Why The Majority of New Businesses Fail?
It doesn’t take a rocket scientist to work out why the majority of new businesses fail. Apart from the fact that often they can be bad ideas, often they are executed poorly in a market that either has no demand for them, or the market doesn’t know about them!
Look, I am no expert when it comes to launching businesses (although I have done a few now), but what I do know is that you need to have a plan in place in how you are going to generate new business.
Too many business owners get caught up in all the wrong areas, such as how the new stationary looks, the office, whether the new staff shirts have arrived, and the systems are in order etc.
All these items are great, but they won’t make you money (well not initially anyway!).
In my opinion, all you need to concentrate on is where is the next client coming from!
So it’s easy to say that but how do we actually generate new clients. What I recommend you do is you spend 60 minutes every single day when you start work (yes this means before you start playing with emails etc!) and you map your business out. This strategy will help you in NOT being one of the many businesses who do not last!
Ideas to cover
- Is your website any good will it generate leads, or is it useless!
- Do you rank for keywords in Google that are suitable for your business
- Do you use social media or should you not bother?
- Do you have a referral network set up?
- Do you market to existing clients adequately?
- Who can you do Joint Ventures with and partner up with?
- Do you have a networking plan in place to meet more business owners
- Are there businesses you could take out for coffee to find out about them and to tell them who you are?
Essentially this list is only limited by your mind the main point is to start setting time aside every single day to plan how your business will operate going forward!
If you do not do this, the chances increase significantly of your business not lasting.
Dedicate the time needed so you can work on your business!