Starting a business is very similar to raising a baby. First of all, before starting your business, do you need thorough planning, what will you need in this world, small business employee benefits, can you afford the increased expenses, and are you ready for a full-time engagement? Once created, it should meet all of your requirements. You have to spend all of your time taking care of it. The only difference, however, is that the babies will surely grow well, but the stores … not so much.
Around 90% of startups failed in 2019. Why? They entered the wrong market, ran out of money, ran out of research, their partnership wasn’t working, or their marketing wasn’t good enough. These are the main reasons behind the failure of the start-up company.
Tips for business success
Here are some tips you can follow to avoid a business failure:
Understand market demand
There’s no point in watering plants outdoors when it’s already raining. Likewise, it doesn’t make sense to sell a product in a market with established competitors.
Do you study the market and analyze which products customers need? Do you need a new product? Are there any similar companies in the market? If so, how loyal is your customer base? The answers to all of the above questions form the solution to your problem.
Before setting up a company, a lack of knowledge of the market corresponds to ignorance of not examining the competitor’s weaknesses before finally meeting him. Let’s face it; this is not a dramatic Bollywood film where, despite the protagonist’s obscurity, its victory is certain. This is real life. One little mistake and all of his hard work go down the drain.
Do better market research. Keep an eye on the stock market, watch social media, and even take surveys.
Know the gaps in the service model
There is a marked difference between the services provided to customers and their expectations of the services. Understand these gaps and try to overcome them. They are introduced by Parsuraman, Leonard. L. Berry and V. A. Zeithaml, the SERVQUAL model (word from the combination of the words service and quality) explain the vision of the consumer-company relationship. Identify five gaps and explain how you can overcome them.
Improve Your Social Media Presence
The entire world is on social media these days (except for someone who is banned from almost all social platforms). If your company does not have a business account on platforms like Instagram, Facebook, or Twitter, it truly exists under the rock. Monday.com for small business helps in managing the business in proper way.
Again, having an account is not enough. One must be active on it, imbibing all the positive suggestions and criticisms they face on such platforms. The netizens check your constant participation in the online discussions, your views and comments on the political issues and your replies to the queries and suggestions on your replies. Social media presence is what keeps the business in talk. This is the era of searching online and buying offline. In such a case, having a positive image and positive presence on social networking sites helps your business attract a large pool of prospective customers.
Moreover, how you react to the negative comments is what intrigues your customers. Cutting iron with iron is not going to work in such a case. Always reply to the negative comments with politeness (kill them with kindness, wink wink). Being positive and kind to the haters is what creates a better image in the eyes of your customers.
Automate Your Business Processes
You cannot continue performing every business process manually. As your business expands, you need to adopt automation to perform monotonous and repetitive operations. Manual processes are prone to human errors and inaccuracy. This may result in having lawful or ethical compliance issues.
The most common processes that are repetitive and complex include payroll calculation, attendance and leave management, travel and expense management, retirement benefits and performance management of your employees . These are in the field of human resources alone. Having numerous departments in the business, this is just one small slice of the tedious tasks pie in the organization.
Automation can assist the organizations to save time and money on such tasks. For example, the HR tasks can be overcome by the services provided by many HR management software in India. Similarly, using software and technology to complete the daily processes without much human intervention assures its accuracy, compliance and resistance to human errors, thereby increasing the productivity of your staff and allowing them to complete the other important tasks at a faster pace.
Create A Brand Strategy
A brand strategy represents what the brand stands for, a promise made by the business, and a personality that they want to convey. Although people may assume that their logo, colour palette and slogan is what makes the organization’s brand strategies, and they are not wrong.
Any business’ brand strategy depends on the following three piers.
The organization’s desire of making their brand reach a particular position – their vision
The tag line representing the core values that stays the same throughout the lifetime of the business – their values
Your brands journey from its establishment to where it is now – their story.
In order to make a successful brand strategy, you need to follow four simple steps given below:
Brand Positioning: The very first step in your brand strategy is to position your brand. This allows you to determine the market niche of your product. You can determine the target market area for your business brand.
Selecting Brand Name: A brand name is what differentiates your company from the rest of the market. Your brand name should be easily identifiable, unique, and easy to remember.
Brand Sponsoring: It refers to promoting your brand in the market with the intention to expand the market coverage of the brand.
Brand Development: It is the latest feature of brand strategy. It is necessary to develop the brand as time passes. This provides you a chance to have a better consumer base and include new consumers to the count as your brand develops.
The only constant in the world is changing. The businesses must adapt to the changes in the market in order to survive in one. It is not a comfortable journey, to create a business from scratch, nurture it, struggle to keep it alive, only to see it falling down into ashes. Follow the tips mentioned above in order to give your business a chance to survive. Quoting the words of the great Chinese philosopher and teacher – Confucius – “the key to success is often the ability to adapt.” That one sentence says it all.
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