The failure rate of small business can be high. Dun & Bradstreet claim that the failure rate is approximately 48%, and Bloomberg states that 8 out of 10 businesses collapse over time. There are many ways that a business can fail, but by identifying the mistakes of others we can learn what not to do in our own business.
Here are five failure triggers to be aware of and learn from on your road to business success:
Understand what your clients or customers really want. This sounds simple but the reality is that many businesses offer their customers what they think they want based on historical trends and out dated information. Keep ahead of the trend by researching what the innovators are doing and by continuing to ask your customers what more you can be doing for them. How happy they are and how adaptable you are can mean the difference between a one-off interaction and a long and prosperous relationship. Customer Relationship Management (CRM) programs are a great way to keep track of your client’s needs, sales habits, contact and feedback.
What is your unique core differentiator? How are you different from everyone else in your industry? In today’s environment, businesses need to identify their unique competitive advantage and then continually promote that advantage to the marketplace.
Too often businesses spend a lot of money on marketing campaigns with messages that are quite simply too long and convoluted for consumers to understand. The fast-paced world that we live in dictates the need for clear, concise and compelling information for a business or a product to succeed. Step into your clients shoes. Tap into what they want with some targeted calls to action. There are many social media and content marketing courses out there that can help you communicate in way clients will understand and appreciate
What leadership style do you have? Do you have experience making management decisions? Does your team know where your business is going and why? Disfunctional leadership can damage every part of a business - from financial management through to employee morale. Research shows that businesses with effective inspirational leaders are the most successful. These skills can be learnt so consider engaging a business coach or as a starting point attend some short seminars or courses. As a business owner you should never stop developing your technical as well as your soft skills so do some research in your own backyard – see what successful businesses owners in your industry are embracing and who they are following for inspiration.
CONTENT CREDIT- Katrina Brennan