Over seventy percent of new ventures fail. Without a disciplined competent team and leadership, a focus and management of deliverables, a williness to institute management and control policies, an ability to manage growth, prudent judgement of competition, timely market entry, achievable cost targets, an ability to attract capital, a realistic business model, a sense of urgency, quality of execution of plans and creating value at every step in the process - a buiness will fail.
Bob recommends the following next steps:
- Businesses tend to fail because they don’t plan for the short-term and the long-term. Your business plan has to state where you are going to be in the next few months and then the next few years. You need to do everything you can to include measurable goals and results too. At the end of the day, the right plan will include specific to-do lists and it will also include dates and deadlines. If it doesn’t then you may end up damaging your business far more than you realize.
- You also need to make sure that you are marketing properly. If you don’t market properly then everything else will fall apart. This is the last thing that you need. If you want to get around this, then you need to make sure that you hire a blogger outreach service such as Ocere. When you do, you will be able to market your website and you will also be able to capitalize on the number of leads that you have as well.
- Businesses also fail because they don’t have a good leader. If you appoint a leader for your business, or if you aspire to be one yourself then you have to make good decisions most of the time. You need to make sure that you are able to manage your finances and you also need to try and manage your employees too. Leadership failures will often trickle down to every other aspect of your business. The most successful entrepreneurs tend to reach out to mentors so that they can get the support they need.
Ignoring the needs of your customers
- Every business will tell you that your customer should be number one, but only a very small percentage act this way. Businesses that fail tend to lose touch with their customers. If you want to help yourself here, then find out if your customers want new features, or if they want lower prices. If you listen to your customers, then you will find out what they truly need, and this will help you to boost your sales overall.
Not learning from your failures
- Failure is usually perceived to be a bad thing but at the end of the day, it is good for your business. If you don’t fail, then you may never end up learning and this is something that you need to try and keep in mind the next time something doesn’t go your way.
Another way to look at it is that successful companies do all of these things well. I hope this helps!