How To Ensure Your Startup’s Survival
You are just getting started with the plans to build your business into the next big thing. The enthusiasm with which every startup commences is palpable. Every founder has a solution they plan to offer the world to fix a want or a need somewhere. With that said, it is important to note the statistics on startups can be bleak. Statistics report as many as 90 percent of them failing in their first year of operation. With numbers like that, it is critical you have a great business plan, marketing strategy and adequate cash so that your business will be one that thrives and soars!
No one but you will be responsible for the success of your business. It important you know that going in. You will have to work longer and harder than you ever have before to make a go of it. But when you do, imagine how wonderful your success will feel.
One of the biggest hurdles to starting a new business can be start up capital. Not only will you need start up cash, but you will also need adequate working capital along the way. There might be some decisions that call for instant cash (like large orders) or emergency cash if a piece of equipment breaks down. Let’s hope you get an urgent need to fill an order that could potentially land your business a solid, long-term contract. If you don’t have the money at hand, the potential to miss out is high. One suggestion might be to take out a quick cash loan to help you fulfill the order.
How You Can Stay Ahead of Competition
Brand loyalty is a major determinant for how your company will survive. Around 83 percent of customers say that their trust for a brand is what keeps them loyal. So how can you establish trust and loyalty with your customers?
Quick Responses To Consumers
Present day consumers don’t have the patience to wait for you. They only give you minutes before they dismiss you for lack of response – on social media for example. They are only too happy to move on to your competition who is only too willing to shower them with attention. Just a few bad mentions on social media can place you on a downward trend that is difficult to rectify. So be sure your site is running well, you are answering customers quickly, responding on social media and overall running your business well.
Few things irk customers as much as not having a product when they want it. If you are going to grow your brand, you need to be stocked up at all times. No one will give your site a third chance if they visit twice and find that your best sellers are out of stock. Your suppliers should be reliable and able to fill your orders. Remember, if cash is your problem, quick cash loans do not require any form of security and they make decent amounts of money available to you at short notice. So when your credit cards or business lines won’t cut it, check out quick cash loans. There is never an excuse for running out of inventory.
Customers will shop online and expect delivery within the timeline agreed upon. Best practice dictates that you deliver the goods within that time or communicate if there are glitches likely to hinder you from fulfilling your end of the bargain. When you go quiet and fail to get the goods in the agreed time, you could lose a valuable client and you don’t want that.
When your brand earns customer loyalty, your customers will be faithful to you for a long time. Your reputation at the beginning can determine your future. To build a strong brand, begin with a smart plan, good business procedures and access to capital…any way you can get it.