Running a successful business takes a seemingly endless supply of time and energy, but you may feel as though your business is slowing dying despite your best efforts. More than that, you may wonder why your business is floundering while others are thriving all around you. There are a number of things that can quickly kill a business, and by identifying these factors, you may be able to make some highly beneficial changes to give your company the extra footing it needs to be the success that you know it can be. These are some of the most common things that can kill a business.
1. Poor marketing strategy.
Your marketing strategy will impact your business expenses as well as your income. A poor marketing strategy may produce limited results while also costing you a small fortune. You may consider taking a closer look at your current efforts as well as other marketing options that are available to you. It may be time to transition to a new strategy or to test other marketing options to determine if you can more effectively reach your audience with a few changes. In addition, consider your marketing message. Even if you are using the appropriate media to reach your audience, they may be tuning out your message for some reason.
2. An undesirable business location.
If you have a brick-and-mortar business location, there is a possibility that your location is not desirable. Consider if your business is one that depends on drive-by or pedestrian foot traffic or if customers will drive specifically to your venue for your products and services. Then, consider if related businesses are located nearby and how easy it is to reach your venue. You may also think about signage and visibility from your location. As the saying goes, location is everything. This holds true in the business world, and moving to a new venue that has more attractive benefits may be advantageous for you.
3. A bad website design.
In almost every type of industry, customers use the internet to make buying decisions. They may research goods, services and vendors, stores, or restaurants online before making their decision, and this means that your website needs to be highly visible and easy to locate. It also needs to project the right image and offer useful information to your customer and clients. In addition, it should encourage them to contact you or even offer an online shopping cart feature. A bad website design can truly kill your website in today's world, and you may consider investing in a better design.
4. Poor customer service.
When a company excels in the area of customer service, it can easily foster long-term customer loyalty, encourage repeat business, and promote referrals. An investment into a quality customer service department for larger businesses is a great idea that will have a generous return. For smaller businesses, remaining in contact with customers after the sale and responding to all needs and inquiries is important. Keep in mind that poor customer service can ensure that your customers will not return to you, and it also can encourage them to spread word of their bad experience with your company to others.
5. Uncompetitive pricing.
Even when you do everything else right, the one thing that can kill your business is uncompetitive pricing. When your pricing is too high, those who are comparison shopping may easily make the decision to do business with another company. However, prices that are too low can also have a negative effect. You may be spinning your wheels trying to keep up with demand when your prices are low without actually turning a profit. Finding a middle ground with competitive pricing is a necessity if you want your business to thrive.
Some businesses that are very similar to yours in terms of products, services, or business models may be thriving while yours is barely surviving. This is an all too common occurrence. Each business may have its own challenges and issues, but there are some common reasons why businesses flounder rather than thrive. Take time to review your business carefully, and you may find that it is being negatively impacted by one or more of these factors.