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5 key things that will limit your success

Posted in: Business Advice
Why is it that some businesses prosper while others struggle? It happens across all markets so it can't be blamed on the economy. We thought it might help to highlight 5 key things that will limit your success.

1. Chasing perfection

Forget it! Just get on with the job. Too many people try to get everything just right and end up achieving little or missing a prime opportunity. That’s not to say you don’t aim for excellence, but don’t let your perfectionism stop you from using a job that is good enough for now.

Don’t stress if there’s the odd spelling error. Better to have your article, newsletter or whatever out there working for you than not at all. If you are working on a new business strategy, start using it now... As you go you will work out how to improve it, but in the mean time at least you are still out there getting some runs on the board.

Your key focus should be on success, not perfection. And that means taking action now!

2. Not marketing

There are many excuses trotted out about marketing, some we've heard include... "our shopping centre does the marketing for us… we are the only local supplier so we don't need to do marketing... we’re tightening our marketing budget for now while business isn’t going so good…

The only expenditure in business that produces profit is marketing! It’s measurable. It’s accountable. If you market very little and are still successful, you are either lucky enough to be in an industry with a short fall of providers or you are actually grossly under performing!

If you maintain a degree of marketing at all times, it will be easy to 'rev up' your business when needed, protect your position in the marketplace, survive a downturn in the economy or simply increase return on investment...more profit and business value!

3. Fear of failure

So many people hold themselves back because they are afraid. You get up and make a speech and forget something. So what? Move on. No one will hold it against you.

You call a prospect on the phone and they turn you down. So what? Move on to the next one. Nothing like this will hurt you in the long run. Having your business fail for lack of trying will though.

4. No peer support

Why make the same mistakes others have made before you if there is no need? Learn off other business people as much as possible. Seek out people who have done what you are doing and succeeded. Seek out mentors who have achieved results and can help you do things better.

5. No clear value proposition

It sure helps if you can find something about your offering that is unique...something that sets you apart from your competitors. This is called a Unique Selling Proposition (USP).

If you only sell your product, or product features, or price, you are in a commodity business and end up competing head to head with every other provider. Create some unique value about your offerings and you can own your market.

Everyone is looking for a bargain, and unless consumers can see a good reason to spend more with you, they will go for the cheaper option. You need a USP to build the value and benefits of your offering to such an attractive level that consumers can't afford to say no.