Debunking the 5 Myths of Growing Businesses

Myths aren’t just part of those old stories, its common even when it comes to business. In fact even the smartest business owners I know have fallen for one once in their careers. Maybe it’s high time you learn how to tell fact from fiction? Here are the most common myths you’ll encounter in the road to growing your business:

business myth

Great products equals customers

Ever heard of the line “Build it and they will come”? This one’s definitely a myth. Every product, no matter how great, is nothing if no one knows it exists. Somehow, this is where every business starts, anonymity.

Sure, your product might be the best thing since toilet paper but customers tend to be loyal to the classic brands and it’s very difficult to convince them otherwise. New products, if not marketed effectively can end up at the back end of the shelves before they even get a shot at making it big.

Every great product or service will need sales and marketing support before it manages to gain clients.

 

Under promise then over deliver

There’s misconception that setting low expectations for customers then surprising them with better results is effective. However, don’t you think this practice might also create a wrong perception for potential clients? Let’s make it simple. Promise only what you can deliver! It won’t hurt to tell them how AWESOME your business is.

 

Profit is always the number 1 goal

Of course profit will always be on your list of goals but it shouldn’t be the only one. Building value, a brand and good reputation among your clients is just as important.  In the long run, you’ll see that this creates a better cash flow within your company.

 

Beat competition by dropping prices

There is a high chance that sooner or later a competitor will come your way and offer lower prices for similar types of products or services. Should you rise to the challenge and also go cheap? No. MYTH!

 

Quality is still the best way to get ahead of the competition. Shift your customer’s attention from price to value. Remind them of the benefits they get when purchasing your products. Believe me when I say, the economic downturn hasn’t really made all customers into penny-pinching maniacs; it’s only emphasized the need for reasonably priced quality services.

 

As a business owner; you should run your company from inside out.

Managers, supervisors, human resource staff are there for a reason! Yes, you should closely monitor things but keep in mind, business isn’t a one man show. Reaching success doesn’t mean having to do every single thing, it means having a good and responsible team behind you.