Watch Out! 5 mistakes you could make when you are Low on Confidence in Business!

#1. Thinking of Plan B – Sometimes it may be good to have a Plan B. But most of the times it means that you are not confident about Plan A. So if you are thinking about Plan B, may be you don’t have a strong Plan A.

Once I was coaching a client. They had to purchase some raw material as part of their plan to manufacture & sell a new product. When I entered the scenario, they were thinking about buying & selling the raw material itself as a possible business vertical. After some questioning it became clear that they had the pressure to liquidate a lot of raw material due to lack of sales. After further inquiry the CEO realized that it was originally thought as Plan B to sell raw material in case sales don’t happen.

#2. Spending too much time on strategy – There is no perfect strategy. Also any product / service has a life cycle of evolution. If you have a very perfect kind of vision for your product, it may be a good idea to version the features & give it milestones. The strategy then should be limited to the  version being launched. It should be followed with Action & Outcomes (Profit). Sitting on today, you can’t think of a perfect model and strategy for future versions. If you do, it is most likely because low confidence about facing the test of the market.

#3. Needing too many benefits of using your product / service – During any pitch, its an unspoken rule that every prospect is a 100% client to begin with. From that point onwards YOU can either lose him or close the deal. During the pitch, when the seller feels it’s time to ‘sell’, a few differentiators / benefits / USP is enough. Offer the first USP & if the buyer is convinced close the deal. You don’t have to sell all USPs or benefits as per a fixed plan. So when marketing teams think about lots of benefits, it shows lack of confidence to face the client with the product in hand.

#4. Thinking of multiple target markets / business verticals during launch – First get through one. Then think about the others. If you are looking to have multiple target markets or business verticals to begin with, you are lacking in confidence. Have the guts to choose one & focus on one. Otherwise it only shows that once time comes to act, you get de-focused and start looking for other business verticals. There is no option in life or in business but to face the music.

#5. Struggling with the culture of the country or state – You need to pick your fights carefully in business. Don’t fight with everything you don’t like about the country or people or governance. If you want to fight against corruption you should be in politics. If you want to fight against “lack of ownership in employees”, you should be in leadership & development. If you want to fight against lack of civic sense, you should be a corporator. If your business is to sell telephony, then just fight for quality service. Don’t let other things weigh you down. When faced with other situations that bring out the warrior in you, take a deep breath and let go the people indulging. People are the way they are due to years of conditioning over generations. So if you see yourself blaming others, you should know that you are again not confident about the business you are in. These diversions will only help you in finding reasons for possible future failure.

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