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10 ways to keep your business in business past the first year

When launching a business, even after you have got started and moving-on with your business, you may have probably heard of some bad stories of business failure after business failure. Hearing these from some naysayers must not stop you or make you start believing that about (90%) Ninety percent of new businesses are destined to fail. However, the reality is much clearer.

Given you have been given a probability of surviving for five years may not sound that well, and that must not stop you and sit you back and get your fate dictated by chance. My friend, in most cases, business success or failure is all about having knowledge of why and how to take the right action. It was and has always been, about having the best steps to take to move to the next level.

Everyone that owns a business thinks positive and usually starts their businesses with excitement and great focus of expectation to succeed. By the way, you later find out that most of these businesses usually fail within a short period of existence. The rate of business failure can be reduced if only business owners can pay attention to the factors responsible for a downturn in business.

In order to start a successful business and overcome all vices in business success, I am now providing you with 10 essential things you need to take action on.  Just follow me accordingly.

1. Make a good detailed business plan

This is the best thing you can do, in order to develop a successful business. When trying to do it all by yourself, this is a mistake most entrepreneurs usually do. Find help from others that specialize in this. Even free help on the internet can benefit you greatly. Failure to to create the proper business plan will ensure that the right people will never give you the chance you need. It really pays to do your research, therefore, keeping you from making the usually costly mistakes, which could have been avoided. To avoid these pitfalls, you need to be able to achieve or come up with, the full details of how to respond to potential problems in the future. You need to develop a comprehensive plan. Your plan must set goals for each step of the way to set measurable goals and to describe the end. You must identify all the possibilities of finding a clear definition of your mission. It is extremely vital and important to have a plan. It is also important to be flexible enough to rotate when it’s needed.

2. Produce what people want to buy not just what you wish to sell

The most important thing in business is to sell what people wants to buy rather than what you want to sell. People are normally pushed toward some behaviors by what we need, so also we are pulled wildly by what we want. Though there are many options for one to find some customers who adore what you have in stock and there are other customers that there own opinion may contradict. What you just need is to make sure you provide offer lines with what your targeted customers are looking for today, not tomorrow or yesterday. You may also try by asking yourself these simple and helpful questions.
(I). Who are my target customers?
(II). What are their needs and wants, and am I ready to provide it?
(III). What are the possible ways of reaching and persuading them?
It is very advisable to approach customers as a human being, and ask them the right questions politely, with these they will surely tell you exactly what’s in their mind. By doing so you will surely make selling easier.

3. Don’t mistake hyperactivity for productivity

All business owner wishes to develop and keep growing, which is a great desire. However, a very fast growing may bounce back. Accepting a lot more orders than you can offer usually affect business. Fast creation of branch networks putting a lot of pressure into and affect your cash flow. When it grows faster than can be supported by your cash flow, the business will surly fail. But to avoid failure in business, the best thing is to maintain growing your business slowly and systematically. Do not say yes to each request proposed by the customer. Do not do than what you’re capable of.

4. Get cash flow as quickly as possible.
Money in business is just like blood in man. You can never do without money to maintain your business. It’s still possible to run a business for some time even if you are not making profit, but it is difficult to run abusiness without money. management of working capital and the efficiency of all business owners to develop their skills is essential for this. It is still possible to declare profits and businesses still experiencing failure in business. There are so many ways to get money quickly through the door,

Always look for new ways to keep costs low.

There is possibility in starting a business in a professional way and allowing it to fall within a period of time due to a lack of fund. You do not want to spend much to move ahead, but you want to be a professional in the eyes of customers.
The challenge and problem in these are finding a way to keep the image of a strong and successful company, and also preventing your expenses in leading to uncompetitive pricing.
The best way is to identify the effectively and efficiently way at which your business operates. This is a major issue for any newbie, in order to survive. If you can master the way of cutting the cost at the start of the business, it will be easy to grow good habits that will be useful for you in order to develop your business.
The number one step to take is to reduce to a minimum the original budget. There is possibility for your business to start slow, and it would be a great discipline for you by doing thing that would cost a dollar for a dime.

6. Keep your expenses low

Another source for business failure is overspending. When just getting started in a business, you need to spend wisely. Try to buy what you need and leave what you want. This is a big mistake in which many business owners usually make, they believe in investing much in acquiring assets such as cars, over-employment, and other things that may not be necessary for start. Though all expenses looks fit and makes sense only when you have enough money. You need to learn how to justify your spending, to avoid business failure.

7. Always overestimate expenses and underestimate revenues, when planning.

Let’s assume you’re working under an employer, and you’re on a full-time job, you know exactly what you can take home as your net pay each month and year. If your work is base on part-time or you are self-employed, your income is always subject to fluctuate.
Now, in both cases, you may have an additional source of income. This may include: a small side business, money generated from the sale of a property, bonuses given by company annual, your overtime work pay, or some related means.
Many people are spending in three categories. We can make our calculation base on monthly costs for each category of the consumer, Such as:

1. Planned Fixed Costs: Regular basis expenses, such as (weekly, monthly, annually, etc.) but which are not varying is called “fixed.” Example of these include, Insurance premiums, mortgage payments, and car note payments.

2. Variable expected expenses: Regular basis expenses, but can vary are called “variable.” Examples can include utilities, phone bills, grocery costs, petrol and much more.
3. Variable unexpected expenses: this is also called “emergency expenses,” as it is known, this category is the most likely to trip up even the best budget plans. For example, no one plans for their child to fall from a bicycle and return home with a broken leg (but it happens and it is expensive).
Do we need to overestimate expenses? In other words, it’s necessary to overestimate monthly expenses for you to account for the possibility of variable unexpected expenses.

8. Well focus on sales and marketing

To better describe your target customers and market, these are some tip questions need to answer by yourself.
1. What type of area does your business serve (geographically)?
2. what are the population of the customers you focus to reach,
3. what are the psychographics of your target customers, psychographic in the sense of motivations, purchasing, values and lifestyles.
Now to give you more tips on a better way to describe your target market, it would be; men and women between 20 to 40 of age, who make food purchasing decisions with a strong social and environmental conscience. They have a household income of at least $59,000 per year and they do not frequent regular grocery stores that they believe offer low-quality food. They want to look for healthy, organic, locally grown food and will gladly pay a significant premium in order to get healthy, feel good about what they purchase and expect get receive higher quality goods.

9. Test and measure everything

Many businesses dies by the decisions made by their owners, time and funds are always
Small businesses live and die by the decisions they make. Money and time are always in short supply and deciding to pursue one project over another can be the difference between success and failure; between safe passage and pershing in the depths. And that’s where measurement comes in. It is measured—and making informed decisions with said measurements—that leads to small business success.

10. Know that learning more equals earning more.

It’s true that learning is equivalent to winning, so, the more you learn, the more you earn. If you truly want to be successful in your business, then, you must commit to learn all about sales and marketing in business, Knowing one of the secrets of why many business owner and senior managers earn up to show how powerful the simple basics apply. By learning from experts, you will have ideas or strategies that can make a difference in your business when you never know, you will also learn to make decisions that could be really important and take you to new level of successful business. By doing so, the sky is the limit.

In conclusion, I make the above original list on how to keep your business moving after its first year, and also to help clear up some of the action plan and its priorities and to help moving your business.

I hope this will be useful. I am happy to tell you that there is nothing like mystery or miracle in it, you may not know or notice before. Now, with all of the above stated tips, it is very much important to make changes and adjustments, knowing that as you move on in your business with arming yourself with the right ideas and strategies with the determination of getting to the higher level, then, you and your business can reduce the time to reach its final destination.

With my best wishes to see you succeed at the highest level.

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