5 Fatal Business Mistakes Every Small Business Makes – Even Yours

Business MistakesBy Ilan Gross

Every small business has inefficiencies in its business processes, and these are the chinks in the armour that leak productivity, costing you time and money. How can you reduce the impact of these potentially fatal issues on the business? Let’s look at 5 common business process mistakes that you can and should fix today.

1 – Lack of Knowledge Sharing through the Organization

Challenges and problems arise all the time, and building the optimum solution to these can cost time and productivity. Once the solution has been found to such issues, do you ensure the answer is shared throughout your organization? Without a solid process in place for letting other team members know how best to solve issues, your workforce is facing and working through the same problems time and time again.

2 – Delayed Access to Relevant Information

Quality customer service requires staff members to have the most important and relevant information pertaining to the client at their fingertips immediately. Simply recording information in an inefficient system is not enough – key information on activities, meetings, marketing initiatives, campaigns, sale processes, summary sales data, previous phone calls, and notes must be easily available to staff and quickly disseminated. This can be achieved with modern customer relationship management (CRM) software.

3 – A Poor Sales Process Overview

We expect a CRM to streamline the sales process and increase sales. However, the choice of CRM package utilized is paramount to the gains a business can receive from it. All CRMs have strengths and weaknesses, and as CRM experts we have found that the sales process overview is something lacking in many implementations.

A poor CRM can actually hinder the sales team, whereas a CRM that offers a transparent view of the sales process can pay dividends. A good sales process overview allows you to easily see threats and weaknesses in the sales process earlier. You gain valuable data on competitors, prices, customer trends, and potential new sales strategies, and you can react to the market much more quickly, avoiding errors and exploiting opportunities.

4 – Weak Customer Data Management

Despite realizing that customer data and the management of such is vital to an organization, it is one area that businesses constantly get wrong. The ramifications are widespread, affecting the sales process, retention, retention, upselling, renew, maintenance uptake, churn, new customer increase, competitor management and channel management. It allows a better-prepared competitor to steal customers from under you.

5 – Infrequent Mailing List Pruning

One of your most important intellectual properties is your customer mailing list. Keeping your customer mail list in a pristine state ensures that you can engage with your customers in a relevant and productive way. The response rate and conversion rate of your email campaigns will be more accurate and is a key component to maintaining customer retention. Make the management and cleaning of your mailing list part of an ongoing process, automating as much as you can.

Get into the Conversation

Have you worked at companies that have made these fatal business mistakes? How have you combated them in your own organization? Have you encountered other deadly business process mistakes, and how have you rectified the issue? Discuss it with us now, and we’ll work together to find ways to improve our business processes.

 

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