Boss Lady

The quiz that shows where a business can go wrong

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Succeeding in the world of digital business isn’t easy. In fact, it’s commonly stated that over four in five new startups will fail. So when your venture encounters an issue, it’s imperative that find a quick solution. Otherwise, your hopes of being the one in five will evaporate in the blink of an eye.

Whether you’ve suddenly found yourself stuck in a rut or have struggled to get your ideas off of the ground doesn’t matter. Ask yourself the simple questions below, and you’ll pinpoint and rectify those problems in no time.

Eradicating those troubles won’t only allow you to maximize your progress, but it will take a huge weight off your shoulders. So what are you waiting for? Let’s get to work.

Q. What is the company’s USP?

The modern business arena is fiercer than ever, especially online. So if you’re going to win new customers, you’ll need to give them a killer reason to choose your services over the alternatives on the market. Essentially, your company needs a USP.

If you are a manufacturer of goods that already exists, your products will need to be cheaper or of a higher standard. The other option is to design a new product that isn’t currently on the market. These success stories show how lucrative this route can be. However, it’s important to appreciate the associated risks also.

Other ways to set yourself aside from the crowd include using eco-friendly and recyclable materials. Either way, finding the right balance between tested methods and unique vibes is key.

Q. Are the branding elements hitting the right audience?

At a glance, branding may not feel overly significant. After all, your logos and color schemes don’t impact the quality of your products. Having said that, these elements are the key to gaining an online identity. Not only can they have a huge influence on your attraction, but they could be the difference between a 50% markup and a 100% markup.

Appreciating your place in the market is crucial for mastering this element. Ultimately, the opinions of other audiences doesn’t matter as long as your target market responds well. Given that you’re working with a digital demographic, it’s imperative that social media images are set to the right size. Seriously, getting simple aspects like this wrong could damage your chances greatly.

From logos to customer communication, expressing your brand in a winning manner is the key to success. And if customer research is required, don’t be afraid to complete it.

Q. Is the website getting seen?

As a digital operation, it’s safe to assume that your website is the platform that will decide whether the venture sinks or swims. Ensuring that the design and navigation aspects are in good working order is vital. Before interacting with your content, however, potential customers need directing to your site.

With over one billion active websites currently online, traffic doesn’t arrive by chance. If you aren’t seeing the figures needed, experts at Posirank can help. Acquiring more visitors through organic marketing and SEO will give you the best chance of generating sales.

Of course, you’ll still need to have a variety of other aspects in good order too. Nonetheless, this is the best platform to build success and take your venture to the next level. After all, without customers, your business is little more than an expensive hobby.

Q. Do customers trust the business?

Getting noticed in the right way is a major breakthrough for any digital SME. Having said that, interest alone is pretty pointless unless it leads to converted sales. For this reason alone, going the extra mile to gain the trust of potential clients is pivotal.

From the consumer’s perspective, the first transaction is always the scariest. Seeing customer testimonials and reviews can be very comforting. Similarly, knowing that the company is easily contacted and employs a fair returns policy can put their fears to bed. If you aren’t already making the most of these features, this is one area of the operation that requires immediate improvement.

Some customers will gain perceptions of your business due to elements that aren’t even linked to products and services. A virtual business address in a prestigious location is another step that could help you gain further trust and confidence. For the sake of a small investment, it’s well worth the effort.

Q. Are customers coming back for more?

In addition to generating that first sale, you want to see loyalty from your customers. Converting more sales from clients that already know the brand is far easier than gaining new leads. So if you’re forgetting to give existing customers the attention they crave, do something about it.

Consumers need incentives to complete future purchases. Loyalty reward schemes are particularly useful, especially if the rewards are worthwhile. Meanwhile, offering free deliveries on orders over a certain amount can encourage a  greater level of spending also.

Get customers into the habit of using your services on a frequent basis and they will continue to do so until you provide a reason not to. Given that loyal, happy customers often spread the word to friends too, this could be a massive factor.

Q. Is the company supported by a winning team?

Running a digital SME is tough work. In truth, it’s far too much for one pair of hands to master. Quite frankly, taking on every aspect could be causing more damage than good. As such, surrounding yourself with a winning team of employees is vital.

A successful recruitment drive isn’t simply about finding candidates with great applications. Judging their personalities is equally crucial. This is because their motivation and willingness to work will impact productivity. This is especially true when dealing with remote-based workers as you won’t be there to physically encourage them.

With the right staff behind you, there’s no limit to what can be achieved. Quite frankly, your employees are your most valuable asset. Mentor them in the right manner by showing room for progression, and you should see stunning results for the business.

Q. Is my time being utilized effectively?

We’ve all lost count of the times we’ve heard it, but time really is money. It is arguably your greatest resource in business, which is why you must do everything in your power to maximize yours.

Modern technology can be used to simplify a number of tasks. From using a payroll supplier to communicating with clients and staff, those facilities can make a world of difference. With regards to communication, learning to keep team meetings down to 20 minutes can be particularly beneficial also. Let’s face it; needlessly extensive ones will only waste time and lead to distractions.

Achieve maximum results on a daily basis, and the long-term rewards will soon show.

Q. Are company expenses under control?

As a business owner, focusing solely on revenue is easily done. In reality, though, the company’s overheads carry an equal influence over those profit margins. Moreover, if you don’t have a firm grasp over the financial status of your venture, moving it forward becomes increasingly difficult.

Mobile banking Apps and other facilities make the daily running far simpler. However, accounting experts at Small Biz Accountants can hold the key to sustained control. It may feel like an added expense, but it’ll save you money in the long run. Besides, the time you’ll save is hugely valuable too.

In the meantime, taking the time to find cheaper energy rates and business insurances can free up extra funds. Use them to drive the company forward with some of those other options, and you will not go wrong.

Q. Does the payment gateway offer versatility?

The biggest sin you could ever make is lose a customer because they can’t complete a payment. Unfortunately, as an online venture, you are more vulnerable to this problem than localized businesses. Therefore, choosing the right payment facilities is key.

Your customers deserve to have options. The right ecommerce systems will offer a multitude of payment types. Aside from allowing you to generate more sales, this step can have a telling impact on their trust levels too.

Depending on the nature of the business, you may also want to offer monthly repayment options. Spreading the cost can make bigger items more affordable, opening your doors to a bigger market. Besides, the incurred interest can increase takings.

Q. Is the company up to date?

Digital business is a fierce playground, and it is constantly evolving. As well as changing trends, you also need to stay in touch with the latest interactions and developments. Otherwise, you could be left behind in the dark.

In recent times, Apps and mobile optimization have become vital. This is due to the growing influence that handheld devices have on the digital market. Meanwhile, you need to learn from the best marketing campaigns to see how social media and videos can be implemented. Consumers want to be wowed by the latest and greatest ideas.

Quite frankly, your plan from five years ago might not work any longer. So if your struggles have seemingly appeared overnight, you may have simply become outdated. Embrace the newest strategies, and you’ll be back on track in no time.

About Business Woman Media

Our women don’t want to settle for anything but the best. They understand that success is a journey involving personal growth, savvy optimism and the tenacity to be the best. We believe in pragmatism, having fun, hard-work and sharing inspiration. LinkedIn

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