We often get asked by clients about ways to grow their businesses and expand profit. While there are no simple answers and every industry is different, below are a few potholes to avoid on the road to marketing your business:
1. Going into business without finding out what customers really want.
2. Launching the products or services without sufficient market research.
3. Competing on price rather than developing a Unique Selling Proposition.
4. Pitching prices too low so that not enough funds are left for sales promotion.
5. Expanding sales of products or services which offer very little profit.
6. Expanding sales when there isn't enough working capital.
7. Opening a business in the wrong location.
8. Using sales people who may have good technical knowledge but who have not been trained to sell.
9. Staying too long in dying or unprofitable markets.
10. Doing the same as last year - all the time.
For helping with your business growth planning contact us for further assistance.