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WHY DO BUSINESSES FAIL?

Source | www.tonyrobbins.com | Team Tony

Did you know that a staggering 96% of businesses will fail over a 10-year period of time? And as for the remaining 4%, it does not necessarily mean they succeed–it means that they’ve survived.

So why do businesses fail? What makes one entrepreneur succeed while another experiences business failure? What makes the difference in saving a failing business? Peter Drucker, one of the greatest business minds of our time, maintained that it all starts with two key factors: innovation and marketing.

INNOVATION TO SAVE A FAILING BUSINESS

Innovation means finding a better way to meet your clients’ needs than anybody else. Anybody can make some money for some amount of time. But if you want to become successful and sustain that success over years and over decades – if you want to build a brand – then you have to find a way to add more value than anybody else in the game. And that comes from constantly innovating.

Too often, a business will fall in love with their product or service and neglect the need for innovation. This can pose very real problems, as the economy, technology, the culture and competition are constantly evolving. It’s a different world we live in today, where the only constant is change. And if you aren’t staying ahead, you’re falling behind.

Consider the technology industry today. Do you know what the life cycle is on an average product today in the technology business? About six months. And in some sectors, like the app business, it’s just a month. People expect continual innovation and improvement, and if you don’t take deliver that to them, someone else will.

So, to circumvent business failure, rather than falling in love with your product, fall in love with your client and figure out every single way you can meet their needs. Anticipate what they want, what they need and, when possible, try to determine what they might not even know they need yet. Turn your customer into a raving fan – somebody who will tell everybody about your product or service or company. Because when you create that sort of impact, you’ll start to build a brand.

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