No. 1: Not having a website. A website is the lifeblood of any small business, as it is a repository of all the vital information about your business that customers need. However, according to a Clutch survey, approximately half of small business owners do not have a website. This is a grievous mistake, as a website provides countless benefits to a business, and one that should be rectified immediately because you need to be visible. If you don’t have a website, you are missing out on business, and losing it to your competitors that do. By not having a quality website, you risk potential customers not being able to reach you, but with a website your business is virtually accessible around the clock every day of the year.
A professional looking and designed website enhances your credibility, keeps your customers constantly updated on your business, saves you time and money regarding getting the word out about your products and services and is known to increase sales. It is also a great platform for showcasing your products and services and posting client testimonials.
No. 2: Avoid marketing. Similar to not having a website, many small business owners also erroneously believe they do not need marketing, whether because they think it’s irrelevant or too expensive. However, by not marketing, your business will not build brand awareness or generate many leads. The solution is simple: start marketing now. If traditional marketing is indeed too expensive, go the social media route. Social media marketing, the process of gaining website traffic or attention through social media sites, is easy and inexpensive. If you don’t have a social media presence, start building one now via Facebook, Twitter, Instagram, etc. As for more traditional methods, press releases are an essential component of any marketing initiative. Carefully crafted and positive press releases can not only increase website traffic and sales and boost lead generation, but counter negative content.
No. 3: Underpricing products and/or services. Offering lower prices than your competitors can attract more customers, but going too far with this tactic can destroy your profits. In fact, one of the surest ways for small businesses to significantly improve their profitability is to stop underpricing their products and services. Always keep in mind that undercutting the competition on price rarely works for small businesses, so add value and differentiation to your products and/or services to justify your prices. Pricing is fundamental to the success of your business.