Moving Forward: 5 Things that Can Make or Break Your Business

Moving Forward: 5 Things that Can Make or Break Your Business
  • Opening Intro -

    Whether you're a tech startup working on artificial intelligence or a small mom and pop shop selling some of the finest ice cream in town, there are five elements to any business that can make or break their success.

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If you want to move forward and overcome any obstacle that your business encounters, focus your efforts on these five things.

Customer Service

Your business’ customer service plays a pivotal role to your sales and, ultimately, growth. If a customer can’t reach you when they need your product or if they stumble upon a technical issue and need assistance, they’ll likely trade you for a more reliable product/service provider, most likely a competitor in your area. Make it easy for customers to reach you by having a dedicated website with a detailed FAQs page and an in-depth video tutorial or demonstration page. Allow them to contact you through email or phone. Moreover, establish a strong storefront presence, especially during the holiday’s season when your business gets more foot traffic.

Data

Collect raw data from your customers. When a product launches, for instance, you’ll want to get as much customer feedback as you can. The data collected will be invaluable for refining your product and improving other aspects of your business, such as what improvements your customer support team can make.

Product

A bad product can easily repel customers and affect your sales numbers. In fact, a bad product is the most common culprit of failing businesses. Simply put, there’s no reason for a bad product nor a way for you to grow your business with it as the main source of your revenue. Even with flashy marketing and hefty bonuses and perks, customers will not buy products of poor quality and riddled with flaws. Put your product/service under the microscope and evaluate it for imperfections. Some entrepreneurs mistakenly stop evaluating and refining their product after they launch it to the public. Successful entrepreneurs know that the top brands in the market dominate their respective areas because of consistent upgrades and innovations.

Location

Be mindful of your surroundings—this isn’t just advice that’ll help you in life; it’s one that can help your business thrive. Lay your business’ foundations in the right area. Location makes or breaks your business in that it helps solve the other critical pieces of the success puzzle by making them easily accessible. A business with the right product/service but set up in the wrong location will still fail to attract customers and will find it to be unnecessarily expensive to advertise and retain existing customers. Find a sweet spot between affordable areas you can lease and ones that are accessible to foot and vehicle traffic, specifically public transit.

Employees

Who you hire and delegate your business’ important tasks to will of course affect your business’ bottomline. While businesses always scramble for more money to fund operations, it’s people that are the most vital resource for any business. Having the right team to push your business to new milestones can be challenging, however. In most cases, the right people won’t just fall from the sky and into your office. It’ll take some trial and error runs to actually assemble a technically competent and culturally united group of people.

Final Thoughts

An important question you should ask yourself is—do I have the money to keep my business afloat when all hell breaks loose? Sure, you can work on your hiring process and your market data, but without the cash flow to sustain your company during its lows, these five elements won’t matter the least bit when things start to go awry.

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