Is your small business in danger? Eight out of 10 start up businesses fail per year, Forbes reports. What is most troubling, however, is that most business failures are largely avoidable — with some quick adjustment and flexibility. Reevaluating a few key elements can save a company on its way out. What are these key elements?
Employee Drive, Support, and Overall Morale
Employee morale — all over the U.S. — is in crisis. With employers expecting increasingly high amounts of work for equal or lesser pay, it is no wonder that a growing number of employees feel under-appreciated. This is especially troubling for start up businesses, who often depend even more heavily on their employees. CEO Morgan Norman talks to Business Insider about the importance of employee support. “When employee morale is high, productivity rises. When employee morale is low, it’s hard to retain the best and brightest workers,” Norman said. Business Insider recommends acknowledging employee accomplishments and offering incentives to boost morale.
Products and Services’ Value
Start up businesses — and businesses struggling to keep it together — may also want to reevaluate products and services offered. This is an especially valuable practice for companies with a variety of goods for sale. Product lifecycle management software, for example, can analytically assess the temporary and lasting value of any given product. PLM technology and PLM consultants enable business owners to closely monitor the sales and success of particular items. It helps keep inventory fresh, and helps prevent spending money on items that are no longer profitable.
Consumer Treatment and Retention
Some businesses, moreover, make the critical mistake of underestimating consumers’ value — particularly the value of retaining a loyal, dedicated client or customer. Forbes puts it plainly, “Your customer holds the key to your success deep in their pain, behavior, dreams, values and the jobs they are trying to accomplish.” Maintaining constant dialogue with consumers — and asking for positive and negative feedback — is a constructive solution, Forbes suggests.
Don’t let your business go under unnecessarily. Carefully reassess actions and values to save your company. Do all you can to improve employee morale, spark in-depth conversations with consumers, and purchase quality product lifecycle management software.
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