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successful in their business endeavours.

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This week's feature article is from Business Coach, Kimberly Stevens. It is the fourth of a total of 5 articles.

Kimberly will help us to discover the most common mistakes business owners make that ultimately lead to reduced profits, lost sales opportunities, and stress-producing situations.

Almost everyone I know either owns a business or dreams of
owning one someday. Those of us who have started down this
road know just how hard it can be at times. It's nice to get advice on what to do to have a successful business. However, knowing what NOT to do is just as important.

After reading today’s Success Secrets, you’ll be more than
halfway finished. I hope you are finding this discussion
of mistakes and success secrets to be relevant to your
business.

The next seventh and eighth common mistakes she covers this week are:

7. Focusing on client acquisition instead of client retention
8. Having unrealistic expectations

Learn and enjoy!


Lastly, be sure to support your fellow subscribers by
reviewing the offers and opportunities in this week's issue. They may be offering the services that you need to succeed in your own business.

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Canadian internet shopping is on the rise
An estimated 2.2 million households spent almost $2 billion shopping on the Internet in 2001, according to the electronic commerce component of the Household Internet Use Survey (HIUS). These households placed 13.4 million orders over the Internet from various locations... more from Statistics Canada...

Useful Canadian Links:

Canadian Internet Retailing Report
Overview of Canadian retail and the Internet, including
lessons learned

Electronic Commerce for Canadian Retailers
Designed for retailers interested in electronic commerce.

Internet Advertising Bureau of Canada
IAB Canada is a not-for-profit association representing its membership composed of publishers, advertisers, advertising agencies and service associates in the Canadian interactive marketing industry.
http://www.iabcanada.com

Canadian Institute of Marketing
The Canadian Institute of Marketing is the organization of and for marketing professionals in Canada.
http://www.cinstmarketing.ca/

GDSourcing - Research & Retrieval
Your Reference Point for Free Canadian Statistics on the Internet! http://www.gdsourcing.ca/

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The 10 Most Common Mistakes Business Owners Make
& How To Avoid Them

written by Kimberly Stevens

MISTAKE #7: Focusing on Client Acquisition 
Not Client Retention

Almost everyone has heard the old adage about it being
cheaper to keep a client than to get a new one. And it's
true!

Think about how much time and money you spend on
acquiring new clients. There's the cost of your marketing
materials (e.g. web site, business cards, letterhead,
brochures, flyers, trade show exhibits, etc.), the cost of
getting the materials to the prospect (postage, mailing
lists, networking/chamber membership fees, trade show
participation, event sponsorships, advertisements) and
the cost of responding to leads (phone calls, Internet
email access, trials/samples you provide).

Then there's the time. Time to go to networking or trade
show events, time to create, label and mail a direct mail
piece, time to make the phone calls, attend the meetings,
submit the proposal and write the contract. Whew!

Now, let's compare that to approaching people who are
already your clients to see if they are interested in buying
another service/product you sell. Place one phone call,
send one email, or send one letter. How long would that
take? An hour? An afternoon?

You've already got credibility with a current client. You
don't have to educate them about your product/service.
They already know you, know the quality of the service or
product you provide, know how you are to work with, etc.
In addition, you can gain new clients by providing current
clients with an incentive to give you referrals.

So treat your current clients like gold. Give them more than
they've bargained for. Call them up just to make sure they
are still happy with the product/service you sold them. Keep
in touch with them on a monthly or bi-monthly basis with a
coupon mailing, newsletter, free offer, or a note just to
touch base.

** SUCCESS SECRET ** Nurture your client relationships

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

TIP: 'The Profitable Business Owner' ebook
walks you step-by-step through the process
of creating a profitable and fulfilling
service business. For details, visit:
http://www.theprofitablebusinessowner.com

MISTAKE #8: Having Unrealistic Expectations

Oftentimes, business owners set their expectations of success
on a whim. They think that 3 months should be long enough
to get their business up-and-running profitably. But where
did this number come from?

Oh, they just made it up because it sounded 'right'. It's not
based on statistics that say how long business owners in
their specific industry with their specific background and
experience take to get their business up-and-running.

The problem is that when you use this kind of loose
estimation to set your benchmark for success, you'll very
likely be disappointed, discouraged, and just plain
disgusted.

Many business owners that 'fail' do so because they quit
too early. In most cases, successful business ownership is
just a matter of perseverance. You have to become
comfortable with being wrong, making mistakes, and trying
again. You have to decide that you are going to stick
with it until you make it no matter what happens. If you learn
to view the whole process as a never-ending experiment,
you'll be a position to prosper when the time comes. If you
don't you'll be frustrated, anxious, hopeless and depressed.
Which sounds better to you?

** SUCCESS SECRET ** Do whatever you have to do
to keep going

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

TIP: 'The Profitable Business Owner' ebook
helps you build the business you REALLY
want - one that makes money, gives you time
off, and is fulfilling. For details, visit:
http://www.theprofitablebusinessowner.com

---------------------------------------------------------

I hope you found these two Success Secrets beneficial.
Here’s the full line-up of what’s to come -- stay tuned for
the next week where I’ll discuss #9 & #10.

** The 10 Most Common Mistakes Business Owners Make **

1. Trying to be everything to everyone
2. Chasing every idea you have
3. Focusing on revenues instead of profits
4. Selling what you want instead of what the market needs
5. Working within your comfort zone
6. Trying to do it all by yourself
7. Focusing on client acquisition instead of client retention
8. Having unrealistic expectations
9. Running your business by the seat of your pants
10. Managing your business one day at a time


Best wishes for continued success!

Kimberly Stevens
Business Coach
Ask The Biz Coach, LLC
http://www.askthebizcoach.com
http://www.theprofitablebusinessowner.com

---------------------------------------------------------

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If you found it useful, why not send it to
three of your closest friends? Don't have friends?
How about your clients or business associates?
Recommend it by clicking here:
http://www.recommend-it.com/l.z.e?s=877012

If you have any questions or comments, please feel free
to contact me.
Until next time, have a successful week!

Warmest regards,

Marisa Ramondo - Editor & Publisher
editor@canadianbusinessmarketingezine.net
http://www.canadianbusinessmarketingezine.net