4 Myths That Can KILL Your Business

‘’Strategy is choosing what not to do…’’

Managing and developing a successful business is not easy. Every enterprise has its own way of doing things and most of the time, business plans come along with various complexities. The question is, what causes businesses to do well and what causes businesses to fail? Why do some strategies work for one business and not the other?

For a business to succeed long term, it is first important to steer clear of the myths and then set up a great plan, prepare, execute and embrace the strategies that work in favor of your business.

Here are 4 myths that can KILL your business if you don’t steer clear:

Myth #1: Lowering your fees will make your business more competitive.

Lowering costs can have the opposite effect on your business. For example, if you lower your fees, you may have difficulty adding the same type of value and continuing to increase that value overtime. It can become more difficult to find quality employees, which can affect the overall image of your business. So rather than focusing on lowering costs, focus on how your solution can add value to your customers.

Myth #2: No matter what, the customer is always right.

If every customer is always right, every enterprise would go out of business! Every customer will have a different perspective. It is important to keep your companies’ image, brand, and mission clear and strong. If you change the vision of your company on a whim, it can not help you to develop a profitable company in the long run. However, the customer will always continue to be your customer if you can see things from their point of view, understand their needs, empathize, add value and set clear expectations.

Myth #3: Under-promise and then over-deliver.

The truth is, we live in a competitive world of business. Nowadays, everything is accessible, all the time. If you under-promise and set low expectations, you might never have the opportunity to over-deliver. Having high stands and setting clear expectations will increase customer satisfaction more than setting low standards.

Myth #4: You can save money by doing everything on your own.

Okay, so you might be able to save some money by doing everything on your own, but teamwork does make the dream work, much better. In a successful running business, bringing in people with various strengths can add greater value then if you’re trying to do everything independently. It is important to utilize your time wisely. Having people contribute to other areas that are not your expertise will help you to develop a stronger business and earn more money overtime.

Want to learn more?

ERPS Group is a one-of-a-kind financial firm located in Metro New York City that offers a differentiated approach to helping people to achieve enduring financial results. They offer effective strategies that help to bridge the gap between financial freedom and personal or business goals.

Remember, “It’s All in Your Hands!”