The economy of any nation across the world is a function of the health of businesses within its perimeters. As a means to sustain the country’s economy, businesses have to thrive profitably and due to the astronomical increase in population, businesses will have to meet the demands of the growing population.
Businesses are, therefore, built on the basis of meeting demands for certain products and services, which is often the reason why individuals go into business and that is to make a profit and to control their future.
Statistics has shown that many businesses fail to grow at certain points in their life cycle.
What keeps a business from growing?
Poor or No Business Plan.
Basically, a business needs a blueprint to ascertain its trajectory and how it plans to solve the varying problems associated with running a business. The foundation has to be solid enough to withstand the overburden pressure that may be encountered as it grows and a failure to put this in place will likely not see the business grow much.
Poor Customer Support.
Now, how you handle your customers is very important to the core existence of your company or organization, as it can make or break the potentials of your venture and general profitability.
It is therefore very imperative that all customers or clients should be well taken care of by consistently and constantly trying to ensure that they are satisfied with your products and services. By extension, another way is that your customers’ complaints can serve a pivotal leverage for expanding your business and possibly fixing loopholes that had been affecting your business. That is why when a customer complains, it should be attentively addressed to as soon as possible because they are showing you a mirror view of what your business looks like from the outside. This is just one of the prime important factors of maintaining and developing your customer base and no business will ever succeed without a consistent influx of customers.
Depleted Knowledge Base
Knowledge is a potential power while its application is power in itself.
As a business owner, it is very important that you constantly acquire the latest technical knowledge of doing things if you must remain relevant in your niche and keep competitors at bay while preventing them from winning you customers to their base.
Realistically speaking, it is a natural phenomenon for old methods to die while new ones emerge. This simply implies that what worked a decade ago may not likely be applicable in today’s world because humans are constantly evolving with changes in taste and desires. So, you have to keep learning new ways of doing things to satisfy their wants. Attend seminars relating to your business, buy books, buy audio and video teachings to help enhance and boost your knowledge base. This way, you have an upper hand over your competitors and you will remain relevant in the market for so long.
Not Following Trends
If you must survive in the current economic atmosphere of any venture, you have to follow basic economic trends to keep abreast. This includes reading news, adapting new strategies as they come, using effective tools and deploying absolutely marketable solutions to clients and customers.
Let’s face it, a little over a decade ago, we never had Facebook, Google, Twitter nor Linkedin. We had the old newspaper method for advertising and marketing products and services, which were quite expensive by the stretch.
But today, we have a vast amount of social media options to choose from and quite cheaper than traditional advertising methods.
Having the marketing tools and also knowing how to effectively use them is very important to any business today because more and more people are moving online, more eyes are being pulled as the trends demand and the increasing uses of mobile devices also help to skyrocket these trends to an all-time high.
Present day trend also demands that modern world business applies list building and effective email marketing strategy to build a large customer base of repeated buyers. There is virtually no serious business venture that does not use list building and email marketing as a tool in their marketing arsenal.
So if you must grow, you have to integrate list building and email marketing into your system.
A good read is What is Your Why and Super Size it!.