Manage cash flow wisely
Knowing when to spend and when to save is both an art and science. A lot of businesses when faced with cash flow problems tend to cut their marketing budget, which could be one of the worst decision ever made. If you cut the channel to bring in more sales, how do you expect to get more cash flows? What needs to be done is a detailed analysis on the Return on Investment (ROI) on their existing marketing efforts to determine which is effective and which is not. I have also seen businesses investing too much on fixed assets such as offices and renovations.
Gather feedback and take right actions
I hardly heard of businesses that take off right away so successfully before they actually do some “soul-searching”. Many a time, businesses will be dealt with less desirable results and more challenges than expected. That’s normal. To become successful, the team needs to be willing to adjust and adapt along the way.
Know your target market
While this sounds like “Business 101” or “Marketing 101”, it is and will always remain the key reason for a successful business. If you do not have a defined target market, you could know customise your products or products experience to the people most likely to buy from you. I have seen a lot of businesses getting on the right track but soon they lose their focus, mainly because of “survival”, which leads us to the next point.