It is the joy of every entrepreneur to see his/her business grow successfully.
Most entrepreneurs are so overwhelmed with the joy of going into business, without considering those little things that can make or break their businesses — “business killers.” There are few silent business killers you need to be aware of as an entrepreneur.
1. Poor location
The choice of a business’ location plays a vital role in the success of your business. Before starting up a business in a particular area, find out more about the area and how positively it can contribute to the growth of your business.
Try to ask yourself questions like, do the people around this area really need this service that I’m about to offer? Selling or advertising products where they aren’t needed is a total waste of time and resources.
2. Not identifying your customers and competitors
It’s true that the customer is King because you’re in business to serve the customer. In order to serve your customers better, you have to pay great attention to their ever-changing needs. As traditional marketplaces transition to digital spaces, companies are shifting their focus towards an online audience, which may have different expectations than those in their brick-and-mortar stores.
Once in a while, carefully go through your company’s information database. Always keep records of how often customers consume your product, service or visit your office. This will enable you to understand your customers and identify them better.
Cultivate the habit of researching and finding out what other entrepreneurs in your field are doing out there. See how you can learn new things that will boost your business.
3. Poor customer service
“A customer is the most important visitor on our premises. He is not dependent on us. We are dependent on him. He is not an interruption in our work. He is the purpose of it. He is not an outsider in our business. He is part of it. We are doing him a favour by serving him. He is doing us a favour by giving us an opportunity to do so,” said Mahatma Gandhi.
It is disappointing when people refuse to consume the product or service that you offer as an entrepreneur. However, it is more disappointing to know that your poor customer service is the reason.
Just as the great Indian former activist Mahatma Gandhi has reminded, your customers are the reason behind your business’ success. The way in which you treat them matters a lot.
4. Choosing the wrong platform
Just as bad location can affect your business negatively, advertising on the wrong platform(s) can also do same. You don’t just advertise on any platform because they are free or beautiful, else your business will remain backward. Platforms are created in order to enable you get to your audience around the world.
5. Pitching to the wrong audience
Just like it is necessary to make use of the right platform, pitching to the wrong audience can lead to waste of resources and time. Do not allow the anxiety of going into business make you lose sight of what lies ahead. As an entrepreneur, you have an edge if you know the right audience for your business.
Understand that not everyone will be in need of your product or service. So, you don’t need to pitch it to everyone before you can make a good sale. The amount of audience you have matters less, especially when you take it to the wrong audience. If you pay great attention to choosing the right audience, you will end up making massive sales. Even more than you can imagine.
6. Time mismanagement
Just like the founding Father of United States, Benjamin Franklin said in his article to a tradesman, “time is money.” You should use the little time you have to do whatever you need to. Else, you might not be able to do it again.
Most entrepreneurs think time is always on their side and they become nonchalant about everything. They only realize the importance of time when their business begins to crumble.
These aren’t the only things that can kill the growth of your business, but if you pay early attention to them, it may be much easier to achieve your goals for growth.EN FR