Starting a business is one thing and keeping it going it another. It is not easy starting a business considering the ups and downs associated with it. Therefore, taking good care of your business is a must if you actually want your business to keep going and be productive. There are many business startups today that could not continue due to one or more reasons.
There are several reasons a business can fail after few months of successful start up. Some of them include: poor/inappropriate location, poor product quality, high or too low price/cost, poor management, government interference, natural or man-made incidents, among other factors. Where some of these factors are very much avoidable, some are not and as a business owner, you must put things in order to ensure continuity of your business.
However, for any reason your business failed, you can revive your business by following one or more of the steps below.
Find Out The Cause Of The Failure:
When your are able to find out the root cause why your business is dying, you are on the right track of reviving your business back to life. There is always a cause for your dying business, focus all your energy in identifying that problem and I tell you, your business problem will be half solved when you are able to identify the problem. As mentioned above, there are many factors that can cause a business to start declining in profit/sales or in danger of dying out. Identify the one that is the cause of your own business epileptic performance and taking the right steps in getting it resolved is not negotiable. Where possible, seek help outside.
Look At Your Finances:
One of the major factor that can cause a business to start dying out is lack of proper management of your business fund. When you channel all your personal problem to your small business, your business is bound to fail. Ensure that your business fund is only meant for your business. If you are to make use of your business fund for personal issues, place yourself on monthly salary. Ensure that the salary is from your net profit, but do not use all your net profit, ensure you plug back not less than 30% of your net profit back to your business to ensure growth. In addition, the personnel managing your business fund and your entire business area must be prudent. Otherwise, change the personnel.
Location:
Your business could be dying due to poor location settings. Customers only want to patronize businesses that are easily accessible. No matter how good your product or services are, if you are not in accessible location, your business is bound to fail. Your business must be located close to where prospect are. Depending on your business type, it must be in the right location, where there is market for it, locate your business in the area where people who will be needing your product/ services can easily find you. A place with straight forward address. Also, your business should be located in the area where there is good road network, constant power and security. It must not block the road or too close to the road as to cause obstruction to avoid government inference.
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Product/Service Quality:
Good product quality is very important in ensuring the continuity of your business. You don't expect a customer to return to your outlet when he/she got a bad quality product from you before. Good quality product will make customers to return to your business outlet for more and also, will bring referrals to you. Ensure you get your products from suppliers with good reputation and at an affordable cost.
Product Price/Cost:
The cost of your product/services no doubt has to do with the quality of your product/services. Also it has to do with the cost of supply. Ensure you are not charging customers to high as to scare them away. Find out at what price your competitors are offering the same product/service and where possible reduce yours a bit lower while ensuring profit. You will make more accumulated profit when you are constantly selling at lower profit margin than when you want to sell costly for higher profit margin.
Also you have to consider your location when chosing the cost and quality of your product. You cannot be selling designer's cloth on area where people there earn less than minimum wage monthly. No one there will patronize you because they cannot afford the cost of your product/services.
Insurance:
All business types are prone to any form of natural or man-made disaster, such as fire, flood, vandalization, etc. Get insurance cover for your business. Luckily today, there are very affordable insurance packages for small businesses. Get your business insured to ensure continuity.
Seek Help:
The help could be in terms of fund or managerial training. Your business could be dying because of lack of fund to build up your business in such a way as to be able to compete your rivals. There are many micro loan platforms where you can access loans up to ₦500,000 without collateral. You can try FairMoney Loan , PalmCredit or Carbon Loan.
Also, you may lack the necessary skills needed to pilot your business. Get the right training as related to your business and ensure proper implementation of the knowledge acquired.
Hire marketers to promote your business even further; online and offline.
Get Your Business Online
Move with the moving trend. If your business is not online today, you are missing out on millions of online potential shoppers and prospects. You don't need to break a bank to get your business online. Being online will ensure that your business compete favourable with multimillion Naira companies and you could be making daily online sales. You can get a website, it doesn't cost much, open social media pages/handles and push your business online. You can also list your product on e-commerce platforms like Jumia, Konga, etc for more exposure. You can greatly increase sales through email marketing, social media marketing, sms/whatsapp marketing, etc.
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We can help you to get your business online, create an effective and very affordable website with social media pages to give you business up to 500,000 daily online visitors.
You can reach us through:
Emails: tochukwudike@gmail.com
dillionworldresources@gmail.com
Phone: +2348035217265 (calls/whatsapp).
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