Did you know that more than 90% of new businesses will fail within their first year? Many more will slowly fade away after just five years on the market. What goes wrong? Unfortunately, there are numerous issues that can cripple your business and cause it to go under.
Let’s explore some of these possible scenarios as well as the right steps to take if you want to avoid a potential disaster.
The first issue that you need to be aware of is the problem of downtime. Downtime is any period where your company isn’t able to function on the market anymore. This can occur because there is a tech issue in your business. For instance, a hack could cause a significant level of downtime in your company. You might also find that this is a problem due to a natural disaster. For instance, a nasty storm could knock out your server leaving you unable to function. As well as costing a fortune, it can mean that your business is forgotten by buying customers.
To prevent downtime, you need to make sure that your systems are prepared the right way. A database conversion service can help here. It will ensure that your business servers are flexible and versatile. If there is an issue, your company will bounce back immediately.
Of course, one of the easiest ways to damage your business is always going to be through overspending. You need to make sure that you are not creating a lot of wastage in your business model. Wastage will leave your company in a weaker position and make it more difficult to adapt to economic challenges. To reduce wastage, you need to think carefully about how you utilize your business funds. You should price check every service that you use in your company whether it’s an outsourcing solution or a supplier providing a product you need in your model.
According to recent polls, more than 85% of customers will check the reviews of a product or service before they commit to a purchase. That’s why you should make sure that you are being careful and keeping an eye on the perception of your business. Ideally, you need to tackle negative reviews of your company as soon as they appear.
Be aware that reviews can be on social media as well. That’s why it’s important to constantly check mentions of your brand on Twitter and similar networks. In doing so, you can directly interact with the individual who has left a negative review. Potentially, you can even widen your customer base if you respond to a complaint the right way. This is a great way to transform a negative into a positive for your company. Be aware that there is automated software available that will check mentions for you. You don’t need to do this manually.
We hope this helps you understand some of the reasons that your business can get knocked off the market. If you take the right steps here, then you can plan for the issues and help preserve the longevity of your business.