The primary aim of any business individual is to make profit, when your business is not generating to expectations automatically something is wrong. In this article, we are going to talk about the 5 myth that stop your business from growing.
1. Poor business plan
2. Poor location
3. Poor management
4. Poor quality of the product/service
5. Poor market strategy.
1. Poor business plan: Fist thing first. Every successful project in life today start with plan. When the foundation of your business is poor, it could hinder your business from being successful.
2. Poor location, location simply mean where your business is located, citing a particular business where it does not needed is a threat to that business, before establish any business in any place, observe the environment thoroughly, Check to know if what you have to offer is what the people in that environment need, if you are offering what is not needed in that environment there is every possibility that your business will crumble.
3. Poor management: Another things that could hinder the growth of any business is poor management. When those at the helm of the business management failed to utilize the resources out rightly, there is every possibility that your business will stop to grow.
4. Poor quality of the product/service: When the quality of your products or services is below expectations, your costumers may stop patronizing you and that will along way to affect the growth of your business.
5. Poor market strategy: The company’s financial performance, its stock price, product innovation, delivery on commitments, etc. The
quality of its products stands high on the list as one of the major determinants of a company’s reputation. Positive reputations
are hard to achieve, and take a lot of time, effort, blood, sweat, and tears to build.
However, positive reputations are easy to destroy. For example, miss your financial commitments and your company and its stock
price gets hammered. Deliver products late to market and you damage not only your company’s reputation, but also the
reputations of some of your customers who depend on your timely delivery on your
commitments.
All the above mentioned have negative effects on your business unless something is done about it. So Start now
This is why some businesses fall especially due to poor management, Thanks for the solution to this problems.
ReplyDeleteThese are some valid point, but I will like to add one thing which poor distribution channels, without a good way to distribute your product, definitely you will not grow.
ReplyDeleteSometimes the country's policy can affect ur biz, when they place restrictions and that affects those That has no body in power like in the case of Ebeto cement, He was out of luck in favour of Dangote during Obasanjo adm
ReplyDeleteYeah, you are right.
ReplyDeleteNice one bro....spoken d truth
ReplyDeleteVery true. You nailed it.
ReplyDeleteWRONG BUT RIGHT: PROLOGUE
The lady watched the children closely and bid her time. She was not in a hurry; she was more interested in results. She knew enough about how people goofed when they weren’t patient enough. She wondered if nobody ever told them patience is a virtue. It was a good thing she had common sense. From her position behind the willow trees – which formed a hedge around the entrance of the park – she could see the children.
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