- Sustainability: Your business needs to be sustainable to be successful. Robert Gumede, CEO of Gijima states that to grow your venture “in business you must reinvest your money in the business.”
- Product Choice: Some businesses choose a product that there is no demand for, or it is not scalable. The result is that the company has very little sales and as a result generates very little revenue and consequently shuts down. It is imperative that you do your research on the product and the market before you decide to begin a business.
- Human Resources: If you run a business where you do everything yourself or you hire poorly then your chances of succeeding are low. Investing in a good staff team is important to the operation and success of the business. It is better to employ a smaller number of competent people than a larger number of incompetent staff.
- Social Media: Research has shown that if your business has no social media presence or strategy then it has a significantly greater chance of failing. Social media has many benefits for your business as it allows you to increase brand awareness and exposure, make new contacts, build new and strengthen existing relationships through effectively interacting with your chosen target market, you can build on or add to an existing web site, it allows you to promote new and existing products or services, you can easily answer questions and erase doubts, and is a great way to monitor your businesses reputation.( source: gwim.net)
- Excuses: When your excuses exceed your solutions then your company has a bleak future. As inspirational speaker Robin Sharma aptly puts it ““Why make excuses when you can start your dreams?”
- Branding: If you have a business that depicts little or no branding then you are heading for failure, since branding is powerful in promoting your business.
- Marketing: A common mistake entrepreneurs make is to depend on referrals instead of marketing their businesses. Invest in marketing and you will reap the rewards on your investment.
- Inconsistency and predictability: It is evident from research that those businesses that lack consistency and Predictability fail.
- Failure in business is almost definitely guaranteed if you don’t have a blue print.
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