Starting a new business is easy, but making a business successful is challenging. It is found that only a small percentage of startups are so aligned with their vision and strategy that they grow exponentially.
Statistics suggest that more than 90% of startup companies are not successful. A small percentage of successful companies have to go through many near-death experiences before achieving sustainable growth. Why do so many companies fail to achieve their goals? In this blog post you will learn why companies fail within the first five years and what you can do to make your company a success.
1. No digital marketing strategy
Do you think your business can be successful if your potential customers don’t know you exist? Most businesses fail because they are unable to develop and implement a results-oriented marketing plan. For example, many startups don’t focus on building a solid online presence. Many Canadian businesses either don’t have a website or their website is outdated and not optimized for converting traffic.
If you want your business to succeed in a noisy environment where it is difficult to beat giant competitors, have a strategic online marketing plan. Both new businesses and established businesses need to take advantage of digital marketing solutions. Many companies claim to have a web presence but fail to make a significant impact. The good thing about digital marketing is that it allows you to have a measurable, consistent and scalable marketing system.
As you work hard to complete the business tasks on your to-do list, don’t forget to make marketing one of your top priorities. It increases your chances of building a profitable business.
2. No vision
A clear vision is what keeps companies on track in the first phases of growth. The best thing you can do as an entrepreneur is to define your business vision and goals and stick to them. Lack of vision is another reason why companies die relatively early. An inspiring vision is like a direction that reflects a company’s core values. Having a vision means that the company is clear about its short- and long-term goals.
3. Don’t delegate
To build a great company, you need smart people who know how to get things done. So many entrepreneurs want to put on a one-man show, which is not a good strategy. If you think you can do everything from accounting to sales and marketing, you better think again. If you don’t delegate, you’re probably stuck in a messy and frustrating process.
Start building a team of skilled people to break free from mediocrity. It is also a good idea to use tools that automate various business processes. From online marketing to human resources, almost every aspect of your business can benefit from smart people and tools. Assigning day-to-day operational tasks to your team members makes it easier for you to focus on important business matters like networking.
4. No brand strategy
Many startups are unaware of the importance of branding and its impact on business growth. Without a brand strategy, your company would not be able to establish its identity and authority. It is crucial for a company to stand out and stay one step ahead. Branding is an effective way to achieve this goal. If you want to make your company a great brand, create a unique identity that is compelling and personable.
If you understand why most businesses fail, you can certainly avoid business failure. Be prepared to overcome challenges and obstacles.
About Us
Reach First works hard to build successful brands through our dynamic digital marketing and branding services. Our goal is to help companies communicate their message effectively. Whether you’re struggling to improve your bottom line or plan to launch a startup soon, we’re happy to help you uncover and develop your company’s identity. Schedule a free consultation to discuss your online marketing and business development needs!