8 In 10 New Businesses Are Destined For Failure. Here’s Why…
It’s a rather scary statistic, but roughly eight in every 10 new businesses will cease to exist within a couple of years. And if you’ve seen that fact during your research, there’s a good chance that it has put you off following your dreams. But it shouldn’t. Instead, it should encourage you to be better.
Every business is unique. In truth, though, many of the failure stories share a list of common factors. By avoiding them, you’ll naturally give yourself a far greater chance of success. Here’s everything you need to know.
Appreciate The Importance Of Your Team
Running a new business isn’t easy. But it will become even harder if you aren’t supported by a capable and willing team of employees. The staff will essentially form the driving force behind your entire venture. Therefore, it’s imperative that you pay them the level of attention they crave.
The productivity of your staff will have a direct impact on the success of the company. An encouraging employer-employee relationship is vital. Combine this with regular staff outings and employee perks to guarantee great results. You will not regret it.
Keep Yourself Protected
Your business is extremely precious. So you need to keep it protected. CCTV and other security features will keep your physical premises in great health. In today’s climate, though, you need to pay close attention to digital security too. After all, it’s not only your files that are stored digitally. Important client details are stored there too.
Most new businesses appreciate the importance of the above items. But they tend to forget the importance of protecting intellectual property. With the help of trademark attorney Xavier Morales, you’ll never need to worry about those issues ever again. In turn, this can only enhance your chances of immediate and long-term profits.
Make Yourself Visible
Everyone knows that marketing has a pivotal role to play in the growth of any business. As such, most entrepreneurs are quick to pump their energies into branding and marketing materials. And in today’s climate, the bulk of those strategies will be geared towards an online audience.
In truth, a great website can be your most effective marketing tool. But it’s only possible when people are visiting. Google is the greatest resource for generating increased traffic. Avoiding common Adwords mistakes will ensure that your marketing budget works far harder. In turn, this should increase sales while improving your profit margins too.
Put The Customer First
Whatever you do in business, customers hold the key to your success. Sadly, this is something that many businesses fail to grasp fully. Quite frankly, it’s not just about providing them with great products. You need to make them feel valued too; great customer care is the secret.
Aside from building trust, those endeavors will be noticed by potential new customers. In fact, you could even run a referral system to give existing clients another incentive to spread the word. Either way, placing added focus on the customer will instantly thrust your business ahead of most failed competitors. If this doesn’t enhance your hopes of success, nothing will.