Do you know that your actions determines whether or not your business will succeed? Any entrepreneur that wants to be successful in their field must efficiently maximize the right to take potent business actions and decisions.
Every businessperson wants the best for their brand and this makes decision making difficult and occasionally increases our suspense level which affects our actions. However, before making a business act, it’s important to consider the present and future implications.
Below are 6 business actions/inactions that will make your business crumble:
1. Lack of a solid business plan and strategy
A startup analysis research published on Forbes states that approximately 543,000 businesses are started each month (but more employer businesses shut down than startup each month) Why? “Lack of a solid business strategy.”
But in most cases entrepreneurs see it as a waste of time. Most entrepreneurs overlook strategies in business because they feel it is too arduous and irrelevant. But the fact remains that a solid business plan and strategy is the foundation of every business.
Developing a strategy is a practical way of concentrating your efforts and focusing on how to get things done. One of the best ways to remain on the right track and take the right strategies is by always reviewing your mission and vision.
“A goal without a plan is just a wish.” – Antoine de Saint-Exupery
2. Hiring too many employees too quickly
Most entrepreneurs get obsessed by their goal that they begin to hire all skilled practitioners even without identifying the importance of each practitioner they are about to hire. As a businessperson, you don’t need all available practitioners to achieve your business goals. Realize the differences between talented practitioners and required practitioners and stick with the required practitioners.
3. Disregard of market values
It is not enough to say: “Oh I’ve got an idea, I’ve got a passion that will bring a change to the world.” As an entrepreneur whose primary goal is to drive profit, focus only on market trends and seek for ways to utilize your resources to meet market demands.
Before you begin to implementing your passion, spend quality time to find out all you need to understand about the market and know if your customers are really in demand of your services.
Creating a brand or products which consumers are not interested in will definitely make your company run down before it even gets started.
4. Over promising and under delivering
Keeping promises is a very important factor if you want your brand to keep growing. Consumers will definitely curve your brand if the trust is lacking. There was a study that emphasized on this fact as it shows that more than 60% of customers quit patronizing a company/brand because of missing trust logos.
If you set a deadline/target before you, then meet it. When you give bigger promises to your customers more than you can deliver, you are passing a message across that you are not to be trusted.
It’s better to under promise and leave your consumers/audience astonished by over delivery than to over promise and look lame with the little delivery. Unlike politics, this is business, where a mere inadequacy can ruin years of your credence and cost you 60% of your customers loyalty.
No doubt, promises attract more customers and makes them willing to stick to your brand. However, always consider some factors (like unforeseen circumstances, weather flexibility, etc.) that could affect your delivery before giving customers your word.
5. Ineffective marketing system
Marketing is a very important facet of every business. The heart of your business success depends on how effective your marketing system is.
Poor marketing = Poor sales = Zero Profit = Zero income = Business Failure.
In business today, the market is crowded with a variety of competitors and maintaining a competitive edge is paramount to outdo the rest and dominate the market. Gone are the days of “if you build it, they will come.” The quote now is “If you build it, you must promote it. If you don’t promote it, it either remains stagnant or it DIES.” If you want a successful business then you should invest more strength and resources in promoting your brand via the best channels.
“For a truly effective social campaign, a brand needs to embrace the first principles of marketing, which involves brand definition and consistent storytelling.” – Simon Mainwaring
6. No online base or presence
We are in the age of constant information and technology, where a higher percentage of investment decisions and deals are being settled online. So it’s dumb to think you can survive the market competition without an online base/presence!
Customers want a high engagement level with companies they do business with. As a matter of fact, a review shows that more than 55% of Americans perform online research about products and services before purchasing. And their interest waivers if service providers/brands are not easily identified online.
Most entrepreneurs put off having a business website/blog because of the thoughts of stress. But the good news here is you don’t have to be an online rav or guru to own a website. You can hire a professional to handle that for you.
Take note of the above actions/inactions and take proper ways to avert them in order to make your long-run totally worth the struggle at the end.