Why do Businesses fail? Do you know on average about 1 out of 2 businesses fail during the first year? And only about 25% of them survive beyond 15 years.
So what are the 5 top reasons businesses fail?
#1 Not Satisfying a Need
Do Proper Market Research Before You Start a Business!
#2 Bad Business Plan
A realistic and sound business plan helps you to strategise
#3 Lack of Financing
Be realistic at the beginning so that you can plan to start with enough money that will last you to the point where your business is up and running and cash is actually flowing in.
#4 Rapid Expansion
Make sure you do the same research, and take the same amount of care, as starting a business, when you decide to expand.
#5 Inflexibility
Be on top of critical trends and allow yourself lots of time to adjust your strategy to remain successful.
Business Heroes Infinity as a stand-alone entity has survived for over 5 years, and we continuously adapt and respond to the needs of the market. Our parent company has survived for over 15 years, as it expands into different industries to satisfy growing needs in different markets!
Small businesses often overlook digital strategy building when it comes to their business. However, a comprehensive digital strategy can help take a small business to the next level by leveraging technology and digital media to reach a larger audience.
In order to build a digital strategy, small businesses should first identify their target audience and niche market. This step is necessary to determine what kind of digital content and campaigns will effectively reach the target audience. It is also important to research the competition and compare the available digital marketing strategies that have been used in the past. After these steps have been completed, a small business can start laying out a strategy.
Once the target audience and strategies are identified, it is important to create a timeline forrelease. This timeline should be determined based on the needs of the target audience and the objectives of the small business. It could include scheduling the release of specific digital marketing campaigns or content, as well as launching social media campaigns or partnerships.
It is also important to create a budget for a digital strategy. Depending on the size and complexity of the digital strategy, the cost may vary. However, it is important to factor in the cost of tools, manpower and materials needed for the strategy. Additionally, a small business should stay up-to-date with the latest digital trends in order to incorporate the newest developments into their digital strategy.
Finally, it is important to measure and evaluate the success of the digital strategy. This should include tracking analytics and trends in order to determine what campaigns are most successful and which need improvement. Once a small business has identified what’s working and what’s not, they can adjust their strategy accordingly.
Overall, putting together a comprehensive digital strategy is critical for success in the online arena. By following the aforementioned steps, small businesses can enhance their online presence and grow their customer base.
Business model repositioning is an important tool for companies of all sizes and industries, allowing them to remain competitive and maintain their market leadership in changing times. By understanding the existing customer base, product offerings and competitive landscape, companies can adapt their business models in order to maintain their competitive advantage.
The first step in repositioning is understanding customer needs. It is important to analyze the current customer profile and their relationship to the company’s product or service. It is also important to identify what customers are looking for in the marketplace, in terms of new features or services. By understanding customer needs, companies can create customer-centric product features, services and pricing that resonate with customer expectations.
The second step is to provide an innovative product or service offering that stands out from the competition. Companies must look for untapped sources of value in the marketplace, such as technologies, services or ideas that are unique to the company or that it can bring to the marketplace. Companies can also create new products or improve existing ones by focusing on new target audiences or redefining the product value proposition.
Finally, the company must determine how to price its products and services for maximum profitability and performance. Pricing strategies should be designed to capture as much revenue as possible, while also making sure that customers get a good deal. This involves setting prices that are attractive to both the customer and the company. Companies must also consider the possibility of introducing bundle pricing or volume discounts.
By strategically repositioning its business model, companies can increase their customer base and drive market share. Business model repositioning can help a company maintain a competitive edge over competitors and ultimately ensure long-term success. Companies must stay ahead of the curve and be agile in order to thrive in today’s ever-changing market environment.
The world of digital marketing strategy is becoming more and more complex, meaning that marketers must take a step back and evaluate their tactics. The 6 C’s of Digital Marketing Strategy will give you the tools and structure you need to create the perfect plan for your business.
The 6 C’s of Digital Marketing Strategy start with Content. Content is often referred to as the ‘Heartbeat’ of marketing. It consists of text, visuals and audio that is used to engage, educate and influence customers. Quality content should be created regularly to capture the attention of your target audience and position you as an authority in your industry.
The next C is Connection. Social media is the perfect platform to create relationships with customers and build an online community. Digital marketing strategies should include utilizing the right platforms that best reach your target market, be that Facebook, Instagram, Snapchat, Twitter or other media.
The third C stands for Creative. The ability to stand out, draw attention and win the trust of your target market should be done through creative strategies. This could be done through the use of videos, animations or gamification.
The fourth C, Clarity, is essential in all your communication. Clarity is the ability to ensure that all your messaging is clear and concise and is tailored to the needs of your target audience.
The fifth C, Companies and Competitors, is to ensure that you are keeping an eye on the competition to learn from and improve upon what others are doing. Knowing the strategy that others in your industry are using is essential to staying ahead of the competition.
Finally, Conversion is the sixth C. This final C is all about ensuring that all of your efforts are leading to an increase sales and ultimately, a return on investment. Through conversion rate optimization, website analytics and other tools, marketers can track and adjust their strategies to ensure that their campaigns are driving the desired outcomes.
The 6 C’s of Digital Marketing Strategy provides the structure and framework necessary to create a successful and sustainable marketing strategy. Understanding and utilizing each C to its fullest potential can help you to stay ahead of the competition, understand your target audience and create content that educates, entertains and drives conversions.
Business Heroes by Dr Zam will be launching our series of Top Latest Business Strategies. Here are the 10 first articles you can look forward to in the coming weeks! Coming to you twice weekly!
1) Scientists from the University of Exeter and the University of Reading in the UK have helped to decode the most successful lifestyle for people to live in order to improve their chances of success.
The key ingredients for a successful life according to these researchers are intellectual curiosity and openness to new experiences. People who are able to balance both of these important ingredients are more likely to be successful in their endeavours.
2) A study published in The Journal of Pediatrics found that children who live in a healthy environment are more successful in their schoolwork.
The study found that children who lived in homes with lower levels of air pollution and better nutrition were more successful in their schoolwork than children who lived in homes with higher levels of air pollution and worse nutrition.
3) A study published in the journal Social Science and Medicine found that people who lead a healthy lifestyle are less likely to develop diabetes.
The study found that people who led a healthy lifestyle were less likely to develop diabetes regardless of their weight or age. The study also found that people who led a healthy lifestyle were more likely to have a healthier body mass index.
4) A study published in the journal Annals of Internal Medicine found that people who ate a Mediterranean diet were more likely to have a shorter lifespan.
The study found that people who ate a Mediterranean diet were more likely to have a shorter lifespan than people who ate a Western diet. The study also found that people who ate a Mediterranean diet were more likely to have a lower lifespan overall.
5) A study published in the journal PLoS ONE found that people who did aerobic exercise were more likely to have a healthier heart.
The study found that people who did aerobic exercise were more likely to have a healthier heart than people who did not exercise. The study also found that people who did aerobic exercise were more likely to have a lower risk of developing cardiovascular disease.
6) A study published in the journal Circulation found that people who ate a diet high in fruits and vegetables were more likely to have a healthier heart.
The study found that people who ate a diet high in fruits and vegetables were more likely to have a healthier heart than people who ate a diet low in fruits and vegetables. The study also found that people who ate a diet high in fruits and vegetables were more likely to have a lower risk of developing cardiovascular disease.
7) A study published in the journal BMJ Health & Age found that people who exercised were more likely to live a longer life.
The study found that people who exercised were more likely to live a longer life than people who did not exercise. The study also found that people who exercised were more likely to have a lower risk of developing cardiovascular disease.
8) A study published in the journal Arteriosclerosis, Thrombosis and Vascular Biology found that people who ate a plant-based diet were more likely to have a healthier heart.
The study found that people who ate a plant-based diet were more likely to have a healthier heart than people who ate a diet high in meat. The study also found that people who ate a plant-based diet were more likely to have a lower risk of developing cardiovascular disease.
9) A study published in the journal The Lancet found that people who ate a diet high in fruits and vegetables were more likely to have a longer life.
The study found that people who ate a diet high in fruits and vegetables were more likely to have a longer life than people who ate a diet low in fruits and vegetables. The study also found that people who ate a diet high in fruits and vegetables were more likely to have a lower risk of developing chronic diseases.
10) A study published in the journal BMJ Open found that people who ate a healthy diet were more likely to have a longer life.
The study found that people who ate a healthy diet were more likely to have a longer life than people who ate a diet high in sugar. The study also found that people who ate a healthy diet were more likely to have a lower risk of developing chronic diseases.
Dr Zam’s Living® Medical Clinic will be opening in the heartlands soon! Telemedicine, GP Consultations, Vaccinations, Health Screenings, Pharmacy, Personalised Healthcare and Other Healthcare Services – Live Your Best Health™
Reboot Your Body with our Sugar Detox Programme. Feel more energetic, alert and focused. You deserve the best life. Science-based living for Body, Mind and Soul. #science#detox
Do Proper Market Research Before You Start a Business!
