Being an entrepreneur and running a business is not for a faint-hearted. Entrepreneurship is a risky venture. Every successful business owner probably sees success because he can mitigate the risks while simultaneously providing the customers with a product or a service, which meets and exceeds their demands.
Even though there is a myriad of small businesses in this broad spectrum of industry who perform exceedingly well and are profitable repeatedly, year after year, there is still a large number of companies that fail.
Following a leading study by the SBA, approximately one-tenth of the small businesses fail in the first year itself, half of them fail by the end of five years, and less than one-third of them survive longer than a decade. To secure an established or a new business, it is vital to gauge the reasons that can lead a company to the path of failure. Further, you need to understand and seek ways to overcome the obstacles. Here, in this article, we will discuss some of the common reasons why a business fails. Let us address these reasons one by one.
Failure to Deliver Value
For a business to be successful, it needs to deliver a certain value to the customers. Danny, an educator who offers assignment help Melbourne services, comments that the most successful business in the world are those that provide maximum value. Well, yes, as simple and straightforward it can get, it is 100% true. So, as an entrepreneur, your constant effort should be to over-deliver and under-promise. Regardless of how bad the situation is, always over-deliver. Trust us when we say this, whoever starts a business to make quick money is on the pathway of failure. At all times, your focus should be on the value proposition. If you fail to offer your customers as much,
or more value than the competitors, you need to work on your approach because you will not have any competitive edge if you do not give your customer’s enough value.
Now you may ask how you can add value? Firstly, the right value creates the right buzz. Let us try to understand this with an example.
You receive a phenomenal product and service, won’t that make you happy? There is a good chance that you will share this experience with your friends or family members. More so, if it came at a pocket-friendly price, you will go gaga about the company and their product. Why? It is because you have found a true value-deliverer. Hence, bear in mind, there is nothing superior to the value.
Failure to Engage the Audience
Firstly, you need to know who your target audience is, then you need to know the right way to target your audience. If you fail to engage your customers, you do not quite understand your customer’s desires or needs. More so, it also shows your obliviousness of being aware of the best way to help your customers.
Before you start a business, you need to know:
- Who are your customers?
- What do they need?
- Is it the same as what they want?
- Does this need help them achieve a certain status in society?
- Is it to invoke emotion?
- Will your product solve their problems?
Bill, who offers engineering assignment help services, comments that as a business, if you fail to address your customer’s needs and desires, you do not know your customer enough. Additionally, you will not be able to sell your product or service if you fail to give your customer what they truly need. So, how can you find this out? Conduct market surveys, campaigns, or research the market to know your target audience. Find out what they need, and ensure that what you offer helps them overcome their pain-points. It is one sure-shot way to prevent your business from failing.
No Transparency and Authenticity
Businesses that are not transparent and lack authenticity will certainly fail. If not today, they maybe tomorrow. If you do not cater to your customers’ needs and continually focus on the wrong things, you will soon lose your customer’s trust. To ensure that this does not happen, you need to focus on being authentic and transparent with your customers. Always try to provide more than a customer can take or expects. Honestly, it is a rare thing for a business to do, but it is one thing that will never let you fail.
Failing to Optimize the Conversions
At times, an entrepreneur is a charge of more things that they can manage. Consequently, they end up ignoring the most pivotal things. One such thing is the failure to optimize the conversions. If there are not enough conversions, regardless of what the business does, it will be hard for it to survive in the long run, comments Stevie, an online java tutor. We agree with Stevie, but this is particularly important when the business’s burn rate is high. In this case, trying to save the business by pitching in more money will do nothing. It would be best if you addressed the conversions early on to ensure that there is a positive ROI. It is pivotal for business sustainability.
Also, please bear in mind that you cannot solely rely on organic methods, such as SEO, as sans conversion optimization, you are only wasting your time. Even the big businesses need to work towards income-generation and continually work towards the different conversion-optimizing activities while simultaneously establishing a solid customer base. If you fail to do so, it is only a matter of time for you. There is a good chance that you won’t survive after all your money runs out.
Inability to Device an Efficient Sales Funnel
For every business owner, the primary goal is to work on building an effective sales funnel. Automated selling machines lower the friction during the whole sales process and put most of the business processes on autopilot. It helps the business owners boost things, such as traffic sources, and educate them via webinars or eBooks.
Sales funnel is one of the ideal ways for a business to establish a relationship with the customer via email warming campaigns. If truth be told, it is challenging to sell something to a cold audience. The audience needs proof that you have served others before, and those people have been happy with your services. For this, your customer testimonials and reviews will come in handy.
In this case, the more prominent brands will have it easy. It is because they have been in the market for a while and are trusted. Overall, a sales funnel helps develop a relationship of the business with their customer. As part of this relationship, a customer can relate to your journey and story.
So, these are the top five reasons why a lot of businesses fail. If you have any more reasons or suggestions to add to the list, or have any questions, please let us know in the comment box below.
How to Stay Productive While Working from Home
Whether you’ve been working from home for years or just started using your home office recently as a result of the coronavirus pandemic, it’s always a good idea to figure out ways to improve your productivity. There are plenty of benefits that come with working from home, but there are also some unique challenges that come with the territory. Below, find six simple and effective tips that will increase your productivity and improve the work-from-home experience!
Stick to a schedule
If your employer doesn’t require you to work specific hours, create your own schedule and do your best to stick to it! One of the great benefits of working from home on your own schedule is that you can choose to work during your most productive hours. Some people are night owls while others are early birds, and still others find themselves somewhere in the middle.
When you create your schedule, be sure to give yourself an hour for lunch, as well as occasional 15-minute breaks. This will keep you from getting burnt out and help you to stay focused and productive throughout the day! Setting a clear start time and end time for your workday and promising yourself that you won’t work outside that time frame is also essential because it helps you create a healthy work/life balance.
Designate a workspace
When they first begin working from home, many people think it sounds like heaven to earn a living while sitting on their comfy couch or even while they’re snuggled up in bed. But those dreams quickly fade when you realize that it’s nearly impossible to be productive from these types of locations. Instead, designate a workspace and commit to doing your work there each day. Maybe you already have a home office, or perhaps you can rearrange a corner of another room to serve as your workspace. Even spreading out your work on the dining room table is much better than working from the couch or your bed.
Once you’ve chosen a workspace, optimize it! Make sure you have a supportive yet comfortable place to sit, a large enough surface for you to to fit everything you need, and plenty of light, whether it comes from a window or a lamp. As you create the habit of working in this location every day, your brain will begin to associate that specific area with work, and getting into a productive mindset will become much easier! For more advice related to mental health, check out MyTherapist.
Get ready for the day
It might sound nice to roll out of bed and walk right over to your desk to get to work, but if you’re like most people, your brain needs more of a transition between sleeping and working. Think about the morning routine you would have if you worked in an office. You’d probably shower, put on a clean outfit, eat breakfast, and brush your teeth. If you’re particularly ambitious, you might even fit in an early-morning workout before your coffee! Then you’d commute to work. This morning routine tells your brain that you’re getting ready for the workday, and it prepares you to be productive. Therefore, it’s very important to get ready for your day, even when you’re working from home, so that you can help your brain transition from sleep to work.
Obviously, it’s not necessary to dress as nicely as you would at the office if you don’t want to, but try to avoid staying in your pajamas all day. Since we associate pajamas with sleep and laziness, you’re much more likely to be lazy and unproductive if you don’t change into an outfit that’s more suited to work. Even a t-shirt and sweats is a better choice than last night’s pajamas!
Yes, avoiding distractions is much easier said than done, but there are still plenty of actions you can take to eliminate most of them. For example, if you know that you have a tendency to scroll through news sites or social media when you get bored with your work, download a browser extension that allows you to block those websites during working hours. If possible, set your phone in a different room so that you won’t pick it up and get distracted while you’re working.
Earplugs or noise-cancelling headphones are also a great idea if you struggle to block out sounds and prefer to work in silence. It’s also wise to inform anyone you live with of your work schedule so that they know not to bother you during those specific hours. You can even hang a sign on the door that lets family members or roommates know not to come in so that they don’t break your concentration.
Set clear goals for each day
A good habit to get into is to set goals for the next day at the end of each workday. That way, you’ll have a to-do list with your top priorities ready to go at the beginning of your next shift. Rather than looking through all of your work and having to decide what to focus on, you’ll already have your tasks laid out, and all you’ll need to do is begin. Setting two or three goals as top priorities can be very helpful so that you know exactly what to focus on throughout the day.
Maintain a healthy work/life balance
When you work from home, it can be extremely difficult to separate your home life from your work life–because they take place in the same location. Designating an area as your workspace, setting clear start and end times for your workday, and informing the people you live with of your working hours are all ways to set boundaries and maintain your work/life balance. Another way to separate work and home is to try working from other locations whenever possible.
If COVID guidelines in your area allow for it, you could work from the library, a coffee shop, or even a local park–just be sure to social distance and wear a mask, of course. If you’re unable to leave the house, try working from your porch or the backyard if possible. The fresh air plus the new location should help you to be more productive, and when you go back inside, you’ll feel like you’re coming home from work, helping you to maintain a healthy work/life balance.
The Bottom Line
It can definitely be a challenge to remain productive while working from home! But if you stick to a schedule, designate a workspace, get ready for the day, avoid distractions, set clear goals, and take action to maintain a healthy work/life balance, you’re likely to find that staying productive becomes much easier!
Tips For Finding Your First Job After Law School
Many young and aspiring lawyers have different reasons for choosing a career in law. Whether it’s the desire to fight the injustice in society or the zeal to facilitate the biggest corporate deals in the industry, every new lawyer needs a platform to achieve success in the industry. However, becoming a lawyer in most parts of the world can only be achieved by firstly attending and completing law school and getting a higher degree.
Law School establishments all around the world are generally known to be quite challenging for students. A great deal of work placed on students, the frequency of scheduled tests, a variety of tasks, and the general difficulty of questions, are key factors that make law school students’ experiences highly challenging. It, therefore, makes sense for law school graduates to expect that all the hard work and time spent on finishing law school to be paid off upon graduation.
Staring Out as a Lawyer
Getting your dream job or landing your preferred law firm is a task almost as arduous as completing the law school itself. Law school graduates from across the country trying to get started their professional careers have to compete for very limited slots, which may ruin the chances of many promising young lawyers from getting the start they want.
However, getting your first job as a lawyer can be easier than it has been rumored to be. If the few tips provided in this article are followed closely and applied intelligently, you have a good chance of being selected by law firms suitable for your long-term interests in legal practice.
Keeping up with Legal Trends
It’s important for new lawyers to be up-to-date with recent trends in the legal industry. Considering the high level of competition during every recruitment season, every candidate needs a factor that stands them out in the industry. The inability of a young lawyer to identify major trends and changes in the legal industry greatly reduces his or her chances to become a selected candidate. Recruiters and potential employers always want lawyers who can successfully perform different tasks without constant supervision. Having proper knowledge of current legal trends is one of the ways to satisfy such requirements. Legal trends vary, starting from the updated procedures of the practice and ending with many tools used in performing legal tasks, including contract review software and other tech tools beneficial for lawyers.
Tailored CVS and Cover Letters
One common mistake made by most applicants is the use of generic CVs (Curriculum Vitae) when applying for their preferred law firms. Many new lawyers when applying for jobs use the same version of their CVs and cover letters for every firm they apply to. For sure, it seems to be a time-saving method. However, in most cases, it ends up being counterproductive. Different law firms have their peculiarities, and every company requires a diverse set of skills and the nature of knowledge it looks for in their preferred candidates.
When preparing your CV and cover letter for different law firms, it is important to make each CV and cover letter tailor-made for the law firm to which it will be sent. You are to emphasize the abilities and achievements that are more specific to the system of practice employed by the firm. For example, when applying to a law firm that focuses on litigation and dispute resolution, it is important to emphasize the qualities you possess that fit perfectly for a dispute resolution firm. Similarly, the cover letter should contain information about your abilities and achievements that would interest the particular firm in hiring you. In your cover letter, you should give reasons why you have selected that particular firm and why the firm should particularly consider you for the position. Avoid sending generic applications in order to truly stand out and have a good chance at landing a suitable job as a new lawyer.
Preparing for Interviews
No matter your level of knowledge and understanding of the law, it’s important to always prepare before going for an interview. While you cannot know the exact questions to be asked at the interview, preparing for the interview will give you a general scope of how to answer all potential questions. Preparing for interviews also boosts your confidence and prepares you beforehand to be spontaneous, if it’s necessary during your interview.
You can prepare for your law firm interview with your colleagues, seniors, and even your law professors who already have some experience with law firms and know which interview questions are likely to be asked.
There is barely a list that will effectively cover all the tips needed for new lawyers to land their first jobs. Besides the points made above, it’s also necessary to carefully research the law firm you are applying to, edit your CV and cover letter vehemently to avoid typographical errors, and present yourself properly at the interview. Applying all these tips collectively pretty much sums up how to get your first job as a lawyer.
How to Keep Your Business Organized in Chaotic Times
The COVID pandemic has caused major disruption for business owners all over Australia, with many companies having to rethink how their business operates completely. Small businesses all over Australia have struggled throughout the pandemic, with some finding it difficult to stay afloat. In these difficult and uncertain times, it’s more important than ever that you keep your business organised and manage your finances properly.
Just because the pandemic has impacted your business, you will still need to communicate with your customers, manage your team, process payroll, meet your tax reporting obligations to the ATO, and ensure that your business has enough cash flow available to cover your operational costs day-to-day. As a small business owner, this can be a lot to manage. However, with the right tools in place, you can ensure that your business stays on track through the pandemic.
Let’s take a look at some helpful tips to help you to keep your business afloat throughout the Coronavirus crisis.
Make Cash Flow A Priority
Managing your cash flow is essential in keeping your business organised and being able to serve your customers. During the pandemic, you need to make sure that you focus on having enough cash flow available for the day-to-day operations of your business. While the focus for most business owners is a long-term sustainable success, during these challenging times, you need to focus on survival.
Try cutting down your expenses by moving some of your operations online or using business software to automate particular tasks. For example, accounting software can help you to manage your finances more efficiently, your team could benefit from rostering software, or you could automate some of your marketing tasks using various online social media management platforms. Reducing unnecessary expenses will help you to manage your cash flow more effectively through the pandemic.
Consider Your Expenses
To manage your finances effectively, you need to know exactly what your current financial situation is. Taking some time to evaluate your expenses can help you to reduce your costs and save more money each month. COVID has added to many business owners expenses with staff requiring additional training, the necessary PPE equipment and adapting business premises to be COVID safe. Making a list of these new expenses along with your regular monthly outgoings will help you to identify areas where you can reduce your costs going forward.
Seek Government Support
If your business is struggling due to the COVID-19 pandemic, it can be difficult to keep everything going, and you may be entitled to some help from the government. The Australian government has put a range of different programs in place to help small businesses to navigate and survive the pandemic. These support programs are available through both State and Federal agencies. Even if your business is doing okay, you may be eligible to apply for some of these programs. Take some time to look at your options and take advantage of any help that is available to you.
Seek Professional Advice
For business owners that are struggling to get their finances organised because of COVID, it can pay to seek the advice of a professional financial advisor. Having a new set of eyes on your finances can help you gain a fresh perspective and make the changes necessary to get your business finances under control. It might cost you upfront to hire an advisor; however, in the long run, it could end up saving you a lot of money and potentially your business, too, especially during these chaotic times.
Plan For The Future And Ensure You Are Ready To Bounce Back Post-COVID
With an uncertain road ahead, now is the time to start planning for the future of your company. To stay organised and on track towards your goals, it’s important that you have a plan in place to help you navigate the current situation while keeping one eye on the future. While you need to survive the current pandemic, you also need to give your business every chance of bouncing back successfully when the world returns to normal. With a carefully considered plan in place, you can be confident that your business will survive the pandemic and be ready to thrive post-COVID.
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