April 1, 2011
OPEN Forum Message
Affordably Build Your Brand
FedEx Global Brand Management Director Monica Skipper shares a cost-effective way to build a bigger brand for your small business.
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Have you been fooled yet today? Getting fooled on April Fool’s Day is one thing, but when it comes to your business, playing the fool is no laughing matter. Here are four foolish mistakes many business owners make. Are you falling victim to one (or more)? Then let today be the day you change your foolish ways.
1. Refusing to let go. A common failing of small business owners is our unwillingness to let go of the businesses we’ve nurtured from birth to success. That can manifest itself in reluctance to delegate responsibility to anyone else—even the employees we hire to take over some of the responsibility. All too often, when an employee fails or is floundering at a task, the entrepreneur jumps in to “fix it.” Instead of holding employees accountable for their own successes or failures, we use the incident as proof that “no one can do it the way I can.” Rushing in to “make things all better” may be faster than letting your employee try again—but only in the short term. Without trying, failing and finally succeeding on their own, employees never learn, and your business never grows.
2. Falling behind the tech times. Yes, technology changes at lightning speed these days, and it can be tough to keep up. But if you find yourself grumbling about these new-fangled social media sites, your website still features Flash animation, or you don’t even have a website, these should be warning signs that your business’ approach to technology is already seriously outdated. Take the time to stay up to date on the latest technology tools, whether that’s Facebook, mobile marketing or online video, and figure out how they could help your business. (Not every tool works for every company, but you at least need to explore your options.) If you’re not a techie, enlist someone who is to fill you in on the latest developments (in plain English) on a regular basis.
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3. Spending too much money on business products and services. I’m a big bargain shopper in my personal life, and I believe in looking for savings in business purchases, too. Sign up for rewards programs or get on the mailing lists of companies you regularly buy from so you’ll get discounts and special offers. If you use Groupon or LivingSocial to get deals in your civilian life, you’ll want to check out BizyDeals.com, a new deal site for businesses that operates in a similar manner, but with products and services small businesses need and use. (Disclosure: Bizy was launched by a friend of mine, and I’m pitching in where I can.) Review your contracts and terms of service regularly to make sure you’re not spending more than you need to or paying for things you no longer use. Little things add up, and small expenditures can eventually drain your business bank account.
4. Proceeding without a plan. In the hustle and bustle of daily business life, how do you make sure your company is staying on track? You can’t keep on course without a road map. I’m not saying your business necessarily needs an official business plan (although having one wouldn’t hurt), but even the most gut-instinct-oriented business owner needs an idea of where they’re headed. Maintaining an overarching vision of your goals—for the next quarter, the next year, the next three years—and how you’ll get there helps you determine which new opportunities you should say yes to, which ones you need to turn down, and how to avoid looking like an April fool.
Image credit: Photos.com
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