business growth strategies

Top 10 Leading Setbacks That Limits Business Growth

Thousands of businesses open their doors every day! Unfortunately, most of them (over 90%) also close their doors within two years. The company started with high hopes and bright dreams. Starting a business is easy, But it is much harder to make it a success. Here are some mistakes I see more often in business growth strategies. Avoid them!

1. Fear and confusion. There is either a feeling of being over-whelmed by the complexity of the responsibilities, or a refusal to master the job of being a company owner and an entrepreneur. Owning and running a successful business involves certain skills. Learn them! You can take care of it! You can focus and be successful!

2. Lack of capital. Capital comes in these forms: time, money and energy. Some people have one or two, but not all three, and they fail because they just can’t keep up with the growth level of their business. EVERY business is a commitment to all you have. You may have to start “small”, but that doesn’t mean you should take it casual!

3. Lack of courage or determination. Building a business is always risky. Some people see this risk as overwhelming, others as an interesting challenge, but the risk is still there. Let’s go. Limit your potential losses. Understand the risks and enjoy this process. At the start, you’ll make mistakes, learn from them and move on.

4. Refusing to choose a niche or target audience. You can’t sell your services to everyone: it is unlikely that a message that reaches everyone will create urgency for anyone. Lawyers focus on one type of law. Doctors specialize. You should too.

5. Picking the wrong audience. A market that will not pay, or a very small or decentralized audience, is the recipe for disaster. The “poor” desperately need medical, dental, legal and other services, but who pays for them? The same problem occurs when trying to reach an audience that covers a large geographic area and is not easy to identify.

6. Confusing or inaccurate message. What exactly are the benefits your business offers? Who? Under what conditions and at what price? How can people contact you? Be specific, be precise and clear.

7. Lack of proper planning. Many business owners try a small radio jingle, some few direct mails, offer free samples of their products, and end up saying that they “tried everything and nothing worked”. Pick one and stay on track! You will be identified by your marketing techniques. Choose a unique logo, memorable brand name, color scheme and marketing technique and stick to them!

8. Too much publicity, very few customer relationship building. Advertising works best for tangible products because customers see results. Intangible services are very difficult to advertise and are almost always bought based on the quality of the relationship with your customers. The more people you know and the more of your professionalism and quality, the more business you will do. Endeavour to build networks of relationships!

9. laziness and / or greed. Your business exists only to serve the customer! In order to continue serving the customers, you have to make money, but quality service is the key to success. Everything must be focused on this. The statement “I want to be my own boss” or “I want the business to support me” may be true (and very fair and reasonable), but it is a dangerous approach for your business. Customers first!

10. Having a product or service that does not serve as promised, delivering insufficient benefits. Some experts are incompetent. Some of them do not use the latest technologies. A single mistake can undermine consumer confidence, loyalty and trust, especially with services. Always do your best!

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