How to Make Your Business the Exception to the 5 Year Failure Statistic

By Ashutosh Jha → Last Updated on Wednesday, October 26, 2016
Business is all about how you are making a goal, executing it and achieving the goals. One should be a better predictor, executor, and planner to achieve the goals created.

Recently, a news came when a major IT company has to revise their future forecast three times in a row. Such things should be avoided. Maybe the market is not what it used to be while planning but still, the leaders should predict the market well in advance for any such miss happenings.
Such issues simply spoil the reputations and lower down the money of investors which is an important asset for public listed company.

America is thought of by many to be the greatest country in the world. The amount of opportunity that is available to the average person is astonishing. In other countries, laws, the hierarchy of class, political and social oppression, and many other factors play a big part in the game of business.

Whether it’s that only a certain number of business can exist, businesses have ridiculous regulations in place which make it impossible for anybody but the ultra-wealthy to be successful, or it’s due to a host of other reasons, in America, practically anybody can start a business.

Of course, there are licenses everybody has to apply for and there are hoops through which an entrepreneur has to jump through, but with enough elbow grease and a solid business plan, the rags to riches story can belong to anybody in the good old USofA. That’s the beauty of the American system which took the country from infancy to booming metropolis in a matter of years.

If you’re an entrepreneur who seeks to start a business, doesn’t want to fall prey to the claws of bankruptcy and would love to flourish in the first year of business and well beyond the common 5 year failure mark, here are ways to make your business the exception to the rule:

Keep in Touch

Entrepreneurs start businesses because they see a need in a market and they know they can fill it. The drive behind it all is often money, but the successful entrepreneur finds that success because he/she is in touch with the customers in that said market. Once the business is open and that need shifts, the entrepreneur and business owner must evaluate his/her business and make adjustments according to the direction the market is headed.

If you want to stay in business over 18 months and well over 5 years, there will be changes and the number one thing you need to do is keep in touch with every aspect of operation, but especially your customers. Know what they want. They’re the ones buying the product or service from you.

Talk to Customers

Keeping in touch with the operations of your business is crucial, but if you want a business that will stand the tests of time, you have to open up that dialogue with your customers. Be the one out there on the front lines asking questions about how service is, how the product is holding up, what customers would like to see differently, and other questions of the like. Customers will be honest with you, and since they’re the ones buying, they’ll keep you in business if you listen to their requests.

Don’t be afraid of the customers. They’re your ally. As long as you communicate and you keep yourself open to the changes that are happening in the world around you and you adapt to those changes, you’ll be able to persevere in the survival of the fittest competition that is the business world.

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Ashutosh Jha

Ashutosh Jha is a professional blogger, Blog and IT Consultant. He writes about Blogging, SEO, Making Money, Internet Marketing and Web Design.
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