Businesses fail every day. They all start so eager and bright-eyed only to discover it’s a non-stop hustle and effort.
An entrepreneur’s work week can be 60+ hours of rewarding but exhausting work, and many don’t make the funds to cover their costs and their own salaries.
Avoid being in the statistic of business failures this year. Learn the reasons that lead to failure and avoid them!
5 reasons your business will fail this year
#1 You have no business strategy
You’ve winged your way through the last year and got some sales. You don’t really know what you’ll be doing different this year and you’re happy just making things up as you go along.
What you should be doing: creating a plan which clearly identifies how you are making sales and where you are investing funds.
#2 You have no marketing strategy
You spent some money on some marketing, but nothing really increased the business. You spent a long time not marketing at all then you binge marketed when you stopped getting enquiries or sales.
What you should be doing: sitting down with your marketing team and creating a detailed marketing plan which states activities, budgets, timelines and responsibilities – then following this plan throughout the year.
#3 You don’t analyse past activities
You don’t really know what worked and what didn’t – from your website traffic, to Instagram activity and everything in between. You don’t like creating reports so you ignore this part and pretend it doesn’t exist.
What you should be doing: analysing all marketing efforts from Facebook Insights, Instagram stats, email marketing reports, website reports, sales reports and every single activity you have taken part in, then writing a detailed marketing report which includes performance evaluations for all activities.
#4 You don’t know which of your products or services are the most profitable
You have no idea which offerings are the most profitable so you’re missing out on big profits and income.
What you should be doing: finding out where you have most profit then adding those goods and services to your push list to promote them and get more sales.
#5 You don’t connect with your Ideal Buyer Persona
You don’t know who your ideal customer is and you don’t know why they buy from you.
What you should be doing: identifying your Ideal Buyer Persona and aligning all of your communication efforts to them and their likes, dislikes, fears and pain points.
Does any of the above confuse you?
Start where you are and with what you have. If you don’t have skills and experience to manage your marketing strategy, either learn or outsource – you need to be marketing!
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