Few things can be as damaging to a company as accounting errors. One mistake can cost a business thousands of dollars, or more. Let’s look at some common mistakes that small businesses in particular make, regarding their accounting practices. With that in mind, today we’ll share how business leaders can avoid three big mistakes when they sit down to make their professional New Year’s resolutions. Check them out here: Short-Sightedness. A year may seem like a long time, but in the grand scheme of things, it isn’t. Here Are 12 Mistakes To Avoid When Starting Your Own Salon 01. Not Knowing Your Business Plan. A business plan is vital for keeping on the right track when taking the steps to launching and marketing your salon. Whether you're in your first job straight out of college or are a seasoned professional, avoid these first year on the job mistakes. If you do decide to start your own business, it’s a great idea to learn from others’ mistakes. Following are 5 pitfalls that can derail your entrepreneurial dreams. According to the SBA, about 50% of all small businesses will fail within the first 5 years.
Whether you have an established eCommerce site or just starting out, avoiding these 6 common mistakes can make or break the success of your online store.
#1 Choosing the right eCommerce platform:
Not only does your site need to have a pretty front end for your customer to use, but it also has to be easy for your team to use to manage inventory, promotions, orders, and more. This is the foundation of your business, and as such, the platform you choose is one of the most important decisions you will make. Factors including a budget, type of products you are offering, your plan to scale, website control, available functionality, third-party integrations, and more will determine what makes a good platform for you. Using the wrong one may cause reduced traffic, lower conversions, security issues, and more that can lead to a loss in revenue. When choosing your eCommerce platform, be sure to do your due diligence, thinking not only about what you need today but also how you will grow your business in the future.
#2 DIY Websites:
There are a lot of DIY and cheap (or even free) options for creating an eCommerce website. That said, this website is the most important factor that will help you sell your goods online. If you were looking to open a high-end women’s boutique, would you get a single-wide trailer and drop it down on a dirt lot because it saved you a few thousand dollars? Your website is your storefront to your customers around the world. It needs to have the same thought, design, architecture, and professionalism put into it as it would if you were building a physical storefront. If your site is slow or hard to navigate, people will not buy from it.
#3 Poor User Experience:
Have you ever clicked on an ad while surfing a website or social media, interested in what the business was selling, only to be taken to a website where you couldn’t even figure out how to put the item in your cart? Poor user experience is the #1 reason for customers abandoning their online shopping experience and moving on through their digital world. Your customer’s experience when visiting your online store needs to be top of mind. Invest early in user experience to get a leg up on the competition.
#4 Complicated Checkout:
There is nothing worse than a customer putting a bunch of items they love in a shopping cart just to abandon it because they couldn’t figure out how to pay for the items. The internet has made consumers impatient. In fact, we now have an average attention span of 8 seconds! That’s one less second than a goldfish!! Your checkout process must have clear, concise steps for a user to follow in order to complete their purchase and have a fabulous user experience.
3 Mistakes To Avoid When Starting Your New Business Pdf
#5 Target Audience:
Do you know your target audience? I know you are thinking, “Of course I do!”. But in order to be successful in today’s ever-evolving world of eCommerce, you have to KNOW your customer. Knowing your ideal customer’s age, gender, economic background, and interests are just some of the ways you need to target your ideal customer. This will dictate the style of your site, the products you carry, and how and where you will spend your advertising budget. Most importantly, really understanding your ideal customer will help you know when you need to make changes to your website or advertising methods to meet the ever-evolving expectations of their online shopping experience.
#6 Customer Service:
Have you ever had an experience where you thought, “Wow, that was an amazing customer service experience”? Something that was just over the top? How many people did you tell? 1? 2? Maybe a handful? Now, think about a time where you had a TERRIBLE customer service experience? How many people did you tell!? How many social media posts did you write declaring the injustice you had just received that went on to be seen by dozens or hundreds of your friends and family? These same experiences are happening to your customers when they buy from you online. You get that first sale, but what are you doing to turn that sale into a lifelong customer? Focus on doing the right thing for your customer, and you will build a healthy and profitable eCommerce site.
In a sea full of digital marketing teams, how do you choose the one that is right for you? YellowFin Digital has hand-picked a talented team that is the best at what they do. Whether you are looking to revamp your site, rank higher on Google, or figure out the appropriate ad spend for your market, we have a team member dedicated to your success. We do the digital work so you can focus on your customer.
If you are a small business owner looking for a digital marketing partner that makes you feel heard, YellowFin Digital will answer the call. We pride ourselves on always answering your call/text/email and being flexible in how we manage your account. As a small business, your needs will be ever-changing; Yellowfin Digital will be there to help you grow how and when you need us.
With one or a combination of improving website health, using SEO to improve Google rankings, and the appropriate Google and social ad spend, our clients saw an average of 935% increase in revenue in 6 months. If you are looking to grow your eCommerce site, start with a free website audit to find potential improvements in your site health. YellowFin Digital would love to be your partner in your eCommerce site growth.
3 Mistakes To Avoid When Starting Your New Business List
Goal-setting plays a large role in achieving success in any venture. After all, if you want to accomplish an important objective, you have to make a plan to do so first. Unfortunately, while many business leaders take goal-setting seriously –– particularly at this time of year –– they may not always create the best goals for themselves, their teams, or their companies. With that in mind, today we’ll share how business leaders can avoid three big mistakes when they sit down to make their professional New Year’s resolutions. Check them out here:
A year may seem like a long time, but in the grand scheme of things, it isn’t. Indeed, Many businesses take years –– even decades –– to reach their full potential. So while it can be beneficial to set ambitious short-term goals for your organization, you should never lose sight of the big picture. Medicinal chemistry stevens pdf catalog. Though you may not be able to complete a huge objective this year, you can lay the groundwork for your future successes now. Note, you can also partner with companies like Helm Financial that will help you develop long-term financial plans for your business.
Over-Emphasis on Results
When reviewing company performance, it can be easy for business leaders to focus solely on the bottom line. This makes sense on several levels, considering that most businesses require a certain amount of revenue to remain viable every year. Yet, if 2020 has taught us anything, it’s that mitigating circumstances can seriously affect business outcomes. As such, it’s generally a better idea for business leaders to create goals centered around performance as opposed to merely results. For example, if you want to improve your sales figures, make it a goal to work with your sales team for an extra hour every week. You can control a goal like this no matter what else happens.
Business leaders have a big influence on their company’s priorities and policies. However, it would be unwise to set goals for your company without consulting your team members first. Trusted employees can help you identify potential problems and/or new opportunities that you may want to explore further. What’s more, your staff may have an understanding of certain trends that you may have missed thus far. At the end of the day, whether you’re making long-term plans for your company or searching for a new hire, it’s always a good idea to consult with your colleagues before you finalize any decisions. Business success is a team effort!