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SME’s biggest mistakes – top 5
1.No business plan or market research
Having a good business idea is a fantastic start. But without a good plan, it’s like setting off in the jungle without shoes, clothes or equipment. You won’t last very long unless you’re very lucky.
2.No marketing strategy
You could have the best possible product, but if you don’t let people know it’s there and how it can help them solve a problem they have, there is very little chance they will find out about it
3.Promise more than you can deliver
You might be very tempted to take on any additional bit of work that comes your way, but always ensure you can deliver in terms of quality and timings. It’s always best to reject work than end up with dissatisfied customers and get a bad reputation.
4.Ignoring your competition
When assessing the market, always assess your competitors market. It is crucial to know who your competitors are, what their offering is. This is the only way to put forward some Unique Selling Points and stand out from the crowd.
5.Poor customer service
Your customers are your business. Without them, there would be no business. So make sure you look after them as well as you possibly can. If they are on your side, they can make your business grow much faster than expected.