Competitiveness, boldness and the endless determination, most businesses and entrepreneurs have these qualities. Do they ensure success though?
If so, why are businesses failing everyday even with the best attitude or finances? These CEOs can do everything they can to ensure success, but common mistakes would still be the pitfall of a grand idea.
While a start-up life seems glamorous at best when it brings in the right numbers, businesses are always vulnerable to failure. Ever wondered about examples of businesses that have failed in Malaysia? From Mega TV to the infamous Paris Hilton Handbags & Accessories, these brands had its fair share of falls and it’s clear that there are no exemptions.
You’ve read about how to start a business, you’ve studied how to maintain businesses and yet here you are.
When you’re ready to go past the stage of constantly wondering what went wrong, this is where you take the next step – Fixing it. Here are 6 reasons to why your business is failing.
1. Failure to build presence online
Now that Google conquers the online marketing platform, you should be worried if you aren’t marketing online.
As much as 80% of internet users do their purchases online and 81% research products online before buying them. In order to sell, you would have to meet them where they are on the internet. That means to be visible to these customers whether it’s through SEO, social media or simply advertising.
Press exposure and PR methods should incorporate strong onine components. For example, companies have been utilizing QR codes and social media emojis into their ads simply because they know that people are looking them up online.
The more you speak their language, the more SEO will intersect with your efforts and in return more visibility.
2.You aren’t listening
Listening is a skill that many take for granted and never improve upon, this includes business owners like yourself. Consumers listen to other consumers online whenever deciding upon a purchase, are you listening on to this conversation?
Whether your primary efforts are online or offline, you’ve got to at least offer customers as easy and simple way to interact with you online. By doing so, you have a platform to go to for feedback, both good or bad.
These inputs provide a valuable insight into your products, pricing and even business practices. IN return, you provide a buyer-seller relationship that benefits both sides. Quick and helpful responses could also help boost your credibility and reputation, further attracting others to use your service.
3. You didn’t plan for the future
In most cases in running a business, it isn’t how you start but how you finish instead. While offline efforts tend to have a much shorter impact, online efforts can last beyond what you’ve ever prepared for.
An online presence ranges to a corporate website or even a Twitter and TikTok account. All these would be in sync and working towards a quality customer experience and feel. People tend to respond more positively to aesthetically pleasing sites and more likely return then.
Putting in the work now for a solidly built digital presence will turn out rewarding in the long run.
4. Noticing market changes
Even if your business model is actually working, you need to stay on your toes for whatever that’s happening in the market. Without evolving according to trends, you’ll find yourself left behind by your competitors.
Do your research on the industry you’re in extensively, especially of those in your geographic location. You may come across several opportunities for you to be ahead of the pact closer to you. By studying on how other business people interact with their business, you can incorporate your findings into your own practices.
Nitty gritty research will pay off in the end when you’re hands on for market trends and standing out among the rest.
5. You aren’t analyzing your results
Web analytical tools allow you to dig deeper into market research and acts essentially as a “get out of jail for free” card. With it, you’re able to check out what are the activities that generates traffic, what your audience wants to know and who’s buying what etc.
Being able to measure your online business allows room for improvement at every buyer step, hence, improving user experience as a whole and boosting the numbers. Among those data your should be collecting are total visits, new sessions specific traffic channel, bounce rate, conversions, cost per lead, and the ROI (return of investment) count.
These metrics are available on everyday social media platforms and are also accessible with software such as Hootsuite or Google Analytics. There should be no good reason why you aren’t tracking these metrics as they simply are the manual to maneuvering digital marketing and your audiences
6. You didn’t budget properly
A budget forecasts revenue and expenses over a specified period of time. If governments use it, there shouldn’t be reason to why you shouldn’t as well. Budgeting also serves as a plan of action for managing and comparing at a period’s end.
Budgeting should start with an estimated revenue from your sales or services. Other aspects to think about would be fixed costs, variable costs, one-off costs, cash flow and profit. You’d also budget based on the type of business you have, which varies from seasonal, e-commerce and start up etc.
Time waits for no man, same goes for your business. When you’re ready to expand, there might be times where you find yourself not having sufficient funds. Now that you need land, equipment and more inventory for said expansion, this is where a business loan might work for you.
Finsource Solution not only offers five different loans and financing, but also provides credit counseling from experts in its advisors!
With a clean loan, property loan, 2 in 1 financing, gap financing and invoice financing suited to meet your financial needs, our loan advisors are ready for your questions 24/7, contact us today to learn more about how we can be off assistance to your financing needs.
