Coming up with a unique and exciting business idea is the easy part. Getting the business up and running is where most start-ups fail. More than half of all new businesses crash in the first five years. Some companies only last ten years before closing for good.
Many new business owners make the same mistakes that ultimately lead to their company’s downfall. Data warehouse solutions help new entrepreneurs stay on top of their finances, increasing their chances of success.
What can new businesses do to ensure success beyond the average life of a new company? New business owners tend to make the same mistakes that ultimately keep their business from growing.
Lackluster Social Media Presence
Social media has exploded significantly in the last few years. You miss out on potential customers if your business doesn’t have a page on one or more social media platforms. With the rise of the social media influencer, one bad review can torpedo an entire business. Similarly, a positive customer experience can make a company go ‘viral,’ leading to a steady influx of customers.
Your social media profile should include relevant information such as services offered, business hours, and location. If an interested client has to search for the information, they will likely head to another company instead.
Afraid to Delegate
A good business owner wants to have his or her hands in every aspect of the company. But there is such a thing as too hands-on. Spreading yourself too thin will undoubtedly result in something falling through the cracks. Learn to delegate the small, everyday tasks that are easily done by a trained employee.
In general, employees do better without their boss hovering over them. Delegating certain tasks will allow the business owner more time to handle more pressing issues, such as declining marketing sales.
Social media is just one way to market your business. Statistics show that business owners spend 11% of a company’s overall budget on marketing. Are you behind the curve?
Billboards, newspaper ads, and other print advertisements can still boost your business. But the most common form of marketing is simply word-of-mouth. Business owners can boost marketing by asking their friends and family to refer their business to new customers. Similarly, the business can offer discounts and other incentives to current customers for referrals.
Too Much Competition
It’s rare to offer a business service that no one else does. Many business owners use the same business model, which can be detrimental to their success. What sets your business apart from the hundreds of similar businesses?
Is it your location? A special service you offer that others don’t? Tap into what makes your business different. Competition is a good thing, but not if it means customers are taking their business elsewhere.
Every new business owner has a plan to make their company succeed, but even the best-laid plans fail. Follow the tips listed above to help break from the pack and watch your company grow exponentially.