If you want to be a successful businessman, or want your startup to rival Fortune 500 companies, you need to improve the level of communication with your customers. You may have a question that why most of the business and start-ups fail? Well, we have found out the reasons behind this.
Jeff Bezos has the richest man anyone has ever been in the history of the world. When asked what secret of his success is, he said: “Customer is God”.
Let’s have a look at some of the reasons that tell us why most of start-ups and businesses fail.
#1: Lack of communication
Need for efficient communication can never be overstressed, no matter what sort of business you’re running. Whether you are running a product business or a services business, the level of communication within your organization and with your customers and stakeholders is one of the most important factors in determining your success.
Lack of communication is one of the major factor that causes business and start-ups to fail. You need to communicate effectively with your team, other teams in your business and your customer/client.
If the level of this communication is compromised on any stage, the results will always be a disaster for the business.
#2: Lack of Management
There are businesses that have excellent sales, their customers are happy and all but then the business goes out of business. Reason? Lack of management.
No business on the earth can run, let alone being successful, without efficient management. It can be overwhelming to manage a business that has a number of projects going on, but it is imperative and without proper management, the business will fail sooner or later. Being a successful entrepreneur is one thing and running and managing a business in the long term is another.
In this age, however, artificial intelligence and software development has made managing businesses easy and effective. We’ll get into that later.
#3: Poor After-Sales Support
Another major cause of failure of businesses is the lack of customer support. Mostly, the businesses don’t do this deliberately and it is a result of ineffective management. However, whatever the causes might be, lack of efficient customer support can lead to a business failing miserably.
If you ship a hundred units of a product and 99 of them perform well, they’ll have a lesser impact on your goodwill than the one that didn’t perform well, and if the customer who got the faulty unit doesn’t get proper attention on their reservations, they’ll do more harm to your reputation than 99 satisfied customers can do good to it.
#4: Not knowing what to do and when to do
Another cause for businesses failing is the lack of organization in the operations of the business. For running a business successfully, the person running it and their whole team need to know exactly what to do and exactly when to do it. This is also caused by poor financial reporting of the projects and leads to businesses and start-ups fail.
How to avoid businesses and start-ups failure?
Modern technology has made a lot of things very easy for us and one of them is running a business. A Customer Relationship Management system can make it easy for you to run your business while eliminating or minimizing most of the factors involved in making businesses and start-ups fail.
Here’s how a CRM like One Cube CRM can help you
- Customizable online CRM business platform which helps you to monitor all the tasks, deals, and projects. Look at the data and get insights into your business. The weekly event chart shows the monthly and weekly progress.
- Makes saving and organizing all the contacts you need for running a business easy and seamless
- Helps you keep an eye on all your running and completed projects and will let you know if any project needs your attention
- Organizes your mail and other things, making running the business easier overall
- Keeps a track of all your deals
- Reminds you of the important upcoming tasks in time
Once Cube CRM can streamline the way you run your business and makes it easier for you to manage, organize, and run your business.