First things first! You need to take accountability for your actions which lead your business in this downward spiral of doom.
The good news is it can’t get any worse!
Most entrepreneurs are decisive, ambitious and strong willed. So why do almost 1 in 5 new businesses fail in the UK each year?
Read on to see 5 common mistakes small business owners make in their first few years active.
- No online presence
First of all if you don’t have a website what are you doing!? 🙂 With so much competition in almost every industry, websites are must have.
A website gives your business a chance to stand out and also is a form of self promotion with 24 hour access as it provides brand visibility and brand recognition. Having a website with your brand values, information about your products/services along with having contact details legitimises your business making people take it more seriously.
Having an online presence, especially having a website can help you track website users and analyse their behaviour information. This will help you to understand your customers needs and improve your overall service. For more information on benefits of having a website check out this blog.
2. Unable to adapt to market changes
Not being on the ball with market changes such as one page websites! Many businesses cannot handle change as they are not built to be sustainable. The pandemic showed the need for making online sales as many small businesses unfortunately closed down as they could operate in stores. A good example of a business not adapting is Blockbusters, they were once a leading business in the film industry but as Netflix came along they could not compete. Netflix adapted to the needs of consumers with a streaming service which was much more convenient for people and dominated the market share. One of the market change currently increasing in demand are one page websites. As they are easier to use with other devices such as tablets and phones. Which is increasingly becoming more popular with online sales.
3. Failure to understand market segment
WARNING!! If you do not know the importance of knowing your target audience leave now as there is simply know hope for you. Only joking but seriously it is extremely important to know and understand your target audience. Your audience can affect how and where you market and promote your business. For example if targeting teenagers then Snapchat would be better to use as it has a younger audience that other social media apps such as Facebook. For more information on reaching your target audience check this blog out.
4. Lack of consistency
Consistency is necessary for any business as it improves brand image, brand reputation and overall branding. To run a consistent brand you first need a brand logo, brand colours, specific typefaces and ensure this is kept across social media, your website and any adverts your company does. If you can stay consistent like this it means you have strong brand communication. Think about it any big company you know just by their colours, Sainsburys is known for Orange, Bumble is Yellow, LinkedIn is dark Blue and Yahoo is purple. These companies all have colours synonymous with their brands. If I apply this to a person, we call a person authentic when they’re consistent, when they act the same way whether or not someone is looking. Someone is authentic when their actions are in alignment with what they promise. This also applies to companies as they cannot be seen as authentic brands if they lack consistency.
5. Failure to create a sense of trust
Once you have your own website, you need to make sure its secure by getting SSL certificates put in place. This is vital for businesses as there are plenty of scam websites conning people out of money and your users will need to feel safe when visiting your website.
Another benefit of having a website is being able to have professional customised email addresses. Using customised email addresses can make a big difference to how your business is viewed by others. Having a website allows yourself and any other employers to use customised email addresses.
This brings a professional tone to your business and shows potential customers you are serious. Think about it, imagine seeing an email from Brentcouncil@yahoo.com. Would you trust it? I certainly would not and I can guarantee most people would assume it was either a fake email or even worse a scam! Now seeing Brent.Council@gov.uk looks a lot better as it has a more professional tone and is automatically more trust worthy which means it would get much more engagement.
You are now more educated. What’s next?
We recommend you visiting Tecric.com and turning your failing business around today!