Why Small Businesses Fail?
According to statistics published in 2019 by the Small Business Administration (SBA), about twenty percent of business startups fail in the first year. About half succumb to business failure within five years. By year 10, only about 33% survive. At this time, if you are not online then you are not even in the competition. Going online is like serving more to clients. Your online presence can bring the customer to you.
What are you waiting for? Go online!
Mistakes of Small Businesses:
Here are the top five reasons for small business failure.
No Website and No Social Media Presence:
Simply put, if you have a business today, you need a website and a social media presence as technology can help you to grow your business.
Every business should have a professional-looking and well-designed website that enables users to easily find out about products and services.
If you serve local customers, your website should include your address, phone number, and hours of operation, and should be listed in Google My Business. At the same time, this will enhance your business growth. Moreover, it will bring new opportunities for your business. Meanwhile, you can consult with the digital marketing expert, their opinion can guide you better. After that, you can see the positive changes in very little time.
Our digital media marketing services can help you with the same. on the other hand, Konnectogrow will provide you the best digital marketing services in Pune and Noida, we also provide web development services, app development services, and graphic designing services in Pune you can grab the services to increase your business.
In other words, Konnectogrow is like a business development consultant for you. We can give you the best marketing solutions to grow your business.
2. You start your business for the wrong reasons
The reason for business failure is often tied to the reason the owner started the business.
Is your primary reason for starting your own business the desire to make a lot of money?
Do you think that if you have your own business that you’d have more time with your family?
Or maybe that you wouldn’t have to answer to anyone else?
3. Lack of Planning
The business plan must be realistic and based on accurate, current information and educated projections for the future.
4.The Wrong Location
Your college professor was right — location is critical to the success of most local businesses, If your business requires walk-in traffic or a professional location to meet with clients, a good business location in the right community is essential.
A bad location could spell disaster to even the best-managed enterprise.
Some factors to consider:
- Where your customers are and Traffic, accessibility, parking, and lighting
- Warehousing or equipment storage needs and Location of competitors
- Condition and safety of the building
If you usually don’t have customers or clients entering your business establishment, the ideal location for your startup could be your own home.
5. Poor Management
When a business is managed poorly, this ineffectiveness reverberates throughout the organization.
It takes an especially heavy toll on employee morale, resulting in inferior work from workers who would often rather be engaged and productive but have inadequate incentive to perform optimally because their efforts won’t be recognized or rewarded.
This is to say, small businesses can give services in large areas with very simple management. Go online!
Konnectogrow will provide you the best digital marketing services in Pune and Noida, we also provide web development services, app development services, and graphic designing services in Pune you can grab the services to increase your business.