3 Common Mistakes that Cost Businesses over 75 Billion Each Year

Business and advices

We all know that mistakes are a natural part of life and business. But what if you could cut down on your own mistakes?

According to a recent study, businesses lose over $75 billion a year because of what they call "common mistakes." These mistakes can be anything from not being able to handle the amount of work you have on your plate, to making an important decision in haste and not asking for help when you need it most.

In this article, we'll be talking about three common mistakes that businesses make, costing an overall loss of over $75 billion every year:

1. Not knowing their competition

Not knowing their competition is one of the most common mistakes that cost businesses over $75 billion a year. Most businesses don't take the time to research their competition. They assume that since they're in a similar industry, they're not going to be at a disadvantage. But this isn't always the case! If you don't know what your competitors are doing, you can be blindsided by new strategies and tactics that could lead to lost sales and higher expenses in the long run.

2. Weak Web Presence

A weak web presence is one of the biggest mistakes that businesses make—not just because it can cost them money, but because it also makes it harder for them to reach their customers. If you're looking for tips on how to improve your website's performance we've got a few suggestions:

  • Start by making sure your site is mobile-friendly.
  • Make sure your site loads quickly and easily.
  • Use clear, concise titles for each page on your site so users know exactly where they're going when they click through from one page to another (this will also help you rank higher in search results).
  • Check out our final piece of advice down below!

3. Not knowing how to use social media

Not knowing how to use social media is the most common mistake that costs businesses over $75 billion a year. This can have a huge negative impact on your business, as it can mean that you miss out on opportunities for growth and expansion, as well as potential new customers. It's not a matter of knowing how to use social media. You have to know why you're using it—and what you want out of it.

The first step is to understand your audience. Who are you trying to reach? What do they care about? Who would be most likely to buy from you if they knew about your business and your products? Once you've identified who you're targeting and why look at what kind of content does well for them and what doesn't. In general, people like things that make them feel good about themselves or their jobs, so don't try to sell them something they won't want or need.

Next up is creating content that resonates with your audience. If you're talking about a new product launch, explain how it will improve lives or make people's lives easier in some way. Make sure the writing itself is engaging and interesting—don't simply copy-paste press releases! Finally, share this content across all platforms as often as possible—don't just put together an Instagram post one day

Final Piece of Advice

We hope you've found this article helpful.

We know that the most important thing to take away from it is that these mistakes can be avoided. If you'd like to learn more about how ALM Creative Studios can help you prevent these common mistakes, please contact us today!

Posted by
27th October 2022