Running a business and establishing it well is a herculean task. When one puts so much effort and sweat, it must be ensured that the results come out good. Nevertheless, a lot of business fail or fail to achieve what they aimed at. Reasons may differ from business to business, few traits remain common to almost all of them.. quips Sachin Karpe.
Lack of communication with customers: The final end of the business, the customer, needs to be happy. It is important to keep in touch with them for their valuable feedback which proves critical for a business.
Lack of unique value propositions: Your business should be able to offer something unique than your peers and competitors. In a competitive market, you can’t afford to be the just another business owner. Lack of uniqueness can be a slow killer. The sooner you realize this amiss the better it is for your business.
Not enough cash reserve: While a good leader ensures that the business is backed with enough funding, cash reserve might deplete due to market conditions. However, a smart leader must ensure that the cash reserve stays uniform for any unforeseen circumstance. A robust business model that ensures steady revenue is the foundation of any good business.
Branding and marketing: It is as important to popularize your business among your TGs as it is to run. The buzz about your company needs to be around in the form of word of mouth publicity, awareness through ads and marketing campaigns. This can be achieved through regular emailers, digital campaigns and social media presence of a brand, which, to begin with, are enough to create the initial buzz about the business.