TOP 5 COMMON MISCONCEPTIONS ABOUT BUSINESS TODAY
Running a business can be an overwhelming experience depending on how you approach it. The fact that so many markets and industries are highly saturated makes it difficult for some business organizations to stay afloat and actually thrive. Due to the high competitiveness of the market, some persons are actually reluctant to engage in certain types of ventures for fear of not being able to cope with competition. While others view business as an automatic money-making venture which must succeed once started.
The truth however is that these are just mere and common misconceptions which make business to seem like what it is not, to some persons. In this article, we will consider the top 5 major misconceptions and how to handle them.
Top 5 Common Misconceptions in Business
There are various myths in business which are not only peculiar to owners of small and medium enterprises, but also to company executives. We will however focus on the most common ones that actually affect the performance of businesses:
1. Success is Guaranteed:
To some persons, establishing a business is considered as a sure money-making venture. Hence, the moment you establish a business, it is bound to succeed. This is why some brands collapse within their early years.
However, the success of a brand is in reality, tied to different factors such as the business plan, marketing and advertising strategy, management and administration structure, etc. Hence you need a good business plan, a killer marketing and advertising strategy, and a good management structure to ensure the success of your objectives and goals.
2. Your Business Needs to Mature into an Empire Before You Can Register it:
This is peculiar to owners of small brands. Some of them actually consider their brands too small to be registered and therefore decide to wait for it to grow big enough to register it.
This mindset poses a great risk to the business, because sometimes the business name may get taken-over by a competitor brand which will ultimately result in the wasting of the efforts of the business owner. There is no right size of business to be registered; therefore the best practice is the registration of a business at its infant stage.
3. Quality overshadows Price:
Some brands make the mistake of offering high quality goods and services at very high prices, hoping that the quality of the goods and services will justify their prices. While it is very important to provide your customers with high quality products and services, you need to bear in mind that most customers find less pricey products and services more appealing. Hence, finding a balance between the quality and prices of your products and services is key to avoid losing your customers to competitors. A business consultant can help you to achieve the much needed balance between the quality of your products or services and their prices.
4. More Sales, More Profit:
Most business owners believe that increasing sales means increasing profits, therefore the more products or services they sell, the more profits they make. This is however not always the case. While increasing sales may also increase revenue, it doesn’t necessarily mean that the business must make profits. Where there is an inadequate or a poor pricing strategy, the business will actually incur losses. This is why you need a good pricing plan. Talking to a business consultant can assist you to get the right pricing strategy for your business.
5. Focusing More on Customers is Key to Success:
Most business executives and owners care only about their customers and make the satisfaction of their customers the core of their efforts. While it is important to treat your customers right, it is also necessary to ensure that your employees and team members are also happy to do their jobs.
One of the best things you can do for your business is to invest in your employees. This is because happy employees also translate to happy customers, your cannot make your customers happy on your own, and this is why you need good crew members on your ship. The type of employees you have is very vital to the success of your business, because you alone cannot achieve your goals and objectives. You need the assistance of your employees to make things work. A human resources expert will help you to make the best of your employees.
Conclusion
Knowing these common misconceptions will assist you to properly run your business and avoid the major pitfalls that business owners usually fall into. Getting a good business plan, taking care of your employees, getting a good pricing strategy and talking to a business consultant, are some of the proven ways to optimize your business, and make the most out of it.
At In-Charge Solutions Limited, our team of experts is ever ready to guide and assist you to optimize your business. Contact us today, your business deserves to win.
