the Mistakes that kill profitability

With my professional background in sales and marketing, I have had the opportunity to work with several small business owners on various sales and marketing-related topics.  all subsequent errors that reduce profitability.

 Mistake #1: Not trading or trading inconsistently. Once you have committed to owning and operating a business, you must be equally committed to marketing and selling that business's products and services. It is difficult, if not impossible, to stay and remain profitable without a continuous concerted marketing commitment.

Solution: Market anytime, anytime.

 Mistake #2: Hesitating to "ask about the sale. Instead of appearing aggressive or obnoxious, they're missing out on winning opportunities. They care more about what someone thinks of them than  bout bringing more money into their business. If you're having a hard time "asking after the sale," rest assured you're not making as much money as you could.

Solution: Practice asking about the sale.

 Mistake #3: Not asking for help or support in the areas of the business where they need it most. Most business owners have strengths in one particular area, but whether out of necessity or ignorance, they often end up in areas that aren't their strengths. When business isn't going as well as it should, they hesitate or postpone asking for help. Every day you spend keeping your business running below maximum efficiency is a $ loss.

Solution: Get expert advice from a lawyer, accountant, or other service provider before you need it.

 Mistake #4: Need to follow up on previous clients. It's usually much easier to reactivate a previous customer. is to put on a new one. If you don't follow up on past customers regularly, you reduce your potential for profitability.

Solution: Develop and implement a regular customer follow-up method.

 Mistake #5: You're not reconciling your expenses regularly. Smart business owners regularly evaluate their business expenses and find ways to cut costs without sacrificing quality. If you haven't done a cost analysis recently, you may be paying more than you need to, reducing your profitability. 

Solution: Review your spending at least quarterly and negotiate any necessary adjustments.

 Mistake #6: They spend vast sums of money on fancy, shiny marketing materials and expect business to flow with no extra effort. people and talk to other people. Brochures and business cards, no matter how beautiful they may be, do not replace direct contact. If you spend money on flashy marketing materials instead of marketing directly, it will be less profitable than it could be.

Solution: Take those glossy flyers and hand them out directly to people at the earliest opportunity. 

 Mistake #7: wasting most of the time it works and activities that have a poor return. If you spend most of your day doing routine tasks that are administrative and/or can easily be done by anyone else, you reduce your profitability. 

Solution: Track your time and calculate how much you earn per hour. Hire an assistant if you spend most of your time on administration.

 Mistake #8: They charge less than they want. This challenge appears to be particularly acute for consultants, trainers, and independent businesspeople selling services. It's often tempting to take less money with you than you need to get "some money. instead of "no money". After a while, working for too little money can tire you out and anger you, severely reducing your profitability. 

Solution: Commit to charging the full fee next time. And then do it.

 Mistake #9: They rarely or never use technology, which could save them time and effort. As a business owner, you have a set amount of time and energy to maximize your profits. Technology can help you with this in the form of automatic replies, voicemail, wireless internet connections, speech recognition software, and the like. All these means were provided to save time and effort. If you're not using technology consistently in your business, it probably isn't as profitable as it could be.

Solution: Look for ways to make your business processes more efficient by using low-cost technology.

 Mistake #10: Sticking to outdated business models or plans. If you don't keep up with trends in your business, you will see a steady decline in your profitability.

Solution: Attend meetings and conferences where you can focus on your market. Implement new business methods and update your business plan at least every two years.