8 Business Pitfalls to Avoid

How can you increase your chances of achieving business success? By winning the lottery or inheriting oodles of money? Whether you are an established entrepreneur or you are just starting out in business you need to realise and accept that there is no quick fire road to success.

However when you take steps to avoid the cracks (pitfalls) in the footpath you stand a better chance of paving your way to business success.

Here are the 8 Pitfalls to Avoid:

  1. Success Breeds Success. Do you think you know everything about business? Have you realised yet that you don’t have all the answers? Become an effective and profitable business by seeking advice from people who have already achieved great success. Let’s face it they have done the legwork. Connect with highly successful achievers and absorb all the experience and knowledge you can.
  2. How Big is your Vision?Did your business start out as a small idea? Has your small idea grown, changed or evolved? How much impact is your small idea making toward to future? Think big from the start. See your business at varied intervals – five, ten, twenty years. Ask yourself – What do I want to achieve and How will I be remembered? Believe in your vision and make it happen.
  3. Who is your Market?Before you rush headlong into your business you must research your market. Never assume that you know who your target audience is or what they want. Assume and you may miss the biggest opportunity of your life. Understand what your market needs and adapt as your business grows.
  4. Don’t Ignore Social Media. Not entered into business battle with social media yet? Admittedly social media is the talk of the town – it’s in the moment, right now. But is it necessary for my business you ask? Quite simply yes. Social media used in a targeted way can be a very effective marketing tool. Learn how to use it and choose what suits you best.
  5. How Do People Get to Know You?Your brand is your reputation. Your brand is your personality. Your brand is what others think of you. What does your brand say? Make sure your brand meets with your standard, your expectation and delivers the identical message and service to each and every client you do business with.
  6. Look after Loyalty.Heard of the 80:20 rule? That 80% of your work comes from 20% of your customers. And who are these customers? Existing, loyal people who have established a long-term, ongoing relationship with your business. Don’t overlook these people and only focus on attracting new customers. Stay in touch with them and show your care and appreciation for their loyalty.
  7. Improve your Business.Ask for feedback. How else can you manage any issues that arise? How can you change if you don’t even know there is a problem? Or do you think that you are doing everything right?Request honest feedback at random intervals or as standard with all new customers. Learn, improve and achieve better results.
  8. Plan your Finances.What is the main reason why most businesses fail? Poor financial planning and negative cash flow. Start your business with a plan, follow your plan, adapt your plan, and watch your business thrive. Manage your money well; over-estimate your expenses and under-estimate your income. Surely you’d rather have more money than not enough?

The Best Business Cover Letter Ever

The corporate world is a place where no silly games are allowed, no children are permitted and no tantrums and whines are accepted. It is the world where you transform to be the mature person that you need to become. It is the training ground to the many business battles in your life. It is where you can unleash your intellectual and strategic capabilities. It’s the world where decisions, determination laced with fun co-exist with one another.

Looking for your place in the corporate world is easy enough to do if you know what your priorities are. If you have an idea of what your abilities, strengths and aptitude are you can wisely take advantage of them in presenting yourself to the rulers of the corporate world. But before you primp and wear your power-dressing outfit to deliver your weapons to the different companies of your choice, you need to make sure that your resumes and business cover letters appropriately reflect the person wearing the all too professional business suit.

Resumes are the backbone of the jobseeker’s achievements and desires. Business cover letters are the foundation of his/her skills and accomplishment. As someone who wants to be a part of the business world, your resume should reflect who you are and who you want to be. The business cover letter, on the other hand, should stress and indicate the qualities that you have to make dreams a reality.

Writing a resume is simple especially if you have a template to follow. Business cover letters are somehow easy to do as well with the different templates you can get ideas to. However, writing a business cover letter can be harder than writing a resume just for the reason that you are in a way merchandising your strengths that shouldn’t sound arrogant, too good to be true and egotistic.
If you’re writing your business cover letter, here are some tips and tricks that you can follow.
Even if you know how to make one, it’s still better to review or check sample business cover letters online or at writing/business books. In these time and age where everything is changed in just a minute, it’s wiser to check if you’re still up to date.

If and when you follow business cover letter templates, make sure to just get the gist of the template. Sample templates are there as models only. You still need to do your own construction with the basic structure that templates give. The most common mistake of jobseekers that use business cover letters is that they only delete and change the part of the template where their information is needed. And then leave everything as it is. You cannot impress or catch the attention of your potential employer if he/she sees another altered business cover letter template. He/she’ll just think of you as someone who can’t even write an original cover letter.

Make it a point to outline what you plan and can do for the company. Not just the standard line where jobseekers say that he/she wants to be an asset to the company. You need to be more specific and more driven than that. It will show that you already value the work that you’re looking for.

Business Process Management

Hit two birds with one stone! Properly applying business process management to your company can conveniently aid both target clients and business firms alike. Having an end to end process that can actively point out what your customer wants and make it work for the benefit of the company is one of the simple formulas for success. Run your business with a sharp approach using this method.

This process offers a sense of balance and continuity to your business. Balance in a way that the cycle of expenses, costs and tasks are in perfect harmony. The procedure allows your business to be constantly balanced by adjusting factors that can get always get your company back on track. Continuity is expressed through having a steady and consistent flow of work that is produced through this process. Growth and development does not cease within the company, it just goes round like a wheel, constantly changing and improving.

It is a straight forward process that can effectively determine the necessary steps that your company has to take so that it can deliver what your client requires of you. It is the kill switch of all business battle plans as having a competent business process management can either make or break your company. This is a tool that can help your employees understand their specific duties so that they can accomplish their work more effectively.

It is a constantly evolving mechanism that allows your organization to constantly improve and develop so that you are able to meet your goals in an efficient manner. It also expresses qualities of adaptability, as steps and processes can vary over a period of time depending on the current needs of the company. Successfully track your company’s standing and act upon weak spots and exploit strong points.

Dynamically identify and organize future actions plans for your company. The process allows you to forecast future challenges within your company so that you can take the necessary action to preempt these future problems form from happening. This is a most useful attribute that can definitely give your business the edge over the competition.

Pro actively incorporate business process management into your business and immediately feel the impact it brings to your company. You will no longer venture blindly into the business world. Use this process to be a step ahead of everybody else. Never worry about external and internal challenges ever again.