Time and time again we hear of the latest business success stories in the news, often from small, innovative startups which have quickly blossomed into fully fledged companies. However, it is a sad fact that 7 out of 10 businesses fail within 10 years, and this highlights just how difficult it can be to both set up and sustain a business nowadays.
Sometimes, businesses fail due to sheer bad luck, but often they make some fundamental errors which could have been avoided. As such, here are some of the factors which may hold your business back.
Marketing is the machine of capitalism, and as such is one of the most important tools available to any business. It can, however, be a tricky process, not least because it has changed so much in the last decade, and the world is saturated with different businesses trying to market themselves.
Determining target markets is incredibly important; as this can help you tap into the mindsets of those people who may be most interested in your product/service. Even more important, though, is to embrace digital marketing, as an increasing number of people now use the internet to find the products/services they are interested in.
Having a functioning, lively, modern workplace can go an incredibly long way for a number of reasons. First, it allows employees to feel that they are a part of a growing business, which cares about the environment its workforce operates in. This should contribute towards staff retention and overall happiness.
Using innovative, creative office designs may also help to boost productivity, as they help to create a positive work environment based around employee needs. Companies like Be Offices may be useful, as they can help businesses to find a services modern which caters to their specific requirements.
Of course, the financial health of any business is likely to be one of the factors which determines their sustained success. One of the first priorities for business owners should be to ensure they have a sound system in place for managing all incoming/outgoing payments, as well as a strict budget to abide by.
Examining cash flow health at regular intervals is also important, as all businesses need to keep this steady in order to have a chance of surviving in the long term. Crucially, it is important that a business continues to adapt its financial management as it grows and expands to meet the changing demands it will face on its finances.
These are just some of the basic factors which need to be carefully considered when running a business, and which may be holding your business back. Be sure to do some further research into growth strategies to maximise chances of success.