The idea of venturing into a business most times determines the success of a business. There are several kinds of businesses ranging from big to small and they both have their strengths and weaknesses. What can cause the downfall of an already established business would be different from what would cause the downfall of a business that just started. Many people go into business even without knowing the essentials of business. Sadly, some businesses even with great potential do not survive the test of time and this is because of certain factors that were not taken into consideration before starting a business or managing the business.
Most of the time, small businesses are usually at risk of collapsing because of certain mistakes made. But another good way to stand is to learn from the mistakes and improve.
Here are certain mistakes small businesses make and how they can be avoided;
1. Lack of Planning: A man who fails to plan, plans to fail, there are no two ways about it. There should be a goal that a business should aim to achieve and strive to achieve if the intention is to stay relevant. There is a need to determine what the business is for, it can be for-profit or to satisfy consumer’s needs. Setting questions and answering them is a way to set achievable goals for the business.
2. Inconsistency: This is a big-time business killer. When customers’ needs are not provided on time or unavailable almost all the time, it can create the impression that the business exists more for itself than for customers. Small businesses are businesses that are yet to be established, if they are consistent in rendering the best services to customers they can go a long way.
3. Lack of customer friendliness: This is one reason nobody wants to patronize a business. As much as people want the product or service, the way and manner it is served determine how good the business is. The attitude of business owners plays a great role in convincing customers. That is why business attendants are usually jovial people. Thus, it is advised that small business owners should keep a welcoming attitude.
4. Bad Customer Experience: This speaks louder than words. If a customer has a good experience with a product or service there is every tendency to build trust and keep them coming but a bad experience with a product gives the opposite result. Small business owners should learn the act of offering authentic products and ensure customers are satisfied with them.
5. Poor Management: Many business owners start a business and abandon it for someone who does not understand the idea of the business as such it is not properly managed. Limited workers also can put a lot of weight on a person causing a slow attitude to work. There should be proper delegation so it would not be only one person carrying out the work. Business owners should also supervise to check if the work is properly carried out to avoid waste of resources.
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