Why do most businesses struggle or even fail?
I know you have so many answers –
* You didn’t have enough customers
o This is all about generating leads in a consistent and predictable way. Do you have a lead generation strategy that is working? Do you get the new leads but then fail to convert them? Both steps are vital to your success.
* The product choice was wrong
o Is your product or service the right one for you? Or are you uncomfortable with what you are trying to sell. If you don’t like the product then it is hard to sell it effectively. Make sure that you feel comfortable with what you are selling and that it is the right fit. If you discover that it is not, then there are some things that you can do. First, you can determine if there are ways to re-frame or package the product that changes your own perception and ultimately that of your prospect.
* The competition got more competitive
o Do you have a competitor that is marketing more aggressively or selling harder than you are? Is your product just as good or better? It is time to shore up your marketing strategy, get stronger in your marketing messages and demonstrate WHY you are the best choice!!
* There wasn’t not enough money for your operations, inventory…
o This is critical, starting out with enough money to fund your operations for a sustained period of time so that you can make the business profitable. If you are not sure whether you have enough money it is time to consult with an expert. Talk with your accountant or business coach to make sure that you are starting out on a solid foundation.
* You have little to no profit
o Many business owners face this challenge for a long time. It comes down to your foundation, your vision and your commitment to the vision. You have to believe in your business beyond strongly. You have to have commitment, that is able to keep you going and persevere through challenging times and you need a solid business plan, and strategic plan to guide your actions.
* and right now, the BIG reason that I hear — “the economy”, “the recession”…
o The economy is certainly affecting many businesses. We see small business closures all around. For some that are staying the course they are still out there playing the game. They are networking, marketing actively, staying in front of customers and prospects.
Building a business is a challenge and failing is possible. But with a strong plan, and strategy, you have a better chance of being a successful small business owner.
Leave your comments about what you think happens to businesses, solutions and successes at:
I am hosting a great training next Monday on Facebook. I will be going through the basics AND the not so basics.
The fastest place to register is:
We have added some great resources on these two blogs as well.
I know that times are challenging and for many businesses they are really struggling to make it in this market. I also know that with a consistent approach, consistent operations that new clients are there and available.
Use our resources to develop your step by step process for acquiring new clients.
I provide you with the tools that you need. You know what those are, I know that we have them for you!!
Business Development: Step by Step:
Sales Techniques and Strategies:
Hope to talk with you during the Facebook Workshop on Monday November 8th!
All the best,
Compass Rose Consulting, LLC
Newton, NJ 07860