The collapse of businesses has been on the rise in the US. The Covid-19 and current inflation shocks have aggravated the problem. Entrepreneurs are counting losses due to the collapse of their ventures.
The increased business collapses have worsened employee woes. Many have been sent packing when ventures fail. Can you cushion your venture from crushing? Kareen Zahr Walsh reveals the reasons behind the 90% collapse of startup businesses in the US.
Misalignment of products to customers’ needs
With the ongoing highest competition, only the fittest businesses survive. Generalization of products will lead you to be edged by rival companies. You need to understand all your customers’ needs to guide you in designing ideal products. Customizing your products per customers’ needs would increase their satisfaction and loyalty to your product.
Customers want the best brands that sort all their needs. If you are in real estate, what income bracket do your ideal customers fall in? The luxury home apartment will be your best niche if you deal with high-income customers. Kareen will mentor you on how to align your products best to meet your customers’ expectations.
Ambiguous Vision
The business’s collapse leading cause is a lack of vision clarity. Where are you, and where do you want to take your company? The company’s vision is the vital determinant that defines the success or collapse of your venture. A lack of vision would lead your staff to operate aimlessly.
A clear vision will dictate your goal and the methodology to achieve it. If the vision needs to be clarified, your staff may find it challenging to implement. It will also be easier to gauge the performance of employees if you have a clear way of measuring their output. Kareen will help you refine your company’s vision making it clear and achievable.
Application of Ineffective Technology
What software you use in your operation is paramount for your success. Customers develop loyalty to brands with high client engagement. When they have questions, they expect instant real-time responses. If you stick to traditional technologies that do not meet customers’ expectations, you risk being edged out by advanced rival companies.
You can employ virtual customer assistants to improve your customers’ engagement. Chatbots are the ideal software you can incorporate into your website to boost customer engagement. What best chatbots will enhance customers’ experience? Kareen’s mentorship offers an avenue to learn the best technology for better service delivery to customers.
Wrong Marketing Strategies
Marketing is the avenue to increase your clientele. Many companies collapse due to wrong marketing strategies. If they lose their existing customers to rival companies, they fail to break even, leading to a shutdown.
Kareen Zahr Walsh will assess your business model and help you identify the ideal marketing strategy. Unlike other mentors, she walks alongside you every step, helping you grow your clientele.
You can click here to book Kareen’s mentorship program to learn the secrets that will propel your business to the next level.