The 5 Biggest Mistakes Business Owners Make and How to Correct Them All!

Would you be surprised if I told you that what business owners have learned about marketing is all wrong? This is why 65% of new businesses fail within the first twelve to fifteen months.

The primary reason for this failure is that they run out of money because they don’t generate enough revenue quickly. You might ask, ‘But if they learned how to sell their product or service and did it well while holding a job, why do they struggle to sell enough as business owners?’

Let me give you the five biggest reasons why they fail:

MISTAKE #1 – Business owners don’t know how to generate enough qualified leads quickly. Yes, they invest in a nice website with beautiful pictures and content, hire professionals for SEO and internet marketing, and use tools like Google Analytics, Facebook, Instagram, etc. But the volume of qualified leads isn’t there—not nearly enough. At Profit Growth Acceleration (PGA), we teach our clients the 3-M formula: how to choose the right target market, how to create a persuasive message, and how to select the right media.
MISTAKE #2 – Business owners don’t know how to convert most leads into sales. Yes, they buy leads, subscribe to a good CRM, and create funnels, spending much time and money on various internet services. However, when they finally get leads, they don’t convert into sales. Owners are unaware of the buyer’s journey and don’t know how to convert good prospects into closed deals. They also don’t know how to make irresistible offers—the ‘I’ll make you an offer you can’t refuse’ kind, capiche?

MISTAKE #3 – They don’t have a Marketing Dominating Position (MDP) and end up discounting their prices. When working with Profit Growth Acceleration, their excuse for discounting is, ‘Peter, you don’t know my competition; it’s fierce, and I can’t sell enough if I don’t discount!’ Sound familiar? Along with the discounts, their profits disappear.
MISTAKE #4 – They don’t upsell or cross-sell, nor do they follow up and sell consistently, allowing customers to go elsewhere. It’s well known that marketing to acquire new customers is extremely expensive, so why don’t most owners sell more to their existing customer base? Of course, it requires an outstanding customer relations team or system to make this happen. Without excellent customer service to follow up regularly and monitor satisfaction, they lose significant sales and revenue to the competition.
MISTAKE #5 – Business owners often lack a strong referral system to generate the sales they need and make substantial profits. I know of a payroll company that grew from 200 to 600 clients in just three years, entirely through referrals and networking. The owner, a good friend of mine, not only tripled his client base but also broke the $1 million revenue mark—a milestone that very few businesses achieve—all with fewer than a dozen employees, an amazing achievement!

If you’ve read this far and know you can benefit from some help to take your business to the next level, I’d like to offer you a free consultation—or even two. I want to teach you techniques that you can apply yourself to generate all the leads you can handle, all without spending an additional dime on marketing or advertising. Skeptical? Put me to the test. Just call me or leave a simple message saying you read this article, along with a brief description of your biggest challenge or problem. Do it now while you’re still on this page—no obligation, of course.

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The 5 Biggest Mistakes Business Owners Make and How to Correct Them All!

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