Many businesses will encounter problems along the way, but some problems are smaller than others allowing the company to resurface without issue. However, sometimes the problems are so detrimental that it causes the businesses to fail, therefore needing to close for good. With company survival rates being incredibly low for small businesses, it is essential every prevention technique is implemented to minimise the risk as much as possible. In this blog, we highlight some common reasons why small businesses fail and how to prevent them.
Problem #1 Struggle to find true customers
For small businesses, it can be hard to find customers, but it is essential in order to make money. For larger businesses, they can let their brand name do the selling for them, but for small companies, they may not have a reliable stream of customers to work with. When you are able to pinpoint exactly WHO your customers are, you are then able to be a lot more targeted with your marketing techniques; saving you time, resources and money as well as improving your position in the industry, brand identity and profit.
Problem #2 Having a talented, skilled and expert term
This does not need to be in-house. You can outsource your marketing to a professional agency which will provide you with true results. They will be an expert team in all areas of marketing and have the experience to know what works and what doesn’t for your business. The process of hiring people can be extremely difficult and time-consuming when trying to find the perfect team. Therefore, hiring a marketing agency means they already have the team of experts ready and waiting to help you with your marketing journey. It is also cheaper to outsource than hire an in-house team- a win, win situation!
Problem #3 Limited brand awareness
Your brand awareness is vital to your success. If nobody knows about you, no sales will be made. With sales being detrimental to the life of your company, you need to ensure your name is out there. Some of the best ways to increase brand awareness if through Public Relations, Blog writing, Social Media and Co-marketing.
Problem #4 Insufficient email marketing list
Email marketing is still as popular today as it was years ago, but some businesses are struggling to collate strong lists to appeal to. Some companies think buying email marketing lists is the answer to their problems, but it is not! This can often cause more harm than good, therefore make sure you put more effort into organically building your list as this will be a lot more beneficial and provide a higher return on investment. The best ways to grow an email list is through helpful content, an appealing website and worthwhile transaction (e.g. 10% off your next order when you sign up to our newsletter, FREE starter kit when you sign up to our newsletter, Exclusive discounts included in every newsletter etc.)
For further insights and guidance, we invite you to explore our blog at 07hm.co.uk/blog. Here, you’ll find a wealth of information tailored to the needs and challenges of SMEs navigating the digital landscape. Additionally, if you have specific questions or need personalised advice, don’t hesitate to reach out to us via email at info@07hm.co.uk or telephone on 01702 410663.
