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Don’t Fall For These Common Business Myths

Estimated reading time: 2 mins

If you are thinking about starting your own business, or if you are currently steamrollering ahead as a business leader, it’s important that you understand some of the common myths that are perpetuated by business people everywhere. It’s not that there is no truth to some of these myths, but in some circumstances, you would be unwise to follow them too closely.

Here are some common examples.

Myth #1: Buying new is better for your business

Okay, so when you buy new, you are guaranteed a better quality product – most of the time, anyway. However, there is nothing wrong with buying something second-hand, especially when money is tight or when you don’t need the newest thing with the latest bells and whistles attached. So, don’t assume that your business needs to be kitted out with the latest computer tech, and don’t mistakenly believe your business fleet has to consist of the newest cars and vans that are being manufactured today. Spend time scouting office sales in your local area for second-hand computers and use sites such as Tradervan when purchasing for your fleet. You will then save money, and this can be used or saved for other aspects of your business.

Myth #2: Selling cheap will guarantee new customers

This is a common thing business owners do to undercut their competitors. Because customers do shop around, they assume that they will get a greater foothold in the consumer marketplace if they lower their prices. And while this can sometimes work, the opposite can be true. If something is sold at too low a price, the customer might relate this to the overall quality of the product. They might then shop elsewhere, despite the price drop. And besides, if you were to lower your prices too much, you might find yourself running at a loss, and that could be catastrophic to your business. So, before you lower your prices, find other ways to generate new customers to your business. And study your competitors, and take steps to better your business in relation to theirs. By taking these steps, you might still outsmart your business rivals and win more customers to your side.

Myth #3: The customer is always right

In some cases, the customer can be right. They might make a complaint or give you feedback about your business that resonates with truth. However, there are times when the customer is wrong. Their complaints might be invalid, so you shouldn’t take to heart every angry email or phone call you receive. And the customer might lie to you outright, perhaps when telling you they have seen your product being sold cheaper elsewhere in an effort to get a better deal. You need to be on your guard, and while you should be respectful of all your customers, you don’t have to fall for the ‘customer is always right’ mentality, when realistically, pandering to them could undermine and hurt your business. 

Finally

For the betterment of your business, don’t fall for these business myths. Weed out the fact from the fiction, and use your common sense. And do the same when it comes to those business myths we haven’t had room to consider. By thinking logically, you should be able to discover the truth for yourself when you are confronted with them.

Thanks for reading.

 

About the author /


Simon is a creative and passionate business leader dedicated to having fun in the pursuit of high performance and personal development. He is co-founder of Applied Change, a Business Change consultancy based in the UK. Simon is also an Ambassador for Gloucestershire business. Simon is an Associate Member of the Chartered Institute of Professional Development.

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