Creating a brand name either for your company’s products or services takes time and energy, but it is well worth the investment.  Consumers often feel more comfortable in purchasing products and/or services that have a brand name.  And, that loyalty often continues barring some type of dramatic event to change that perception.
Here are three common branding mistakes that many businesses make that could be avoided.

1.  Forgetting about the “soft issue” selling points

Often, we tend to almost exclusively focus on the hard issue selling points of quality, price and performance to the extent that we forget the softer selling points of our products or services.  Many times, such overlooked points such as great customer service and technical support can be those same items that set us apart from our competition.

2.  Focusing on the wrong attributes 

This is where your prior research is so important.  How often have you heard case studies where businesses made the mistake of selling a product on points they thought the customer should find important, instead of what the customer actually does find important.  Short answer is you need to really listen to what your customer is saying about your products or services.

3.  Failure to communicate brand strength

Sometimes, we tend to focus so much on the brand itself that we forget to talk about the brand’s particular strengths.  Be sure that you take advantage of your marketing materials to paint a more detailed picture of not only the brand’s name, but its strengths as well.

How many times have you heard that? Surprisingly, according to at least one consulting firm that works with entrepreneurs, it’s the mindset you have to take if you expect your business to survive through its startup and lean phases. Neil Anderson, president of The Courage Group believes that unless you commit to the mindset that “failure is not an option” your start up won’t make it out of the gates. However, the underlying point is what’s important here, i.e. the premise that the right mental state is crucial.  In a recent CNNMoney.com article, Anderson suggests the following tips to avoiding the failure trap:

1. Prepare mentally - remain positive and avoid negative thoughts and individuals who aren’t there to support your endeavor.
2. Visualize it - success may seem like a distant dream, but by focusing on the bright light at the end of the tunnel, your actions will become more successful.
3. Expect to sacrifice - personal and financial sacrifice is on the menu. Expect and plan for it.
4. Embrace risk - if you are averse to risk, your chances for survival are probably pretty slim.
5. Stay motivated to succeed - when times are tough, you can either cut your expenses to the bare bone or push to increase your revenues. Successful entrepreneurs always find a way to drum up business or find another sale. Stay motivated and on track.
6. Have a roadmap - a business plan keeps you focused and forward moving. Business plans also force you to do your homework. Those entrepreneurs who do their homework on their market and business are more likely to succeed.

Budgeting is an important part of any business, but is often put on the back burner when things get hectic.  However, budgeting is another important tool that helps business owners exercise financial control and avoid trouble down the road.

To budget effectively, you should:

1. Set targets - define your objectives in financial,  marketing, quality, and people terms.
2. Keep accurate books - a reliable, easy-to-use accounting system is the key to straightforward effective financial control.  If you aren’t comfortable doing your own books or do not have the time, consider using a paid service.
3. Check monthly - review your books and your bank statements monthly to make sure your business has enough liquidity to get it through the coming months.
4. Manage cash flow -  by using a monthly cash flow statement you are able to more effectively manage your accounts payable and receiveable. By controlling your debtors and creditors carefully you ensure better control over your working capital.

It should come as no surprise, if you are a small business owner or manager, that you put in more hours working than most regular 9 to 5 jobs.  In fact, its not uncommon to sacrifice family and leisure time to check emails, deal with client calls, etc.  A recent survey commissioned by Staples found this to be true as well.

A telephone poll of 300 leaders of companies with fewer than 20 employees, which is nearly 90% of all U.S. businesses, found that respondents are reporting long hours, diminished vacation and an ever-blurring line separating work from time-off.

The survey found that:

• Nearly one in five managers admit to reading work-related e-mail and documents while in the bathroom and nearly half work while driving.
• Nearly two-thirds of managers work well beyond a 40-hour week, and one in five work a double week, logging an extra 40 or more on-the-job hours.
• One in five  work while eating dinner at least 4–5 times per week;
• More than a third could not readily remember their last vacation. Of those who did vacation, nearly half admit to working during some portion of it.
• More than two-thirds work on days off, checking e-mail, voicemail or making work-related calls.
• Two-thirds work after hours and at night;
• Half work on holidays;
• And almost half work during what is supposed to be family time.

At the beginning of a new year, it is not uncommon for many small business owners to turn their attentions to financial planning such as setting sales and profit goals.  However, one commonly overlooked area that many businesses need to direct their attention to is the role of their employees in meeting those goals.  Owners need to ask themselves how their employees can/will contribute to the meeting of their financial goals for the year.

Do you have adequate staff to meet your objectives?  Will you need to hire additional staff some time during the year?  Should you tie raises and bonuses to performance?  Should everyone receive a raise or just those who actually perform and bring value to your buisness?  These are just a few questions that should be considered as owners move into the new year.

One advantage to reviewing your staffing/employee needs early in the year is that you will be better prepared to hire people when they are acutally needed.  Instead of recruiting in a time of desperate need, owners can actually begin networking and looking for referrals early on thus giving them a hiring advantage.