The business world is like every other human activity in that there are plenty of myths, misconceptions, and urban legends to go around. Some, even though they’re relatively easy to deconstruct, seem to hang around for decades. Transportation industry followers have long believed that tracking fleet vehicles in real-time requires some kind of magical power. It’s not so, nor is the unwarranted belief that companies can boost sales by lowering their prices.
What are some of the other incorrect things that are still floating around out there? One of the most pernicious and oldest is that entrepreneurs can attract customers by offering excellent products and services but without engaging in marketing and promotion. A more recent misconception making the rounds is that having an emotional passion for what you do is a guarantee of success. Likewise, many owners and managers cling to the mistaken idea that community engagement is a universally productive practice. Here is what you need to know on the most common business myths of the 2020s.
Fleet Tracking is Complex and Difficult
It doesn’t have to be. In fleet management, supervisors use sophisticated software with GPS-enabled features to do the heavy lifting of tracking shipments 24/7. That means real-time data helps managers and drivers solve every day shipping problems. Today, with GPS at the ready as a tool for fleet managers, shipment tracking is not rocket science, nor is it some mysteriously impossible goal. Instead, it’s something any diligent team can achieve as long as they employ the latest software solutions for tracking.
Low Prices Bring More Sales
They can make your goods appear low-quality. This is one of the most common business myths. Consumers no longer fall for the concept of cheaper is better. Today’s savvier buyers understand that, in most product and service realms, the least costly item is almost never the best. Of course, they understand the other side of the equation, that the most expensive things are not guaranteed to be of the highest quality. That’s just one reason that entrepreneurs are sometimes surprised that when they decrease prices, there’s often not a concomitant rise in sales. In general, modern consumers aim for the best overall value, not the lowest or highest prices.
It’s Necessary to Have Passion for What You Do
This common tripe sounds nice, but it’s simply untrue. One of the newest buzzwords in business literature is passion. Unfortunately, as much as people would like to believe it, having an emotional exuberance for a product or service doesn’t necessarily translate to financial success. You might be enthusiastic about creating plastic doll house furniture, but no matter how much you love making the items, there’s a low probability you’ll be able to find enough customers to create a significant stream of income.
Community Involvement Always Pays Off
Only well-planned engagements with the local community are worth the time, trouble, and expense. Owners who become engaged in numerous community projects as sponsors or donors soon discover that planning is a necessary component. Take time to strategize about your programmes and events, being careful to avoid committing too much capital to anything before finding out whether it has financial potential. Charitable giving is one thing, but aiming to build brand identity or earn new customers via community projects is quite another.
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