Mon 10 Sep 2007
Exploding Business Myths
If you run a small business, no doubt you frequently search for advice and information related to running your business. But there's a lot of information out there — and how do you decide what to believe?
There are a number of myths doing rounds in business circles that could prove costly and misleading to your business. Here are a few:
- Advertising Never Fails
- Your Product Will Get You All The Customers You Need
- Make Objective And Value-Based Decisions On Relationships
- Never Move Locations
Placing ads without identifying your target market and understanding the specific business niche of your company or product can lead to the failure of your ad campaign.
You must define your customer base and use advertising media that will reach your target market — anything else simply doesn't make sense.
Merely placing ads to let people know about your product or service is not going to bring them running to your doorstep. In addition to using scientific marketing techniques, you have to network with business associates and clients as well.
Networking is a way to get clients who will come to you because they know you personally or have heard of you through referrals or word of mouth, not by going through an impersonal advertisement.
Oftentimes, small business owners hang on to employees or clients who in fact are a burden on the business merely on account of saving an existing relationship. This is a mistake. It is essential to sever relations with an employee who has not proved their worth or a client who is consistently late in making payments.
If you don't, you may end up regretting it later, when you realize that this relationship is costing your business money.
Review your office space periodically. Even if it was initially appropriate, it may now be too small for your successful business; conversely, a new location may attract even more customers. It doesn't matter if it is a home office or any other location; do not hesitate to change it if circumstances warrant.
Keeping these 4 myths in mind will definitely change your business — for the better.