Small business , but big challenges
According to industry research the no.1 reason businesses will fail is due to ‘Lack of experience’.
What is so serious about this no. 1 reason, is that the next 9 reasons are all impacted by this first one. The other reasons that came up in this research, things such as poor cash flow management, poor knowledge of the industry (customers/suppliers) are all related to having a lack of useful experience.
One way to gain experience is through self-education, wise mentors, customer feedback and suppliers who know your industry. Staying in business basically comes down to healthy relationships with others and self-improvement (relationship to self).
Start your business on the right foot by validating the customer need actually exists. Because 43% of businesses that fail was because there was not enough customer need.
The most important thing in business is people. We all hear it said, but what does this mean for business?
It means big expenses or big savings. Our biggest preventable cost at the workplace is employee turnover. This can account for lost wages of 3-6months in terms of the cost to find and train a new person to take over. If your employees are happy they are much less likely to leave, which will reduce the single biggest preventable cost to a business.
In the previous few years, the topmost loved companies, as voted by their employees, to work for were Google and Facebook. Why? Because their employee happiness was paramount to their success and they are very successful.
82% of small businesses said that customer loyalty is the pathway towards successful growth.
And research shows that finding a new customer is 6x more expensive than keeping a current one.
So what can we summarize about business success?
Become people centric. Focus on your customers, employees, mentors, suppliers, and yourself for improvement and education.
Download Personizer from the Playstore and get customer focused.