In the global markets, we see the emergence of new brands every day, which enter the global competition to maintain their brand and its growth. But statistics show that about 50 percent of them are doomed to failure in the first five years, which means after this five-year period 50 percent of that remains. Your business prospects depend only on your attitude towards your business and your performance.
But why are 50% of start-ups doomed to failure?
Of course, many businesses stop or fail due to a variety of reasons, some of which we have mentioned here.
1- Poor marketing
Many businesses do not know the right way to market and for this reason, they are unfortunately doomed to stop their business. A good and effective marketing strategy is one of the signs of a successful business. The stronger your marketing system, the better your chances of success in global markets. Marketing involves everything from finding a customer to selling new products and presenting different services.
2- Poor customer service
In order to win the global competitive market and also to make your brand known in the world, just offering a product and competing in terms of price will not be enough. You need to train your business people in dealing with the customer and attracting customers. Customer service is one of the main reasons for the success of a business.
There is no program for scaling. People start a business for a variety of reasons. Whatever your reason is, you should decide in advance if you want your business to go beyond you as an employee. Marketing is sometimes unpredictable.
One of the factors that make your business so different from a start-up is how you communicate with the customer. The customers of a business are its capital. So this capital should not be easily ignored and lost.
3- Excessive competition
There are currently reputable brands in global competition that are not easy to compete with. If you constantly focus on competing with competitors, you will definitely miss out on quality and customer service. A strong team can put you ahead of the competition if you focus on managing your team to compete too much with competitors. The most successful business owners and entrepreneurs know that they are surrounded by smarter people. If you are planning to grow your business, you need a strong team to help you get things done. The only way to grow your business is to attract the best people.
But what does having a strong team and a successful business depend on:
1- Know the market
As we said before, the global business market is saturated and only businesses with a clear path can succeed. But in this saturated global market, you have to consider what the market needs right now. Do not underestimate the importance of careful market research.
You need specific data about your ideal customers, existing competition, expected growth and demand, market trends and etc. These kinds of insights are valuable and will help you make business decisions and goals.
2. Prepare a business plan.
The path of your business must be clear and complete. For example, you need to know what your goal is and what your business will be capable of in the next few years. This will help you to move on the path of progress and not deviate from the path.
Write your business plan. This document is not only accessible to everyone but you can easily adapt it to the existing conditions. Determining goals and processes alone is not enough. Research shows that we are more likely to get them when we write them.
3. Define profitability goals
For a business to be more and more successful, you need to make sure that you do not have financial problems at all times. For example, having enough savings for the early years of your business is one of the most important factors in the survival of a project. For example, schemes such as discount codes for customers may not be a lucrative goal at first, but in the long run, they are a lucrative long-term goal because of customer acquisition and more sales.
By considering business costs such as the initial cost of products, advertising costs, staff costs on a monthly and annual basis, you will get a higher view of your business costs, and by recording this information, you can find out how much it is. How much money do you need and when is the best time to revise your pricing structure? Are the prices of your products reasonable? How many units do you need for each course to achieve your income and profitability goals? Clearly document and articulate this information to know exactly what you need to do to keep your business afloat.
4- Efficient and suitable team
Another factor to succeed in a business is its successful team. The stronger and more trained a net is, the more successfully it can meet challenges. A successful team can lead you to success and business goals.
"Good HR teamed with an arsenal of great tools can change your company for the better," says Ali Anderson of BambooHR. "Happy, engaged employees do great work, and company growth will quickly follow."
With a successful team, you can be sure of the growth of your business for many years to come.
5. Having a professional online network
A professional profile has always been a requirement of a business. Whatever your successful business is, if it does not have an online store, it will lose many of its audience and customers in the global competitive market in the age of communication. A strong profile can make the booking system better for your customers. Introduce your services more easily and direct all your audience from all social profiles to your professional profile.
LyncMe provides these conditions for you to easily have your professional profile for your start-up business. In addition, LyncMe has taken a big step in business success and survival by saving money instead of costing the site and launching it.