Is my business growing or will it grow…?

Standard
From: My Consulting Experience

It is one of the common questions that every entrepreneurs wish to ask, yes there are many answers like, if the business is growing then your sales will increase, your profit may also increase etc, in  a way or another all the answers are true.

In a consulting point of view, the answer is BRAND RECALL shows the growth of every business; that means, a potential customer from the farthest point of your target area will prefer your business as their first choice when they meet a requirement. So a brand recall says that your brand image is in the minds of the customers where you do business, if the brand recall is true, your business is growing or the scope of growth is much higher than others. So capitalize your brand image and make the business shine at its best.

So how it is possible to do a BRAND RECALL test?

It is quite easy if you got a marketing team otherwise outsource a consulting company for do the test and analysis. The test can be done by the following:-

  • Define the target areas of your business (the reach of your business)
  • Prepare q questionnaire (question should not contain your business name but ask indirectly)
  • Train your marketing team with the questionnaire and the objective
  • Take a sample of 25 customers from all the potential areas
  • Meet the customers, fill the questionnaire and find out the no. of customers who said your business name as their first option
  • Take the action

Why BRAND RECALLING is not happening..?

In most of the cases entrepreneurs start their business by identifying the scope in that market but majority of them fail to communicate what his business offers for the customers, this is the main reason that the customer is not aware about the products/service, the value and the specialty of your business, so before starting the business or not delaying too much after the opening of your business, the business should EDUCATE its customer about everything that the it offers.

To create a brand recall, every businesses should EDUCATE its customer, for that the business should use all the available channels and the expenses of doing this should be considered as an investment for the growth of the business, then you will be able to create the BRAND IMAGE and by continuing the same quality of service and dealing, the brand image will be stamped in the mindset of the people and this will lead to brand recall, the symbol of your growth…

Advertisements

Why Entrepreneurs Fail..?

Standard
From: My Own

2014 – 15 a new business year for all entrepreneurs, so before planning for the next year let’s have a small review about why most of the budding and growing entrepreneurs fail in their business. This article is just to reshape our views and vision about the business that we run today and the businesses that we are going to  start in future.

We can see, most of the billionaires were started their business from a scratch and now they are enjoying the value of their brand and they are growing and growing, at the same time there are entrepreneurs who are burning out because of loss and frustration in the business.

So why entrepreneurs fail even though they invest their time and effort in their business..? 

1. Survival Driven- (Trying to make money before creating value):- This is one of the most difference between successful and failed entrepreneurs. Successful entrepreneurs always give importance on creating value than making immediate profit.

Wealth is a result of consistently providing solutions to the problems of humanity. If you doubt me, go ask Bill Gates, Warren Buffet, Mark Zuckerberg and the likes. These are people who simply followed their passion (purpose driven) rather than following money (survival driven) and yet made a great fortune. (from Mr. Philip)

2. Lack of Business IQ (No proper planning and preparation):- The quest for making a business sometimes results in learning zero knowledge about the industry and the business. To grow a business the businessmen should learn day by day about the changing trends in the industry, people and the style.

I would tell an example: In a motivational training class, a man asked to the speaker “My industry is filled with bargaining customers and I could make only very minimum profit. So how can I make a better business..? The speaker told him you made a better profit in the beginning of your business but you were blind in analyzing the changes in the industry, you could have started a diversification when you felt the changes in the industry.” (Thanks to one of my clients).

This is sometimes happening, getting knowledge will help you to take right decision at right time. 

3. Lack of focus (Wandering here and there): – This is the another difference, successful business people would have a focus and they invest their time and effort to nurture that special area. Take an example of Bill Gates, Mark Zuckerberg  etc all those people have the focus.

“genius is the ability to focus on one particular thing for a long time without losing concentration.”

So when you start or run a business, try to focus on the area where you can excel and never go for a randomized business before you got a clear path.

4. Risk Averse (Fear of Failure) : – This is one of the most challenging thing. Successful business people are ready to take challenges, they see opportunities in every risk and challenges, and that is why they are remembered and successful. But failed entrepreneurs lack this quality

If you are passionate in doing business, you never mind you challenges, risk or anything, you will do it. So have a passion about your business. You can be free from risk averse by improving your business knowledge, passion and focus also by concentrating on the end result. 

5. Poor Money Management (Extravagance) : – Manage your money, never let the money to manage you. Successful entrepreneurs are good in money management, they know where to invest and when to harvest their investment, like Warren Buffet’s words “Never invest in a business you can’t understand.” 

Always remember that there are ups and downs, you should be prepared to meet the unexpected.

6I can do well all by myself (Insecurity) : There is a limit to what an individual can achieve alone, thus the need for team work. Successful people know what to hold and what to delegate, so entrepreneurs should encourage team work and you should act as a leader and a guide.

“Together Towards Success…” follow the line literally, you will enjoy the happiness and success.

So, you must get rid of any insecurity and every scarcity mentality you might have that someone is going to beat you to it. There are many things that are unknown to you, so you should seek help from your team, may be from outside consultants etc, this is how business grows. 

7. Lack of Vision (The shortsightedness) : – “Vision is the reason for your existence”, never start or run a business without vision or with shortsightedness, the business will sink somewhere. The businessmen should be clear about his path and the end result, then only the business can move forward.

So, it is the high time that you need to have a vision for your business and life and let the vision shows the value that you are going to provide.

“Let the business speaks about you rather than you speak about the business…”

 

12 Rules for Startups by Mark Cuban

Image

Anyone who has started a business has his or her own rules and guidelines, so I thought I would add to the memo with my own. My “rules” below aren’t just for those founding the companies, but for those who are considering going to work for them, as well.

Mark Cuban's 12 Rules for Startups