clients, maximise the value of each client, get the client coming back more often where possible and getting the business more referrals.

When I look at a business I can see what the opportunities are quite quickly. But they get it confused with playing not to lose. When you reach your initial goals, you start to play it safe; you stop growing. When you play to win, you continue to grow. You push beyond the edge of comfort. When you play to win, it escalates your drive to a higher level.

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  6. Sometimes waiting seems like a good idea, but taking action builds momentum. Then take action with intensity. The trap of success shows up in places where you talk about something and fail to move on it. You might desire a new future, but you hold yourself back. Learn from my failure—leave your comfort zone, shift from fear to courage and break free from the trap of success.

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    Related: 6 Ways to Act on Your Ambition. Gene Hammett has started and run multiple million-dollar companies. He is recognized for his coaching with entrepreneurial leaders and CEOs, and is an inspiring speaker on developing leaders, sales leadership and marketing leadership. Follow Gene on his podcast, Leaders in the Trenches or on Twitter. And it certainly is not about how I made millions and how you can do it, too.

    Start with these three steps to avoid the success trap: 1.