Don’t Fall for These Common Business Myths

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Business leaders and entrepreneurs who want to stay on track for success need to recognize dangerous myths. Identifying them makes it possible to avoid falling into traps, wasting time, losing money, and falling behind the competition. Many who are new to the corporate or small business world have a mistaken belief that success tends to come relatively quickly. Likewise, many uninitiated adults think the entire marketing effort is about finding, not maintaining, customers. Those who work in the transport industry can fall victim to all sorts of pernicious falsehoods about technology, particularly fleet management software.

Others cling to the notion that all it takes is a million-dollar idea to turn a new organization into a money machine. Finally, far too many entrepreneurs think that they can operate a profitable operation with total independence, even though they must adhere to dozens of regulations and are subject to numerous market forces. Those are just a few of the most common examples of misinformation currently making the rounds. Here are some additional details.

Customer Acquisition is More Important Than Retention

The incorrect idea that getting customers is more difficult and important than retaining them is an age-old canard that has led many otherwise savvy managers astray. Of course, bringing new clients through the door is a necessary part of any organization’s growth cycle. But ignoring current customers can rapidly lead to financial losses and countless missed opportunities. Smart ownership and management teams acknowledge the necessity of developing long-term relationships with their existing client base. Loyal, satisfied customers are worth their weight in gold because they not only contribute to today’s profits but act as cheerleaders for the company’s services and products. They have a unique ability to attract fresh clients via referrals and social media reviews.

Fleet Management Software is Still Glitchy and Inefficient

Contrary to what some tech-averse believe, fleet software in the transport industry is neither inefficient nor in its infancy. Telematics solutions from world-class providers have been around for more than a decade and are increasing rapidly in sophistication. These tools offer a bevy of benefits to supervisors, have the power to maximize driver satisfaction, give managers real-time views into daily operations, minimize fuel usage, and much more. Large numbers of transportation professionals use telematics and other software systems to give them the data they need to leverage a data-based strategy in daily operations. In many ways, fleet management systems are at the forefront of the trend to use technology in smart ways while keeping human hands in the process as a form of oversight and general direction.

All You Need is a Great Idea

The one big idea concept has been around for decades, and it has led many otherwise hard-working adults to lose substantial amounts of capital. The whole idea is based on a wrongheaded notion, namely that success in business is about having a worthwhile idea and that everything else just happens. It fails to recognize the vast amounts of hard work it takes to validate markets, conduct in-depth planning, produce prototypes, deal with legal issues, and bring a product to market.

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About the Author: Brian Novak