Mistakes That Cost Money

10/27/2008 4:31:00 AM

The only way to keep history from repeating itself is to learn from our mistakes. This has as much to do with global politics as it does with small business. The first year of any new business is rough, usually because the owner has never run a business before, or never had a business in that industry. Successful businessmen learn from their mistakes and progress, but the best mistakes to learn from are the ones that others make.

To help you learn from others mistakes, Dr. Rachna Jain, Business Consultant, has thoughtfully provided 10 common mistakes in sales and marketing that she has witnessed over her career. Some mistakes may seem small or even obvious, some you may not have known, or one or two might resemble something you are doing now. Regardless, it’s better for you to know how others have fallen to avoid the same fate.

One major mistake that may seem small is your sales team neglecting to ask for the sale. Sometimes customers need direct action and going for the "yes" is a good way to meet this need. Worrying about rejection or how the customer will perceive you is natural, but it can cripple sales. Another mistake is not keeping in touch with those that have said "yes." Existing customers are ideal sources for future business and should not be neglected. Try to get in contact at least once a month. Send out a newsletter or host a conference call. You never know when they’ll need more from you.

Two more mistakes involve hanging on to the past. Refusing to embrace new technology or clinging to outdated business models can stunt your company’s growth or even kill it. Technology can save you time and money, improve efficiency, and help you run your business better. Like technology, your business models are a reflection of the time that implemented them. If the market or industry has changed, you need to be flexible and adapt.

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