3 Business Pitfalls to Avoid in Order to Succeed

By Megan Totka

The global business market has changed dramatically over the past couple of decades. Advances in technology and the Internet of Things (IoT) has reshaped the corporate landscape, and companies that have not kept pace with this evolution have suffered the consequences. While many basic elements of running a business still stand true today, it is essential for business leaders to be cognizant of key factors to ensure success.

Knowing how to manage an enterprise is one thing, but recognizing areas in need of improvement is another. Here are three common pitfalls that trigger failure.

Poor leadership

Today’s employees and consumers are looking for a strategist, a communicator, and a visionary. Of course, having the skills to delegate and make financially sound decisions are pertinent to the success of the company, but in today’s business environment, people are seeking an executive presence with a global outlook.

Business decisions need to come from a change-management perspective. The ability to lead agenda in an adaptable and transformational direction will elicit a higher success rate. Defining your leadership style and instilling it every step of the way will prove your management capabilities and strengthen your overall business structure. A great tool to discovery your leadership style is the 360 Degree Mirror Assessment.

Neglect Marketing Strategies

Many businesses may see an immediate spike in growth and a positive return on investment (ROI) right out of the gate. This is great, but to remain on this trajectory in this competitive atmosphere can be a challenge. There is no substitute for the sustained growth a solid marketing strategy can achieve.

While social media is a great channel for branding, email marketing generates $38 for every $1 spent. There are a few platforms that every business can use in conjunction with their current website to build an email subscriber list that turns into new customers.

  • HelloBar: HelloBar is an easy to implement email subscriber widget you can add to your website that incentivizes visitors to sign up to receive emails from your business. The tool can be a non-intrusive “bar” across the top of your page for visitors to subscribe or a full-page interstitial.
  • Unbounce: Unbounce is another tool to generate new email signups via landing pages. Landing pages are best used in conjunction with a free piece of content or webinar which further educates the potential customer about a topic related to your product or helps them solve a problem. Unbounce allows users to easily create mobile ready landing pages that can be hosted on your website or by Unbounce.
  • Pardot: Pardot is an email marketing platform that integrates seamlessly with Salesforce providing businesses a way to communicate with email subscribers in an automated way. Once a website visitor subscribes to your email list, Pardot can start sending personalized emails to subscribers based on age, gender, geo-location and interactions with other emails you’ve sent them.

Poor Financial Management

You can avoid financial missteps by always facilitating awareness and employing the appropriate support. Continuous evaluation can reveal if any issues are on the horizon. A dip in profits can be an indicator of critical issues such as market relevance, brand development, or process inefficiencies. These can easily be remedied with proactive forecasting and planning.

Determine your needs and find capital solutions that support your growth. Don’t forget to periodically review supplier negotiations, and make sure the management team is always communicating.

Business success is measured in many ways, and it is important to define your goals and objectives. There will always be unforeseen circumstances but recognizing weaknesses and taking the initiative to implement innovative change will deliver actionable results.

About the Author

Megan Totka is the Chief Editor for ChamberofCommerce.com. Chamber specializes in helping small businesses grow their business on the web while facilitating the connectivity between local businesses and more than 7,000 Chambers of Commerce worldwide.

Originally published on SalesforceIQ blog.

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