Strategic Money Mistakes Hurting Your Business

 As a business person, no matter how smart and prudent you are, sometimes you still lose money. Some decisions you take or don’t take can make you lose money or cause you to miss out on some opportunities to make money. Either way, costs result which could drain your profits. Discover here some avenues through which some of these losses can occur and how you can prevent them from hurting your business. 

Rejecting Credit Cards as a Form of Payment

Many small business owners reject credit cards as a form of payment because they either want to avoid fraud or to dodge fees that are associated with accepting credit card payments. That is not a very smart thing to do because these days global business trends favor the use of credit cards for convenience and ease of payments. Invariably, your business may be losing customers and money if you reject Credit Cards as a form of payment. Finding a way around your fears is what works best when it comes to accepting any payment methods, credits cards inclusive, for your business.

Not Taking Full Advantage of the Internet

No matter how many books you have read, nothing beats the Internet where you can easily take advantage of free and affordable content. Books could be of help, Mentors too are helpful but learning from the Internet is most cost-effective and convenient. Before the internet and social media, people only had access to others through work, face-to-face, or perhaps, someone they met at a business conference. These contacts can be limiting and there is no guarantee that they would help you in any way. Today, there are so many ways to learn from people no matter how far away they live or how successful they are for little to no money. Many thanks to the Internet and Social Media! You could be losing out on information flow and by implication money if you are not taking full advantage of the Internet to get useful content from blogs and social media profiles of experts in various fields.

Focusing too much on the Big Picture 

Even if you lay out a big plan for your business, it pays to start small then build up. When new entrepreneurs overly focus more on long-term goals, they tend to lose sight of the simple things they need to do to grow their business steadily. They strategically neglect the fact that it is the little things which you do well which tend to add up to big things in summation. Focusing more on the short-term actually helps you in the long run. You lose money and focus when you do otherwise.

Unknowingly Shortchanging Yourself 

If you run a service business, the cost of your time is where you make money. As such, one very good way to guard against losing money is to protect your time. If you have already made allowance of time to render a service, stick with it. If however you have cause to do extra time because of client requests, be sure they pay for it otherwise you will be shortchanging yourself. You lose money when clients start asking you to do more work than expected outside of the agreement without compensation.

 

How Your Business can create a Must-Have Product

 Marketing experts take delight in saying, a good product sells itself. Most people create their own business to get financial independence and become their own bosses. At times, the resolve to become your own boss is by far easier to make than to get a good product/service to realize your dream. That is why you need a must-have product. If you are able to create a must-have product, you’ll find success no matter what marketing strategy you use. The trick is just to get your product out there. If the product solves a big enough problem, a mere product demonstration simply speaks for itself. Here is what to focus on to create a must-have product.

Explore Ways to Solve Problems for Bigger Results

 

Every business revolves around problem solving. When your first priority is looking for ways to solve a problem, you are literally powered by your vision. Your vision becomes the boundaries from which you operate. That way, if you design a product you know is going to take quite a while to perfect; you do it anyway because you’re more committed to your vision than your immediate gains. Consequently, this means your products will be of a higher quality because you will have crafted them to meet the needs of your customers, not just your need to make quick money.

Be Guided by the Fact that People Buy only Products Which Solve their Problems

 

Nobody buys any product which is unable to solve their problems. As such, successful marketing is predicated on solving people’s problems and nothing else. It is largely true that people don’t buy products and services – they buy what the products and services can do for them. A must-have product can be created with that in mind.

Beware! Limited Vision Produces Limited Results

 

Any business without vision is no business at all. That is why if you are merely looking for ways to make more money and spend less time working, you’re likely to create a mediocre knock-off version of someone else’s product. Sadly, cheap knock-offs are almost always unprofitable because they don’t really solve the problem they were created to solve. Unlimited vision somehow triggers real innovation which gives unlimited results in the form of a must-have product.

Focus More on Solving Problems Related to Convenience

 

These days, people pay to have quick, easy service because everyone appears to be in a rush most of the time. Making things easy and convenient for such people is a money-spinner any day. Most people love convenience so much that you can run a successful business by solving convenience problems people didn’t even recognize they had. It doesn’t really matter much what type of problem your product solves, nor does it matter what specific need it fills. The big deal is, it just has to be conveniently useful to people. That is where they base their buying decisions.