Opportunities are all around us. Some people see them, others don’t. Life is all about taking advantage of our opportunities when they’re presented.
You’ve all heard of the concept “working ON your business”.
A Global Business Camp is a great opportunity to “work ON your business”, with a group of like-minded people.
One of the real benefits of a Global Business Camp is that you can communicate with other people who have already experienced the same or similar problems and issues you’re finding in your business. You will be able to have discussions, get some ideas and develop strategies.
Why businesses fail?
The failure rate of small business is very high. Dun & Bradstreet claims that the failure rate is approximately 48%. Bloomberg stated that 8 out of 10 businesses fail over time. Why do businesses fail?
We’ve identified the following 5 reasons for failure:
Reason 1 – not in touch with what customers want and lack of communication
Are you asking your customers what else you can be doing for them or how happy they are? Knowing the strategies is half the battle.
Reason 2 – no real differentiation in the market
What is your unique core differentiator? How are you different from everyone else in your industry?
In today’s environment, businesses need to be identifying their unique competitive advantage and then continually promoting that advantage to the marketplace.
Reason 3 – failure to communicate value propositions in a clear, concise and compelling fashion
Are you communicating with your customers via Social Media, letters (yes, snail mail) and websites? Do you visit your customers’ premises?
Unfortunately, in the helter skelter of a business life, many business operators are not communicating with their customers at all.
Reason 4 – leadership breakdown at the top
What leadership style do you have? How dysfunctional is your team? Does your team know where your business is going and why? This is critical information that your team members need to know.
Reason 5 – inability to nail a profitable business model with proven revenue streams
What changes may you need to make to your business model in this ever-changing environment?
“Digital disruption” is upon us. One of the major accounting groups in the world, has indicated that businesses need to develop “alternative revenue streams”. This is one of the key ways of combating “digital disruption”.
- Have you made any changes to your business operation?
- How is your business performing compared to your budgets?
- Do you have budgets?
- What changes to the bottom line would a small percentage increase in turnover make to your business?
These are some of the key issues that are confronting businesses today. There are undoubtedly many others.
Disclaimer
This information is provided as a guide only and is not intended to constitute advice whether legal or professional. You should obtain appropriate advice concerning your particular circumstances.
