Your small business brings you substantial revenue, profits, and turnover. The hard work that you put in for marketing, customer satisfaction and paying vendors is valuable and long-lasting earmarking your reputation. So how exactly would you assess an approximate life span of your business from now on to say – after a period of five years? What are your long-term plans to grow and expand selling in market for your products / services.
The secret formula for successful life span
Another study found that at least 95 percent of small business owners make their marketing decisions either independently or by consulting a partner. (Stokes, Blackburn and Fitcher, 1997)
But, there are no impossible situations that your business cannot recover from and the only criteria is that you need to work carefully and professionally to increase and improve the life span of your business.
Apart from having a successful and result-oriented small business strategy, you will also need a perfect marketing plan. Because marketing is the key to the continuity of a young enterprise and primary key source to the development of a sustainable business.
To check and verify your current marketing plan – examine how many new customers are being added every month or recorded growth in monthly sales. In fact, increase in number of customers and strong relationship with your vendors can transcend your business to the next level.
Further, assess your resources for marketing and the marketing specialists / experts you are consulting to embolden your business. It is to be noted that life span drizzles down with number of factors, lack of stock, delay in deliveries, poor customer service, low-quality products / services, unprofessional marketing methods or less than required marketing plans etc.,[ Five Small Business Money ]
Innovation in marketing works greatly and a new rule of promotion activity done in the interest of targeted audience is a welcome concept. Think big, but think differently to grow and sustain in business. What comes first? Idea or market analysis? Do you first identify a product or service and check the gap in the market or vice-versa?
For entrepreneurial marketing, anything that boosts the business in first place is a priority. But at every step, right approach, proper analysis of the market, marketing strategies and accurately executed plans reach audience for good results.
Local or global, small business presence is everywhere and in fact 90 percent of businesses are either small or medium worldwide. It is also stated that 6 out of 10 small businesses, do not have online presence. Although there is exponential growth in Internet for digital marketing, only 35% accounts to digital marketing of total budgets. Building online presence has made available multiple social media channels – Facebook, LinkedIn, Twitter, Instagram, Pinterest, Whatsapp which are content-led promotions that provide best means of marketing.
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