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.
At Dr Zam’s Living, we are committed to sustainability and will always be eco-considerate.
We aim to reduce our carbon footprint as a company, by lowering waste, and unnecessary packaging, and always considering the alternatives that are greener options and friendlier to earth.
Our target is to plant 1,000,000 trees around the world by 2030 through our Green initiatives.
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Calling all aspiring entrepreneurs! Be our affiliates or business associates! Empower yourself to reach out to millions of customers around the world!
PM us today to reserve your mentorship slot with Dr Zam’s Living team! Drop us a message via email at business@drzam.com, and let’s grow this together!
Quantus Learning® is an international award-winning (Quality and Innovation) education establishment chain, that is also registered trademark in Singapore. Quantus Learning® is the World’s Most Advanced Personalised Learning System and has impacted numerous learners of various ages and educators with its innovative technology, pedagogy and research on putting the child at the centre of learning. Dr Zam’s Living is proud to have Quantus Learning® join our family, in offering a more integrated and holistic approach to living. Extending its renowned MEALS Success Kinetics™ Framework into other applications, beyond academic use, is one of our key priorities.
We look forward to assimilating the award-winning high-quality innovations into our overall corporate framework in giving the best to our customers and clients, as well as partners, all around the world.
Dr Zam’s Living is committed to a greener and sustainable earth. We overthink about everything about this, even for our packaging. We only have one earth. #sustainable#green#packaging
As part of our business arm and domain of expertise in entrepreneurship, we are very excited to have Business Heroes in our growing family. More details on the products and services under this brand will be provided.
We welcome any researchers in the fields of holistic living (body, mind, soul and entrepreneurship) to collaborate with us, attend our conferences, contribute to our periodicals, etc. Come be part of our growing family of dreamers at Dr Zam’s Living.
Do Proper Market Research Before You Start a Business!
