4. Non-communication with Customers.
While some would argue that you are in business to make money, I would venture to say that you are in business to serve customers. Without customers you cannot safeguard a business. Don’t place a higher premium on profits than people. Connect with your customers. Understand their preferences. Listen carefully to their suggestions.
Customer insights will determine the increase of your business. Study their buying habits, ask lots of questions and make feedback a focal point of your customer service system. You have to always be aware of what the customer wants. The customer is always right because they control the revenues of your business.
5. No Clear Business or Revenue Model.
A business plan always determines the profitability of a business. In fact, besides your product or service, a business model is one of the greatest determiners of business success. Sit down and write out a plan that will produce income streams for your business. Most people spend so much time on product development that they overlook this detail. However, a product without a plan will leave you broke and penniless.
Research industry trends and study your competition. Know your market and unique value. Calculate budgets and what your revenue must be in order to remain in business. You don’t want to run through money early in your business like I did. Find a way to keep costs low and keep up with demand. Build your business and revenue model right and you will join the ranks of entrepreneurs that succeed.
This article has been edited and condensed.
Jamelle Sanders is the CEO of NC-based Jamelle Sanders International. Jamelle is committed to empowering entrepreneurs and leaders around the world to live up to their true potential and to profit wildly in their businesses. Jamelle is a life coach, business coach, author, leading empowerment specialist and highly respected thought leader. Jamelle is a regular contributor to The Huffington Post and has been featured on NBC, Huff Post Live and contributed to numerous media outlets such as Inspiyr, Young Upstarts, Elite Daily and numerous others. Jamelle has successfully empowered leaders and entrepreneurs around the world to succeed in business and in life. Connect with @JamelleSanders on Twitter.
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