IN the past, businesses used to be defined by the quality of the product, whether it was a service provided or goods sold. Excellent quality was enough to keep a business afloat thanks to word of mouth marketing.
These days, the economic climate is more severe and more and more businesses find they cannot make it in this climate.
Business owners and managers want answers as to how to save their businesses from going under.
These days we have the following advantages:
• There are more experts on business than ever before.
• Incredible funding opportunities want to empower emerging entrepreneurs.
• More and more business development seminars are aimed at business owners and managers.
Despite these advantages, we see a record number of businesses fold. According to statistics, 50% of businesses fail within the first year of existence and 83% within five years.
These businesses go under despite the fact that they offer great quality services and products.
I believe that these businesses fail because they lack a solid foundation to rest upon when stormy economic times hit sales. That is why it is so important for all business owners and managers to make sure they build a solid foundation based on the basics.
When your business rests on a solid foundation, it will weather any storm.
My advice is: don’t chase every new theory and trend that so-called business gurus advocate.
Focus on what makes your business unique and build a solid foundation.
Kholofelo Pholafudi is the author of The Psychology, Science and Art of Turning Contacts into Connections
