A few months into 2014 and New Year’s resolutions may already be long forgotten. As we approached the end of the first quarter, it is a good time to reevaluate the small business goals you set and establish where you stand. Keep in mind three mistakes to avoid:
1. Spending Too Much Attention on Social Media
Most small businesses consider online marketing essential, yet only a small percentage of them consider themselves experts. This often leads to small business owners directing too much of their resources towards improving their social media presence on too many platforms. Facebook, Twitter, and YouTube are all great sources for generating interest, but they are no more important than other marketing strategies, like posters or developing referral networks. Do not let social media pull too much attention away from having a well-rounded marketing approach. Instead, direct your social media focus on just a couple platforms, by tracking which sources are pouring out the most traffic. Focus your attention upon those sites most conducive to growth.
2. Becoming Too Technologically Dependent
In today’s business environment, it is easy to rely too heavily upon gadgets. Smartphones and computers can help a small business function more efficiently, but it is important to not be too reliant. Customers STILL value face-to-face interactions more than trading emails. Furthermore, meetings in person will help strengthen personal relationships that could make a difference in the future for your small business.
3. Focusing on the Wrong Numbers
Numbers are tangible methods of assessing growth and success, yet it is important to understand the value these digits hold. For example, many small businesses emphasize revenue growth in judging their success. Revenue growth is important, but at the end of the day, a small business must also look to a collective set of numbers, including the net profit and average revenue per customer to truly grasp their business’s growth. Don’t make the mistake of focusing on some numbers above others.