Top Key Questions For Entrepreneurs To Be Asked When Small Businesses Fail 5/5 (1)

Most new small businesses fail which is more than seventy percent before the second year completes in their business journey as per study.

Why most businesses fail while most of the entrepreneurs start their business with great enthusiasm, inspiration and infusing funds?

You usually hear that these new businesses do not have proper vision, mission, goals or sufficient funds to operate the business as a going concern. These are very important to consider while there are few key things like understanding your key customers, their unique requirements, product or service differentiation, loyalty to customers usually lack in the new businesses.

Most businesses do not know the meaning of customer serving with empathy.

You need to understand that human being evolved to this current state through helping or serving others. Cooperation within us as a species helping us to be existent and evolve progressively through learning, adaptation and best selection.

Most businesses do not have a proper blueprint of a business model to understand their current scenarios from 360 degrees, how they will be serving customers, their competitors, suppliers, crowd-sourcing strategy, performance management system, Plan B, offering or a culture.

Why you do not observe above things which are subtle cues determines your success? You focus your situation from a competitive situation, trying to be excellent in all areas, denying current realities and take decision more counter-intuitive way.

Most of the business owners’ biggest obstacle is their psychology to understand and change.

Great service is not about being excellent in all areas of businesses rather to be scalable, profitable, agile and sustainable. Entrepreneurs need to look at management systems of employees and customers, appropriate funding mechanism along with service offering in an excellent way.

Business owners as a leader to be present in the business to make lasting impact where employees and customers think win-win situation. As per Frances Frei and Anne Morriss in their book ‘Uncommon Service’ mentioned service excellence is the multiplication of design and culture.

Service Excellence = Design X Culture

A strong culture can waste your all excellent service potential through a bad design and vice versa. Therefore, be mindful of your business design how are you modelling and what kind of culture you are looking to bring on board.

When you are doing your recruitment, ask few questions to yourself like

What kind of talent acquisition strategy you are actually aiming for your business?

What are our expectations out of your each employee for our business success?

Are you giving them enough independence, training, motivation, goals and challenges to thrive?

Are you looking for most expensive candidates with high level of attitude and aptitude or less expensive, less technically skilled but fun loving, challenging and  trainable who has enough charm?

While you are serving customers, as questions such as –

How are you meeting customers’ current needs or designing the business model to meet the expectation effectively with the service you do very well?

How am I thinking about customer acquisition, retention and loyalty program?

How can you improve your service which can reduce operating cost?

How are you engaging your customers from the product innovation stage to buying stage?

How can you build the trust within your customers emphatically to buy from you in the future as well?

How are you helping your customers to be trained for the value proposition in your business?

How are you evolving your business model to client facing and providing excellent customer service?

How are you utilizing your business advantages?

What is your short and long term vision, also succession plan?

What are your current barriers and how you can solve them?

How your organization is thinking about the economies of scale along with economies of experience?

How are you tracking your customers in terms of their preferences, taste, pricing preferences or retention tools?

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