Just When You Thought it Was Safe, 7 More Business Don’ts
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5. Do not market to the world. Select your niche market and grow.
Although your product may be suitable for the entire world, never, unless you have unlimited marketing funds, plan your marketing campaign for a broad based market. Seek your niche market and plan the best way to access that market. Stay aware of how your market is impacted by age variations, ethnicities, and cultural backgrounds.
6. Do not write a generic business plan. Address your desired audience.
Are you addressing investors, vendors, lenders, or customers? Make the changes within your business plan to address the reader. And, although most professionals speak of a business plan, you really need an abbreviated form referred to as an executive summary. It is a two or three page document with appropriate exhibits that support the executive summary. The exception to this is if you put together a proposal for investors. This will require much more detail since there is more risk involved on the part of the investor.
7. Do not go it alone. Seek counsel from other unbiased professionals: SCORE , SBDC consultants and other business resources in your community that provide consulting and workshops to educate you on the path to success.
Try to put a team together, a team that can provide wisdom gained from their professional experiences. People with experience in your industry are qualified, if they are unbiased. And, having an advisory board that meets quarterly has great merit, but you will need to prepare an agenda that is circulated prior to each meeting. Serving a breakfast or a lunch to these unpaid professionals can go a long way.
Take advantage of local opportunities to educate yourself and your team. Attend networking events to stay in touch with the market, your competition and your clients.
Use these Don’ts to help mitigate some potential hazards.
Related articles:
Part one: 10 Don’ts for Small Business Owners and Entrepreneurs
Top 10 Marketing Pitfalls
