How to Avoid Certain Business Failure
It is a pretty well known fact that over half of all new businesses which are set up, will fail within their first three years of life, what is lesser well known is that even of these businesses which do make it beyond the 3 year mark, 44% of them will fail within the following two years. This means that for every 100 businesses which are set up, just 22 of them will last beyond 5 years, a worrying statistic for anyone who intends on setting up a company or for anyone who recently has. In order to ensure that your business is in the 22 and not the 78, here are some things which you can do to avoid failure and push for success.
Keep it Financial
Even if you are not a naturally financially minded person, it is imperative that you always have one eye on the books. If you are paying someone else to look after your finances for you then ensure that you are given a weekly summary of what is going on. It sounds ridiculous but so many companies fail as a result of financial mismanagement and many owners do not know what is going on until it is too late. Make sure that you are not one of these owners and that you always understand what is happening with your company finances.
The internet has the power to make or break your business and if you want to ensure that you are on the positive side of things then your need to pay close attention to your online presence as well as what people are saying about you. An online reputation can be created very easily, it can also be destroyed with the same level of ease and you ought to consist a team like those at Eric Schiffer Reputation Management Consultants who specialize in restoring, preserving and discovering all about your online reputation. We live in a world where the internet impacts almost all that we do and you cannot afford to have a negative profile online.
Loyalty and Trust
In a world of so much competition in almost all industries, it can be very difficult for clients and customers to place their loyalty. One common reason for businesses failing is that they fail to respect, reward or trust in their customers which forces them to go elsewhere. If you want to find true success and avoid the failure of others then prize your customers above everything else, ensure that they have the best product or service that they could possibly wish for as well as feeling respected from the company where they spend their money. You don’t need to make grand gestures towards your customers but placing this level of focus on them will make them want to come back to you, and bring others with them, forgetting about them or taking them for granted will have the exact same effect, only in reverse.