Common Mistakes by Small Businesses: Are these holding you back from growing?

We specialize in small businesses.  Prism has also been a great aid f those who are considering and starting up a small business.  Many people who decide to open up a new business see it as a way for them to be able to do the work that they are passionate about. For example, a chiropractor or a lawyer opens her own practice so that she can do the chiropractor work or legal work that she loves. Essentially, most people looking to start a new business aren’t actually looking to start a business. Rather they are looking for a vessel through which they can do what they care about and are trained to do. Through the years, we have found that it is easy to get lost.  We are a small business so we’ve been there. Here are some major mistakes that small businesses make when first starting out and tips to overcome them:

Viewing Your Work As More Important Than Running The Business Side Of Things View every aspect of your business as equally important. If you don’t bill your clients or collect a payment, then you will have no business to run. If you don’t do marketing, then you don’t get new customers or clients and can’t do your great work. All parts of your business are as important as the work output. Not Accepting Credit Cards Begin to accept credit cards immediately and don’t pass on the fees to your customers. It’s astounding how many small businesses do not accept credit cards, citing the credit card processing fees as the reason. It’s the cost of doing business. And it’s a great cost because it has a huge payoff for you. With companies such as Square (SQ), it is simple, cost-effective, and necessary. Many fear that credit card processing fees would make me lose more money than I would make. I was wrong — so, so, so wrong. The first month that I started accepting credit cards, my income doubled. Within about six months of accepting credit cards, I began having huge months.  We have never looked back. Now any credit card processing fees are nominal in comparison to what we earn because of accepting them. If I could go back in time, this is the first time that I would change. Trying To Do Everything Yourself Find the appropriate people and services that can provide you with the support that you need. You can’t do it all. Get a great answering service. Use a virtual bookkeeping service. These are key components to maximizing your success. Considering Marketing As A Negative Throwing tactics up against the wall sounds good and never works.  You have probably heard of customer segmentation and this is critical.  Know who you want as a customer, quantify it, and then target them in everything you do.  Identify who you want as your customer/client. Get very specific: it shouldn’t be everyone. Instead, define the person who you want to serve with your product or service. After that, determine what is the best way to reach them. What social media platforms are they on? What do they do when they are online? How do they spend their time? While we prefer a mix of media and channels, we learned that our clientele almost only went online through Facebook. They didn’t get news from articles. Instead, they liked to watch short videos. I decided to begin to upload videos about marketing and unique topics, and people loved it. Then, I began to use Facebook Live and now into Instagram stories. Once you figure out where your clients are, start talking to them! Use your social media to start conversations with potential clients and customers about your products and services. Think about your business the way the consumer needs to think about your business.  You do great work and people need to hear about it — marketing allows more people to see the great things that you do and helps them access your products and services. For those who are scared of social media – remember this.  The conversation is happening whether you are a part of it or not.  Shouldn’t you at least get in the game? If you own a small business, you are the CEO and you need to act like one. These are just a few tips to help you get started. Mark Thomas is a nationally-recognized integrated marketing professional that has worked for major brands such as DuPont, Volvo, and Continental Airlines.  In 2018, Thomas was named as one of the top social media experts by being named to PR News’ “Social Media  Movers & Shakers” list.  In June, he added to his 19 national and regional marketing awards by winning his second “Telly” award for a TV show he created and still hosts and produces called “Uniquely Bristol.”