Embarking on the entrepreneurial journey is thrilling but not without its challenges. From the fear of being judged to the testing experience of building and leading a team, we'll provide practical strategies to navigate these obstacles and pave the way for sustained business success. Let’s go!
Not recording yourself because you're afraid of being judged
Video is a powerful tool for increasing brand awareness and boosting sales. According to HubSpot, 85% of marketers consider video an effective method for engaging audiences with a brand. Having the main face of the business appear on camera can make a significant difference: clients will perceive you as approachable and relatable. After all, humans connect with humans.
So, why are small business owners so hesitant to appear in videos? The fear of being judged is a common reason. Many people fear public speaking, worry they can’t articulate their thoughts well, or believe they don’t look good on camera. These fears are usually self-imposed. We tend to be our own harshest critics.
Whilst your first attempt may not be perfect, isn't that true for almost everything? The key is to start.
Record your first videos. You'll soon realise that people aren't judging you as harshly as you feared; instead, they value and appreciate your effort to put yourself out there. With practice, you'll gain confidence, allowing you to refine your body language and improve your tone of voice, making your videos even more effective. But for now, remember these two things: 1. You're good enough; 2. All you need to do is start!
Not creating a team
“If you want something done right, do it yourself,” right? Wrong. Small business owners often believe they are the only ones who can do their business tasks perfectly. However, growing a profitable and scalable business is impossible alone; creating a team is of the utmost importance.
A team will help you:
- Divide the workload, allowing you to focus on high-priority tasks.
- Bring diverse perspectives and skills, leading to better decision-making.
- Foster innovation and creativity through collaboration.
But I have a small business. Can’t the solution simply be automating tasks? Of course, automation tools like Leadzai are crucial to increasing productivity and staying competitive. Yet, even with automation tools, the day only has 24 hours, and it is humanly impossible for you to do everything necessary for your business by yourself. More people means multiplying the number of available hours, and this additional time is what will help your business grow.
Building a team, even a small one, can significantly enhance your business's ability to expand and adapt. Change your mindset to “Alone, we go faster, but together, we go further” and see the results for yourself.
Not valuing the customers you already have
Any business’s ultimate goal is to acquire more clients. However, many fail to understand the best customers are the ones they already have.
Did you know keeping the same customers longer is crucial to making more money? That’s right: customer retention drives profitability. Research by Frederick Reichheld shows that increasing customer retention rates by just 5% can boost profits significantly, anywhere from 25% to 95%.
On the other hand, acquiring customers is expensive. Having new customers enter the funnel is vital for business growth, but it's also crucial to remember that the cost of acquiring each new customer adds up quickly. That’s why you should focus on retaining the customers you already have. Your goal should be to increase the customer Lifetime Value (LTV), maximising the revenue you earn from each one over their entire relationship with your business.
Another reason to focus on valuing your customers is that losing them is costly: losing customers means losing the initial investment in attracting them. Retaining existing customers is essential for recovering the expenses incurred and preventing them from switching to competitors.
Not being consistent
Consistency is the cornerstone of business success. However, many entrepreneurs struggle to maintain consistency in their actions and efforts.
One area where businesses often falter is in strategic planning. They frequently change their business direction, jumping from one strategy to the next and giving up too soon without focusing on improving a single product or service. Another common pitfall is marketing, where inconsistent messaging across different channels or irregular social media postings are typical mistakes.
Consistency is vital because it builds trust and reliability with your audience. Without consistency, it's challenging to build momentum and achieve sustainable growth. Inconsistency can lead to missed opportunities, loss of credibility and ultimately hinder long-term success.
So, remember: focus on improving small things consistently, as it compounds over time to yield significant results. By prioritising consistency in your strategic planning, marketing efforts, and every aspect of your business, you will lay a solid foundation for sustained business success and growth. Additionally, leveraging tools like Leadzai can help ensure your efforts are efficient and effective, further contributing to your consistency and success.
Keep going!
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