All over the world today, there are many business men and women who are not happy with the way their businesses are moving. Are you one of those business men who wonder why their businesses are stagnated and not growing?
Medium.com said same thing about ways you can grow your business in 21st century
Are you seeking for ways to boost your business and lift it from the shackles of stagnation? Then you are at the right place. In this article, we will discuss the key reasons why a majority of businesses irrespective of location or type do not prosper in the 21st century while equipping you with the necessary ideas that would skyrocket your business activities.
WHY BUSINESSES FAIL IN THE 21ST CENTURY
The 21st century has been described by most scholars to be the information age, where one can achieve a lot of things. Business activities in this age are like they used to be in the previous centuries.
This is because the technological advancements and the unrestricted flow of information in this age has turned the business activities in this age into something dynamic.
Causes of business failure during the time of the Rockefellers or Albert Einstein could always be easily pointer out to some few reasons. This is because there were only but few competitors in their age due to the lack of distribution of information.
But today when anyone, anywhere in the world could access any information at the comfort of his or her home just with any Internet enabled device, what could actually be the causes of the failure of businesses?The failure of businesses today are caused by some minor things that many business men do not consider.
So many irrelevant things today that many business men overlook are the main reasons their businesses are stuck in stagnation. Here are the minor things that restrict the growth of your business in the information age
YOU ARE NOT FLEXIBLE
Your flexibility as a business man or woman is the first thing you need to look into it you really want to succeed in the 21st century. This is because in this age there are a lot of of competitors and once you are are lagging behind, your competitors would overrun you
By flexibility I am talking about your ability to evolve rapidly with the recent changes and trends in the business world in order to still stay relevant.In every sector of our world today, be it in the business sector, fashion, technology, pop culture etc we witness a very rapid evolution going on before our eyes and once we do not meet up with the trends we become obsolete.
The same things applies to your business. In whatever business you are doing you should always learn the newest or latest way to go about that particular business or else you will be left behind and your business would start facing stagnation.
Most times most business men who go into business after having to spend years learning about that particular business tend to stick to those practices they learnt as of following a religious code of conduct, thereby giving no room for flexibility.
That should not be so. Of you really want to thrive in business, you must learn how to keep learning in order to stay relevant.
YOU ARE SHUTTING YOURSELF FROM THE WORLD
The Internet has made the world a global village where one can access information from around the globe. This is an opportunity that every business man utilizes today in other to optimize their customer base.
If you are a business man today and you are wondering why your business is not growing in this 21st century, then you are most likely shutting yourself and your business from the world; that is you have not created an Internet avenue where you can promote your business.
Creating this Internet avenue for your business would not only create the necessary awareness you need, it would also attract an unrestricted number if customers to patronize your business.
The Internet is one of the top platforms today that have made many business men millionaires and billionaires, therefore if your business must thrive in the 21st century, you must learn how to utilize the Internet and stop shutting yourself from the world.
YOU DO NOT PRIORITIZE WELL
Priorities is very crucial in your business planning. This is because it is your priorities that determine weather your business is going to survive and still remain relevant in the next five years or weather it is going to be obsolete or rather struggling to survive.
As a wise business man you should learn to analyze your business and notice the sectors of your business that are doing well and the ones that are not. After doing that you rearrange your budget in a way that would channel much support to the sectors of your business that has lapses.
One sector of any business that any business man who wishes to remain relevant in this age must always put on the number one list of priorities is the advertising sector.A lot of big companies today spend billions of dollars on ads.
Have you ever asked yourself why? This is because these companies know how to set their priorities well. These company managers understand a secret that many business men today fail to realize and that secret is that the most important thing in business is the customers.
Without them, there actually will not be reason for business. Therefore if the customers are the main and the most important part of the business, then the highest chunk of the business budget should go into attracting more customers.
This is a secret that accounts for the success of several bug companies today. In whatever business you are doing today you should always learn how to prioritize well in order for your business prosper.
Focus on getting more customers, invest more in the advertising of your business because that should be your number one priority if you really want to succeed in business today One thing about business is that when you think you have it all that is when you actually start falling.
You must always keep on seeking for customers and never be satisfied with whatever amount of customers you have now. This is because the day you stop advertising your business, that is the day that your business begins to collapse.
YOU DO NOT KNOW YOUR NUMBERS
A leaking financial record is one of the reasons why so many businesses today seem to be stagnated and not growing. You should make sure that you have a very accurate financial record of your business of you want your business to grow because if you neglect that, the truth remain that you will be at loss weather or not your business is growing
Your numbers are very important in business. It is advisable to have a different account for your business revenue and a separate private one in order to track your profits and your expenditure.
QUICK TRICKS TO MAKE YOUR BUSINESS GROW
A customer relationship is paramount
Today’s customers are not like they used to be in the past. Customers now are more attracted to businesses that will give them that not just satisfaction but an experience. This is why today’s marketers and business men focus more on the customer care aspect than they used to do in the past.
Learn to inculcate that attitude of happiness and friendliness into yourself and also your staff. This alone will go a long way in securing a strong customer base for your business. Learn to engage your customers in meaningful discussions, be polite and always bear in mind that the customer is always right.
Take your goods or services to the next level
In order to keep your customers’ interests in your business, you should learn how to always bring out something new or at least upgrade your goods or the services you render.
This will not only make your customers excited, it would distinguish you from your competitors.Imagine that you run an eatery and you upgrade your services by adding a free WI-FI to what you offer, that would go a long way in strengthening your customer base and boost your business.
If your business is stagnated today you should think of different ways to upgrade your business and you may be surprised at the transformation that will take place in your business
Treat your staffs well
Your staffs are the backbone that hold your business. When they are not treated well, it affects everything about the business.
If you are seeking to grow your business in this 21st century, you must learn how to create that conducive working environment for your employees or else your staffs would transfer their aggression to your customers and you in turn loose your customers resulting to a collapsing business.
You should always make your staffs feel that they are really appreciated. It is not do bad to say to thank you to a staff or complementing them when they exceed expectation.
You should also have a planned growth system for your staffs in order that they do not get bored with being at a particular desk every time having nothing to aspire to
The information age has made it easier for businesses to thrive. Therefore if you are having issues of a non growing business, you should look deep into some minute things that may be the causes of your business stagnation.