Updated: Nov 20, 2018
1. You don’t know your target audience
One of the most important things for you as a business owner to know is who you are trying to sell to. These people are known as your target audience; a group of individuals with common characteristics who will purchase what you are selling. If you don’t know who will buy your product or service, how will they know you exist? So, take time to study your target audience. Figure out what it is they want or need; as well as how to reach them.
This task may seem daunting and time consuming, yet it will pay off. Once you know your target audience and what they want or need, you will be able to get your product or service in front of them, and they will be glad to have found you.
2. You’re no longer hustling
For most business owners the inclination to hustle comes naturally, however sometimes, if we’ve enjoyed some measurable success, we can be tempted into settling. But this can stifle your growth. Experts recommend you spend a minimum 25% of your time looking for new business. Keep networking. Work on marketing and building new relationships; attend trade shows and conferences; go for coffee. Keep putting yourself out there. Don’t slow down or you may become obsolete.
3. Making your decisions alone
Often, we start out as a one-person enterprise. This is the reality for many business owners. But it is essential to build yourself a team. Hire a business coach. Find a mentor. Join a network of entrepreneurs where you can discuss problems, find solutions and brainstorm new ideas. Surround yourself with people that will push you, question you and motivate you to reach for greater accomplishments!
4. Not marketing your business
Marketing is essential to show how your product or service stands out from the competition. Your business can offer the best product or service in the world, but if no one knows about it you won’t sell a thing. Once you know your target audience you’ll be able to effectively reach out to them. Trade shows, social media, flyers, and a kick-ass website are different options you can utilize. Use a mixture of these. Or outsource this task to ensure you get your message out to the world. And then back up your marketing with exceptional customer service, because the most trusted form of marketing is still word-of-mouth.
5. Not keeping current
At one point in time you saw an opportunity in the market that you capitalized on. Do not stop analyzing the market and developing new offerings. Check out what your competition is doing. Get feedback from past and current clients; ask around to see how you can improve. Keep developing and growing and stay current on relevant trends. Hire a virtual assistant to do this research for you.
In addition, take this same approach with yourself. Continue learning; take courses, meet new people. Get out of your comfort zone, this is where you will grow and take your business to the next level!
6. Doing everything yourself
As an entrepreneur, you’re likely doing everything yourself, especially if you’re in the early years of your business. Often, we find ourselves to be everything from the janitor to the president – often due to a lack of funds.
But, if you want to take your business to the next level you need to put your resources to good use. You, the business owner, are your company’s most valuable resource. Your energy, drive and innovation are needed to continue growing your business. Don’t waste it on completing mundane tasks. Instead, eliminate or outsource. If these tasks are important, i.e. invoicing, social media management, or creating marketing material then they cannot be eliminated, but they can be outsourced. By outsourcing these tasks to a virtual assistant, you’ll realize the benefits of having your task completed without the time and financial investment required with hiring an employee.