10 Biggest Mistakes Companies Make
"A common mistake that companies make is to move forward with a new product, technology or solution without a proper understanding about the application, installation, or integration knowledge and experience required to create a positive outcome.
"For any new idea, business venture, product addition or application expansion, take a 'crawl, walk, run' approach to your new venture. By doing so, you will manage the learning curve and nuances associated with a new product or solution. Often, dealers take on a new business or product segment and get burned because they underestimated the knowledge required to profit by that venture. It is not that these new opportunities are harder or more complex than the existing business, it is usually just 'different' not harder. The 'crawl, walk, and run' approach ensures you do not bite off more than you can chew."
—David M. Weinstein
Sales Vice President, Global Window Systems
Lutron Electronics Co., Inc.
"I think one of the biggest mistakes companies make (at least in the CI world) is cost control, which is usually caused by poor planning.
"When almost every day is a scene from the Keystone Cops, it has a truly detrimental impact to your bottom line."
Audio Video Systems, Inc.
"Holding on to your business DNA—despite the fact that business is different today than it was a year ago. That is why it's surprising to me when I ask dealers: Is your business different today than it was a year ago? Of course their answer is always, 'yes.' Then I ask, 'What are you doing different today than you were a year ago [to grow your business]?' Most of the dealers respond with the answer: 'Nothing.' What's up with that? Why would anyone continue to do the same thing in a changing market? Big mistake. Here are a couple of reasons that dealers are hesitant to change: