Many people start a business without knowing simple things that can bring them cool cash.

They think business is about their logo or the fancy name of their store.

No wonder over 50% of businesses fail in their first year.
Only about 5% survive more than 3 years.

The owners either end up in debt or frustration.

If you don't want to end up like those people and if you want your business to stand out and stand the test of time, read till the end.

Below are the top 7 reasons why your business will fail.

1. No plan.
You started because you saw your friend making money. Or just out of desperation. Or because it is the trending thing.

You don't know anything about the business, what you need to do to make sales. You just went in blindly.

If you don't know where your business is going you are bound to fail. No direction = no progress

2. You are lazy and don't want to learn how to make it work.
I don't blame those who went in blindly.
I can forgive them because they just wanted to make life better for themselves.

But you see the lazy ones. I have no pity for them. They deserve to fail.

If you don't know the ins and outs of the business you're in and if you're not learning, I bet you it will not fly.

3. You don't know your audience. Your customers.

Imagine selling pampers to a bachelor. It is crazy right?

But that is what many people are doing.

Especially online vendors on WhatsApp.
Everytime "come and buy what I'm selling."
Everytime "help me post this on your status."

Aunty you are selling eyelashes! Wetin I won use am do? Your customers no dey my status.


4. You are only selling to your friends.
This one is similar to no. 3 but it is not the same.

You don't know how to get customers, you have no direction and don't know the problem you're solving.

So you disturb your friends and choke your family with "I never chop since morning". "Give me work."

Sister me sef I never chop, wetin you go give me?


5. Refusal to invest in your business.

See there are people who went in blindly, they are lazy, they don't know their audience, but they are making loads of cash daily.

Because they have the money to pay people who can do all those things for them.

If you don't have enough money to invest, you need to spend more time and energy to learn those things.

One way or the other, you must invest something. Money, time or energy.

6. Poor customer service.
If your customer service is poor, your business will fail no matter how good what you're offering is.

Listen to your customers, learn from your mistakes and focus on giving them massive value and your business will flourish.

Lastly

7. You are ignoring the internet.
As at January 2023, the number of Nigerians online was 122.5 million.

That is over 50% of Nigerians.

If you don't find ways to put your business out there online, it's only a matter of time before other people steal your customers from you.


This is surely not a complete list, but it is the top 7 reasons.

I might do a part 2, so keep an eye out.

If you want more customers, I can help for free. Check out my profile.

UNLOCKING THE BENEFITS OF INTERNET SERVICE FOR BUSINESS ENTERPRISE

Business enterprises can derive multiple advantages from effectively utilizing internet services. It facilitates the automation of diverse business processes, leading to heightened efficiency and productivity. Online tools enable streamlined management of tasks such as inventory, orders, and customer relationships, reducing manual workloads and mitigating the occurrence of errors.

By leveraging internet services, businesses can surpass geographical barriers and extend their reach to a worldwide audience. They can establish a digital presence through websites, social media platforms, and online marketplaces, thereby broadening their customer base and enhancing their brand visibility on a global scale.

By harnessing the power of data analytics tools, businesses can make well-informed decisions, optimize their processes, and enhance their products and services, this can be done through Internet services utilization to gather extensive volumes of data that can be analysed and utilized to acquire valuable insights into customer behaviour, market trends, and business performance.

It also provides easy access to the usage of various communication tools such as email, video conferencing, and instant messaging, enabling seamless and efficient communication within and outside the organization. This improves collaboration, facilitates remote work, and enables real-time interaction with customers, partners, and suppliers.

Internet services have the potential to reduce the operation cost of a business enterprise across various areas. Businesses can reduce expenses linked to physical infrastructure by leveraging cloud computing services instead of maintaining on-premises servers. Online collaboration tools can curtail travel costs, while digital marketing can prove more economical than traditional advertising methods.

Additionally, remote work facilitated by internet services can lead to reduced office space and utility expenses.

Internet services empower businesses to enhance their customer service by presenting self-service alternatives, online support channels, auto-response to frequently asked questions and real-time assistance. By leveraging social media and online reviews, businesses can promptly address customer feedback, effectively manage their reputation, and foster stronger customer relationships.

With internet services, businesses gain the ability to flexibly scale their operations according to requirements. Cloud-based services offer the flexibility to adjust computing resources in response to demand, allowing businesses to adapt to evolving market conditions without substantial investments in infrastructure.

With the ever-evolving landscape of technology, businesses must ensure they are utilizing the latest telecommunication tools to ensure they are staying ahead of their competition, Organizations can communicate with the right audience at the right time by utilizing internet services. The advancement of telecommunications has had a positive impact on every business, they contribute to communication, economic growth, and the transmission of information and data over the Internet, lowering costs and data handling time.

Content by: TecPoint Global Solutions

For more related content visit our website @ www.tecpointglobal.com