Profit in the business world is the art of the deal. Without it, you’re out of luck! Which is to say, you will not be able to reach customers and make money, you will not be able to advertise, nor pay your dues to keep your business running smoothly. Customers love consistency, that’s just how it is anywhere in the world. The consumer wants to buy what they want when they need it. Period!
Something amazing happens when prospective businessmen and women dream up a promising idea for a product or service or see a probable opportunity in the market: they retreat to their caves. Therefore, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months, according to Bloomberg.
But why, may you ask? And what can be learnt from the gigantic proportion of failure with small business? What tactics can you apply to your business aspirations to avoid being the victim of failure? Without doubt, the main reason small businesses fail at surface level is they merely run out of operating cash, although cracks in the foundation begin long before the collapse.
Here are 4 reasons for failure and more importantly, what you can do to prevent it happening to you:
Reason #1: Keep in touch with customers and involve them in deep dialogue. Complete understanding of the consumer is most important to your success. Speak to them and listen to what they have to say. They’re the consumer, after all. They hold the key to your success if you’re willing to engage them.
Reason #2: Communicate a promise of value to be communicated, delivered, and acknowledged effectively. Many businesses work tirelessly to discover a point of distinction then end up blowing it up because they failed to communicate their message in a compelling, concise and clear manner.
Reason #3: Distinguish your business from others in the market. There’s plenty of noise and chaos among those who lack uniqueness fighting for fragments. Those with fake products usually make the most noise, slowly killing the market. Your most important job as an entrepreneur therefore is to articulate your message the best you can.
Reason #4: Employ your ability to mop out a profitable business model. When all is said and done, the bottom-line is what matters. Failure to precisely attain market/product fit where the money is made, sends you in descending mode into the dark corners of entrepreneurship.
With millions of businesses created daily around the world with similar products and services, your paramount responsibility as an entrepreneur is to understand the consumer. Offer genuine products, have a good return policy, respond to questions quickly and resolve conflict, answer your phones when customers call, among others.
Post office in Times Square: In the age of online shopping, it’s ideal to seek affordable yet effective ways to get the goods to your customers quickly. The post office in Times Square is a good return on your investment for those who live in New York. Shipping packages to your customers with USPS is one of the cheapest there is around. Things to consider are times packages take to get to the customer, and the cost customers are paying for shipping. Do your homework early and enjoy your success.
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