Research has demonstrated that close to 20 percent of new businesses survive beyond their first year. But what is quite disheartening is the fact that a staggering 50 percent of businesses start to fizzle out within 5 years of inception. So, only one-third of the startups actually make it past their first 10 years.
Factors that lead to a failing business include lack of innovation, poor financial management, inexperienced team management, lack of determination and focus, unhealthy competition, declining markets and change in customer preferences. The big question is that if 80 percent of business owners are looking to script a comeback on the average, how can the Pathwwway success story script a turnaround for you?
- Understanding Why Businesses Online Fail
Online businesses don’t just fail; there’s always a reason. Identifying the causes of business failure and diagnosing the problems is something the Pathwwway team excels at. There are so many reasons why a business might fail. This includes performance management, poor financial management, lack of innovation or even an unappealing or badly designed website. Only a meticulous and seasoned group like Pathwwway can discover where the problem really lies. The team gathers information and covers how to deal with lack of performance, poor financial management, paucity of innovation etc. Adequate information can be used to tackle business issues.
- Identifying the Solution
Part of the Pathwwway success in successfully turning around businesses is the capacity to identify viable and alternative courses of action that can help in reviving the business. For example, a sharp fall in sales volume means alternative courses of action can range across digital marketing, CRM, ads and offering deep discounts. Considering so many possible alternatives, it is the seasoned team at Pathwwway that can help you to identify what works best for you. Evaluating the alternatives, and prioritising the needs of the business is the core of the problem solving approach at Pathwwway.
- Getting the Right Feedback
Feedback is crucial as this goes a long way in determining if the problem was effectively identified, the right solutions were applied and whether there’s any further need for modification, change or redesign. When the implemented action is not solving the issue, failing online businesses need to try other courses of action to succeed. Reviving a sinking online business is all about partnering a strategic solutions provider and giving your business room to grow.
- Revive Marketing
Some companies fail because they do not understand their customers or succeed in giving them what they seek. Giving up your business may seem the only option, but you need to partner Pathwwway ltd if you really want the way out. Customers are always willing to share feedback. Marketing, word-of-mouth publicity, customer reviews and ideas can revive your failing business with ease.
Whether it’s building email lists, search engine or social media marketing or even using geo-targeting, there are a plethora of ways you can turn your business around.
- Work on Your Offering
With the Pathwwway success team focusing on evaluating the customer’s needs, brands can change products and services to meet the needs. Understanding why your business is not working requires the critical eyes of a professional team. It is also possible your products have not changed, but your customers have. This points to the need for changing the offering to reflect desires and needs of a new demographic for reviving sales. Consider the laptop market which was directly impacted by the introduction of Apple’s iPad in 2010 forcing retailers, software developers, manufacturers and others to assess their strategies and products.
- Evaluating the Business Model
A challenging technique for saving the business is to change the model. Business models may change due to advancing technologies, new regulations or challenging marketing conditions. While shrinking businesses may necessitate cost cutting, it takes a skilled professional team to preserve your revenue and cost synergies. In the competitive and overcrowded industry, not every business survives. Business failure is a reality in modern, saturated marketplaces. Knowing what is going wrong is only part of the solution. Business owners also need to be willing to ask searching questions. Pathwwway limited professional business consultants can help your business to thrive in the real world.
- Invest in Your Business
The team plays a vital role in getting the business to a crucial point. You need to, therefore, transform your staff into an asset. Nothing grows a business more than having a dedicated team where employees are committed stakeholders and an active part of business. Pathwwway success in turning around businesses requires pitching what customers want, not what businesses are geared to selling. Remembering that the business exists to offer services that resonate with clients is the crux of a successful company. Business survival depends on knowing customers and fulfilling their requirements.
Making client satisfaction is a key priority and investing in management and business consultants is the key to making the transition to a successful business.
- Redefining Value Propositions
Pathwwway success rules for failing online businesses focuses on redefining value proposition. Carefully setting goals that are specific, definite and clear is essential. Your failing online business needs to reinvent itself so using new marketing techniques and digital technologies is the key to bringing in sales as quickly as possible. The failure rate for start-ups is 30 to 40 percent as per the Harvard Business School. But when it comes to not meeting projected returns on investment or declaring projections and falling short of meeting it, the failure rate is massive. Start-ups need to look before they leap, because surging forward without planning leads to failure.
A failing online business needs to cut costs, generate revenue, innovate and redefine sales value propositions if it needs to revive itself. Along the way, a top business consultant can reinvent the business’s mission and vision, transforming it through innovative website production, product testing, business intelligence, customer retention and marketing solutions. This forms the essence of a successful transformation and business revival for a dying enterprise or a startup looking to unleash its true potential.