There is one statistic about small business formation that sticks out: about 96% of new ventures fail within the first 10 years.
This sounds scary, right? While this statistic does not look good, there’s still time to adopt a proactive mindset and turn your struggling business around. Of course, a variety of reasons might contribute to your company’s failure, ranging from macroeconomic influences to levels of real-time demand for your goods or services. While some of these characteristics will be unique to your business and beyond your control, others will be solvable by a strategic and open mind.
Below we will look at a few ways you can ensure that your business is a success:
Create a website that evokes emotion
Okay, you may wonder how a website can evoke emotion right? When a current or new customer visits your website, you want them to connect with your brand. A business website is basically a physical store, but online. Make sure that your website represents what you stand for and showcase your services and goods in a way that customers feel they need to buy them. There are two options when creating a website. Either hire a professional designer to create one for you or make use of a free web builder. A free web builder not only saves you time but a lot of money too.
Automate, automate, automate
Running a business is time-consuming. So many things can slip through the cracks. By automating some procedures, you can ensure that everything flows smoothly.
Let’s look at great ways to automate your work:
Scheduling and bookings
Gone are the days of taking hundreds of calls and writing down appointments. Avoid double booking by using a scheduling app like Go Connect Scheduling. On this app, you can schedule, organise and even make payments. All your data is stored in one app.
Business email
Not only does a business email make you look more professional; it also makes communication much easier. A personalised email address based on your website name boosts business and brand credibility. Avoid using a free email account, and respond to customers or potential new business leads with a unique email address.
Use marketing that resonates with your audience
Marketing your business is the natural next step after business formation. In order for your business to make money, your customers need to know that you exist. Marketing is a very powerful tool. Use marketing tools to create a brand for your business. Your brand must have a goal and mission. The term “marketing” refers to a variety of actions that are all related to selling your company’s products. Consumer research, which better fits your product to consumer demands and needs, is a less evident marketing activity than advertising. Because it helps match your company’s products and services to recognised client needs, product design is also a form of marketing.
A final thought on business formation
In the end, the elements that are causing your business to fail will dictate the exact course of action you will take in response. Our general advice should assist you in identifying some of the most typical problems that small businesses face, as well as developing ways of addressing them.
