Reasons for Putting SME Out Of Business

Hi
At this time I am working with a startup company and I found these problems that my company is phasing .With this blog I want to communicate to all new entrepreneurs that they should avoid these circumstances in their new business.

Focus Entrepreneurs must have clean and clear focus i.e they should know what they want to achieve and where they want to see his/her organization after five years.

Information Entrepreneurs do not emphasize on market research and do not count who all are their competitors, what customers wanted facilities that are not given by the existing companies so they must do market research before entering into market

Joint Venture At the starting if organization signed a joint venture with the stabilized organization than at the starting they can create a name in the market and can grow with full of colors

Marketing and Advertisement At the starting entrepreneurs think advertisement and marketing will not benefit much but it is necessary tool to make impact in business so they should invest in marketing and advertisement to get good return

CRM If a customer comes in the new store and employees do not behave properly with them properly and do not give discounts or offers to them may be next time they will go to their old store so it should be avoided.

Training If the employees are not having full knowledge about what they are selling than it is hard to get to the customer as they will not be able to fulfill customer’s demands so they should be given proper training to them.

Finance Entrepreneurs do not have full details and maintain their Balance sheets, Sales tax records, License, Insurance than in the future they would face problem so they should maintain all ledgers and their Finance Reports.

Profit rather than Sustaining Entrepreneurs in the starting emphasize mainly on small profit rather than creating value for customer and retain the customer permanent member it should be avoided so create value for customers

So new entrepreneurs comes in business with broad mind rather than narrow mind

THINK BIG GET BIG