The dream of every new business is to grow and outlive harsh business conditions like the global meltdown. The question is how many businesses thrive in the long run?
Have you ever wondered what happened to some small businesses that folded up even months upon starting? Was it fate or were there things they ought to have put in place and never did?
Too many questions but what is the answer?
Perhaps you think that could never happen to you.Yes, its okay to think positively especially about your business. However it stretches longer than that.
Here are 5 ways your startup may never become a thriving business.
1. Lack of Managerial skill
Never go into a business just because you know someone whose business is thriving.
Some folks start a business because others are making a great deal of money without knowing much about management. If you haven’t learnt how to manage a business, be ready to head out of that business.
Not everyone is destined to be entrepreneurs, so if you have “no business in business”, then don’t start!
Give room everyday to broaden your managerial skill. Keep learning and before long you will be almost perfect.
2. Wrong Business Location
For whatever business you are into, it is imperative for you to be positioned strategically. This will go a long way in attracting the right kind of customers for you.
When you are poorly located, it deals a sad blow on the business.
Businesses well located enjoy a great deal of boom by customers. Being rightly positioned means being close to your target customers and making it very much easy for them to be reached.
In any case, every entrepreneur’s wish is to attract traffic in their business.
3. Wrong Business Decision
It will be in your best interest to critically examine and think through your decisions before they are implemented. Once a bad business decision has been taken, it leaves you with a ripple effect that could be disastrous.
When you want to make a major decision in business, it would be necessary to sample the views of similar ventures as you. They will be in a better position to advise you since they have a firsthand experience about your kind of business.
The findings you get, will aid you to make good decisions that would be advantageous.
4. Inability to Move with Trend And Technology
We are in the information age. Your ability to always sniff to know what is new and in vogue will help you. If you do not want to adopt the changing times and the strategies that come with each age, then you are not ready for growth.
Businesses plummet on this premise. Be abreast with issues and you would have paid your dues when the results are shown.
5. Poor Feasibility Study
Doing a thorough research and feasibility study on your products and services will cause your business to go a long way. Never assume you know enough, always study and project.
There might be areas that need a shift. If your study isn’t thorough, there is every tendency that failure will come knocking on your door.
Remember, if you will be determined enough to work at these, you might just be on your way to hitting great success. Hence, do not be comfortable with where you are now. Embrace change and be ready to make a shift once success is in sight.