10 years is a short time period for a business to cover. While businesses aim to run for years, some of them may fall before the completion of 10 years. Neeraj Raja Kochhar’s latest news suggests that there may not be one particular reason behind this. As per this businessman, there can be different reasons why businesses may see their end before this time period. Not aiming to provide real value, working without transparency, etc., can be certain reasons leading to failure in business, as is added by Mr. Kochhar.
1. Inability to Provide Real Value
Not being able to offer real value to its customers is one of the main reasons why some businesses can fail. There are businesses that have been able to over-deliver. For this, good planning and strategic movement are required. Not being able to adopt the same within the first 10 years, businesses can see failure.
2. Not Connecting with Your Target Audience
Connecting with your target audience is necessary for the survival of a business. Since this audience helps in winning you the customers for your business, connecting with it becomes even more important. There can be different reasons for not connecting with it. Either you may have been unable to identify the target audience or you may not be able to understand its requirements. As per Neeraj Raja Kochhar’s latest news, in either of these instances, business owners may not be able to aim for good profits. Thus, even before completing 10 years, their business may fail.
3. Not Adopting the Latest Marketing Methods
The well-known entrepreneur from the stainless steel industry has to say that marketing methods keep evolving. Business owners who rely on the traditional ways of marketing may lag behind. Mr. Kochhar has explained that adopting the latest marketing methods will be suitable as these methods are based on real-time developments in a country or place.
As per Neeraj Raja Kochhar’s latest news, digital marketing during the pandemic is the best example of this. Due to the new way of surviving the times, digital marketing has become much useful for many businesses. There are organizations that may still be relying on the marketing methods prior to the pandemic. Some of these organizations may have not been able to make high profits. However, some businesses may have also completely shut down.
4. Reduced Transparency
It has been expressed by multiple business owners like Mr. Kochhar that with little or no transparency, succeeding may not be possible. Taking this point further, it will be apt to say that being transparent with your customers and employees will benefit you in the long run. In addition, doing so will work as a survival technique in challenging times.
5. Lack of Control over Expenses
Surprisingly, several business owners may believe in spending as much as they can to give their venture a needed push. In the opinion of the founder of Viraj Profiles, controlling expenses can be wise. Spending on things that are essential for executing business operations can be agreeable. However, overspending on needless expenses will drain your financial backup, as has been explained by Mr. Kochhar.
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On the Whole,
To ensure that your business does not come to an end, especially before a period of 10 years, implementing the knowledge gained here will be of use. With transparency in your business operations and the assurance to provide real value, seeing success for years may not be impossible. Also, when such practices are continually implemented by business owners, their ventures can lead the path for others.
Source: https://www.fabworldtoday.com/why-certain-businesses-can-fall-before-10-years/
