In these days full of uncertainties, when half of us are struggling in an economic crisis, and the rest half is devoid, unaware, and confused about how to struggle, let alone thrive in this drowning economy, it is time to have a mind-boggling fact check.
Most of the world’s wealth resides in the pockets of just a few businessmen. The question you may be dying to ask is, what makes these few people thrive and succeed in business to an extent, enough to bag and pocket all your wealth? Also, why is there no rise in the economic stature of the rest of the population?
Well, not to worry. Not only do I have the secret to the wealthy’s wealth, but also the shortcomings that reside in the hearts of many others. Here’s a peek.
5 Reasons for Failure in Business
1. Lack of Planning in Business
Before initiating a change, before commencing a business plan, and before giving birth to an idea, the preliminary step is, and is supposed to be – Planning.
You might think that it is the investment or the marketing that plays the most major role. But planning precedes action. Until and unless you know where to pour your wealth into, you know how to lure customers, and when to begin the action, you cannot succeed.
Planning begins with setting objectives for your business- your aims and your goals.
The next step is developing premises for those objectives to be met. It is important to know the list of opportunities and the hurdles you are yet to face. Then, you identify a workable course of action. Remember, this is one of the most important steps of planning in business and requires immense brainstorming. You also need to evaluate the course of action, in order to point out the areas you might fall short at. By doing this, you’re creating a rescue operation and an alternative course of action. If you know your shortcomings and know how to fill them in advance, you can never fail.
So, select a plan today and get to it!
2. Ignoring Customer’s Requirements
The biggest mistake that businessmen commit, is giving the customers what THEY have, not what the customers want. Like I always say, never feed a fish Ice cream just because you have it, give them worms and they would be attracted. You might detest it, you might not like it, but the customers WANT it. Give it to them. If you are able to fulfill the requirements of your customer and your customer is happy with you, he will be your agent forever.
3. Poor Management
Another drawback that you might be subconsciously creating is the presence of poor management. Trust me when I say this, mismanagement is worse than no management. Your staff of 1000 working hands goes waste if you don’t know how to employ them well. If you can’t manage them, they’ll just be parasites feeding on your wealth and space. Similarly, mismanagement of funds can be fatal, even if you invest crores and crores of rupees. If you pour wealth in a well, it drowns. Poor management of your working force can lead you to doom. Learn the art of management before you take any plunge. Through your previously developed plans, carve out management techniques and achieve the goals you desire.
4. Business Model is not Profitable
Sometimes there are other factors that are somewhere obstructing the flow of money to your pockets. You may be doing everything fine, but what if it is your business model that is not entirely profitable. Maybe, you just need to zoom out a little, work and re-work on your business model. Maybe it isn’t the little things that are hay-wire, but the entire system that needs to be reconstructed. So, take a step back and reconsider your model as a whole. Then, either twerk it to suit the markets or begin looking around for more profitable sources for you to learn from.
5. Too Much of Competition
You might be doing everything fine, you might have a plan, good management skills, you might have a perfect business model, and you might be dealing with the customer’s requirements.
But, you might have tons of people around you doing the exact same thing as you, in the exact same way. You might have what the masses need, but other businessmen might be serving it better.
To thrive in such an economy, the best is to find a unique line of a profitable business. Think outside the box. How can you twerk your ideas and steal the show?
But, if, you wish to survive in an already existing market of competition, you may. You may do what others are doing, as long as, and only as long as you do it differently, and do it the best.
Either do different things or do the same things differently.
Keeping in mind the list of the above-mentioned ideas, you may not reach the top businessmen immediately. But, you may be on the first step of the ladder towards it.
Rome wasn’t built in a day, and you might be in need of a couple of months, or sometimes even years to thrive well. Keep patience and you never know, you might just find yourself in the list of top most successful businessmen.
So keep going through these simple steps, keep revisiting them every time you feel demotivated. Success would find you.
If you wish to get some tips or advice about your business from the business coach Mr Anurag Aggarwal, you may join his business training program which is especially designed for businessmen and entrepreneurs. For details, feel free to contact us at 7834-99-8181 or email us at firstname.lastname@example.org .