10 Most Expensive Business Myths

10 Most Expensive Business Myths

1. We’ve tried everything.

To gain some perspective, grab a piece of paper and write down everything you’ve tried to grow your business before. Rarely is it ever over 20 things. Soon, you’ll realize that you haven’t tried everything and you’ll be open to other ways. Secondly, if you have tried things how long did you try them for and did you ever test different ways? Many times one time improvement results in exponential results.

2. My customers are spending about all they can with me.

True story: A prominent suit store admits falling prey to this thought process and the owner shared his story.

“Mitch had been coming to our custom suit store for 10 years and at least two or three times a year. He often purchased custom suiting to the tune of $5,000+ each time. I thought we had all his business. One day he brought in another suit from another store to get tailored. I knew the brand. I asked Mitch how long he’d been going to my competitor and he told me as long as he’s been coming here. I was shocked. Needless to say he purchased 7-10 suits a year from them. Don’t ever think you’ve got all your customers business.”

3. We’ve been around for a long time, people know us.

I wish this were the case. Many people don’t know what they had for lunch the same day and unless you have a coca-cola budget or a mass popular product or service, odds are, not as many people as you think know you. We had a client who’d been in business in the same building and the same location for 26 years. Over that course of time millions of cars had driven by this place. We placed some signage on the road frontage to enhance the appearance and the owner told us someone said to him “I’ve lived here for 12 years and I never knew what this place was.” Unless you’re famous or a national brand; most people don’t know you as well as you think they do.

4. My customers think my service is as good as I think it is.

1,700 CEO’s were asked to rate how their company’s service would be graded by the customers they serve. Over 80% of the CEO’s surveyed claimed their customers would give them a rating of above satisfactory. When the research committee asked the customers less than 5% did. Don’t be too overconfident. You’ll miss opportunity.

5. All I need is help getting in the door or getting people in the door.

This is a famous line especially from salespeople. The average sales close rate in America is under 20%. Enough said.

6. Our annual sales training is sufficient.

It may be for the the first 30 days. However, our research has shown that “event training” loses its effectiveness after 30 days. Most go back to the same old routines and habits for the next 11 months. How much money are you losing in those months when you’re training is forgotten or worse not taken seriously.

7. In this business it’s all about price.

When potential buyers don’t have any information to differentiate your services from anyone else’s the only thing they know to do is ask about price. Most of the time this limiting thought is self-inflicted.

8. That wouldn’t work with my customers.

I admit; this one pains me the most. The only person who should be deciding what works or not are the ones with the wallets. Plus, if similar things worked for multi-million & billion dollar companies why wouldn’t they work for yours?

9. My employees all know our value proposition.

If so, that is fantastic. If you want to know the real answer try asking all your employees what your value prop is and after you receive 5 different responses from 5 different people; it’ll be clear. Sadly, if your employees don’t know; how will potential buyers?

10. We’re doing that already.

This may be the most expensive business myth listed. Business owners look at the general thing they’re doing while ignoring tweaks & improvements to what they could be doing that could yield even more results & profit. We’ve seen this time & time again. Let’s say your advertising on Google: have you tested the headline ad, have you tested different key words, have you tested different copy of the landing pages, played with color schemes, added graphics. The list goes on & on. Just because you think you’re doing the “general thing” like pay per click, direct mail, advertising, etc you may be losing money because you’re not doing it in the most profitable way.

The point of this post was to give you an understanding of the mindset’s that may be costing you thousands of dollars or more. Don’t let overconfidence stunt your business growth.

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