{"id":6957,"date":"2015-09-22T07:00:56","date_gmt":"2015-09-22T07:00:56","guid":{"rendered":"http:\/\/faisalhoque.com\/?p=6957"},"modified":"2015-09-22T07:00:56","modified_gmt":"2015-09-22T07:00:56","slug":"the-one-thing-entrepreneurial-people-never-do","status":"publish","type":"post","link":"https:\/\/staging.frameroinfotech.com\/fh\/the-one-thing-entrepreneurial-people-never-do\/","title":{"rendered":"9 Ways You May Be Sabotaging Your Startup and Small Business"},"content":{"rendered":"

\"businessinsiderlogo\"<\/p>\n

Growing a business from scratch isn\u2019t without certain pitfalls. Here are nine ways you might be sabotaging your business without even realizing it.<\/h1>\n

BY\u00a0FAISAL HOQUE<\/a>\u00a0<\/strong><\/p>\n

Having a company in startup mode can be one of the toughest endeavors anyone can undertake.<\/p>\n

Long hours, sleepless nights, and anxiety lurking around every corner are what make a positive outcome that much more rewarding in the end.<\/p>\n

However, growing a business from scratch isn\u2019t without certain pitfalls.<\/p>\n

Here are nine ways you might be sabotaging your business without even realizing it:<\/p>\n

1. Doing it all yourself<\/h4>\n

Doing everything yourself can be tempting in the beginning, when funds are few and ambitions high. While there\u2019s nothing wrong with a hands-on approach, taking on more than you can handle, especially in areas where you lack experience, can be damaging. In the era of the global freelance economy, it isn\u2019t difficult to find talented expertise, but you have to know where to look for it.<\/p>\n

There are now dozens of websites and online marketplaces<\/a> that provide specialized resources \u2014 from design, development, and sales to finance, legal services, and banking.<\/p>\n

At the beginning, you can try small projects with low investments. The trick is knowing exactly what you want done and putting resources toward accomplishing tangible goals.<\/p>\n

2. No brand identity<\/h4>\n

The biggest myth in business is that the only thing you need is a good idea. A good idea is a wonderful starting point, but finesse and execution can make or break you in the end. Design, wording, positioning, and branding are the cornerstones to success.<\/p>\n

Your business plan shouldn\u2019t just have growth projections, it should have ideas about how you want your business to look and feel. Most importantly, you should know how your target market is going to find out about you. Don’t have a major marketing budget? Create compelling content for publisher and social media sites to get your brand out there.<\/p>\n

3. You don\u2019t seem credible<\/h4>\n

People are less likely to invest in you, speak to you, buy from you, or partner with you if your business doesn\u2019t pass a simple credibility check.<\/p>\n

No, we\u2019re not talking size of workforce or money here. We\u2019re talking about your personal experience and brand, your relevance\/credibility to your new company, completeness of your product\/service offerings, reputation, your company\u2019s overall presence, and more.<\/p>\n

People are intuitive, and they work too hard for their money to invest in a company they can\u2019t be sure of. That\u2019s why, wherever you can help it, make sure your business has the appearance of a buttoned-down organization.<\/p>\n

4. Thinking money doesn\u2019t matter<\/h4>\n

So, you were finally able to get the seed money you needed to get your business off the ground. You\u2019re thinking it\u2019s the perfect time for the office space in the city, some fancy gadgets, and a couple more employees. Wrong!<\/p>\n

Spare every expense. The first three years are key, and once you can look into your business account and see more than just seed money, that\u2019s when you can start making some major purchases. Until then, pinch every penny and cut every corner. You\u2019ll thank yourself in the long run.<\/p>\n

\"9129089214_3f4b9a2f71_k\"<\/p>\n

[Photo:\u00a0WorldBank\/Flickr<\/a>]<\/em><\/p>\n

5. Not using social media?<\/h4>\n

If you\u2019re the proud owner of a small business that aims to provide goods and\/or services to a niche customer base, social media is a must. Recent statistics show that up to 30% of all referral traffic comes directly from social media.<\/p>\n

Yup, that\u2019s right, the more you tweet (the right content), the more your potential customer\/partner contact grows. If you\u2019re not sure where to get started with social media, observing others can never hurt. What CAN hurt, however, is not using social media at all.<\/p>\n

6. Bad customer service<\/h4>\n

The worst thing that you can do is disregard your customer\u2019s needs. We\u2019ve all heard the old adage, \u201cthe customer is always right.\u201d<\/p>\n

Putting aside the clich\u00e9s, responding patiently and positively to clients and customers can lead to fruitful relationships and positive word of mouth.<\/p>\n

A 2% increase in customer retention can have the same effect as decreasing a company\u2019s costs by 10%. To put it another way, reducing customer defection rates by just 5% could increase profitability by 25% to 130%, depending on the industry.<\/p>\n

Successful retention starts with the initial contact a business makes with a customer and continues throughout the lifetime of the relationship. Bain Capital has even estimated that for certain industries, a 10% increase in customer retention is roughly equivalent to a 30% increase in a company\u2019s value.<\/p>\n

7. Not focusing on a scalable sales model<\/h4>\n

Creating a unique product and a unique brand isn’t enough. It takes repeatable sales processes to create a scalable business. It is one thing to sign up a few customers; it is another thing entirely to identify, design, and implement repeatable sales and customer-delivery processes.<\/p>\n

You have created a repeatable and scalable sales model when:<\/p>\n