1. My product is better than yours.
X Company created the widget 10 years ago. You've just created the advanced widget with 3 new features. What widget do you think the public is going to purchase? The one made by X Company, of course. They were on the market first, they've gained the public's attention and - to be quite frank - no one cares that your widget is "better". It's not the trusted brand.
2. You Can't describe your product well.
If I listen to your sales presentation, watch your commercial, or visit your website, I am doing so for one reason. I want to know what your product is and why it will benefit me. I do not want to visit a website filled with descriptions of how much my life will improve if I have XYZ product. I want to know what it is, what it does, and what it means to me.
3. Don't let your head get too big.
Success is wonderful. Arrogance is not. Don't let your success cause you to lose sight of your goals. Sometimes we become so confident in our successes that we forget we're only human - and that we're just as prone to mistakes as everyone else.
4. You're trying to make everyone happy.
It is not possible - ever - to make everyone happy all of the time. Make sure your company is strong in one or two key areas before adding another product or service line. Make sure each new line or department is strong and functional before adding another. It's better to have only a handful of popular, high-quality services than to have two dozen sub-par quality services.
5. Focusing Only on the numbers.
Focusing solely on the numbers is the worst thing you can do for your business. Sure, the stock market is going to watch you carefully. Sure, your competitors are hoping to see your profit margin fall. In the end, though, focusing on how to change the numbers isn't going to solve your problems. Focusing on how to make your product and customer service better IS going to increase your numbers, regardless of what your competition may think.
by S. McPheat |