Most of us want to be their own boss. With this thinking many small and medium scale businesses are starting up daily, but do you know why most of the business fails? Here are some reasons of business failure; it might be run out of money, underestimation of competitor, inefficient operational quality and many more varying with the type of business.
- Poor networking
Try to build network of customers, entrepreneur involving in the same field of business as of you, your employers. Maintain a proper database with emails and contact numbers. A successful entrepreneur is one who is always eager to learn from others. Build a network of people involving in the same field of business as you. Go through with working techniques, marketing strategies, process for launching of products and services. Remember never try to copy them, only learn from them. Give a look to their portfolio of products and services, their marketing strategies.
- Keep clients
Create a specific database of your past clients with their detailed information, emails, contact numbers. Stay in touch with them announcing the new launches of products and services. Be friendly with them by sending birthday card, festival wishes in their mail. But keep in mind excess of mail can annoy them so be careful just contact them when it is necessary. By keeping contact of your past customer you can also ask if they know anyone else who may wish to use your company services or products. Try to give them some referral bonus. Always try to keep your clients satisfied with your products and services, most importantly try to give them technical support or any kind of help they need.
- Poor marketing strategy
In my opinion one thing most affects the business is marketing strategy.
Take an example of blogging we all say that ‘Content is King’ but what’s the use of that quality content which do not have reader to read that content, similarly what’s the use of your quality of product and services if you people don’t know about your products and services. So make proper planning for promotions and make a proper marketing strategy for your company.
- Less pricing
We all prefer things to buy from people we trust or we will shift to another seller for their pricing or better quality. The first and second point will not help you if you don’t have clients, so to attract clients you should offer something for less cost or may be for free. This will for sure help you to build new clients.
Author: Gesture Chidhanguro