Having unrealistic expectationsPosted: May 28, 2017
Many business owners, especially those who want to startup a business, usually have unrealistic expectations when it comes to sales. Owners, who usually have high expectations, fail in the first 3 years of operations as they expect to make tons of cash as soon as they open. Their previous experience with big companies let them think that they can achieve the sales that they are used to hit every single year.
To succeed running a new start-up, you need to consider the following:
- Minimize your cost – do not over-hire employees
- have realistic profit margins – make sure you price your services way below big competitors
- expand your client base – take a small portion of your client’s work and then expand
- ask others for help – I don’t know is a good habit
- deliver quickly to clients – focus on delivery not on showing off your knowledge and brilliance
- cannot lower its cost due its huge operating and financing expenses
- have a large profit margin to satisfy its greedy shareholders
- have a big client base where they do not mind lose some to small competitors
- have managers and departments with big-egos where they are not used to ask for help. However, they order and force junior employees to deliver what they cannot deliver or have no knowledge about to deliver.
- won’t deliver quickly due to its bureaucratic layers.
Take these as an advice to have realistic expectations when selling your products and services.