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How to turn a difficult business into a successful business

2019-04-09 Business No comment

When you go to the doctor, he or she will not provide a solution for your symptoms without a diagnosis. Similar to businesses – large, small, start-ups or established. In order to determine the problem, we must make a diagnosis.

First of all, what does it mean to struggle? Special symptoms may be underselling, poor quality, insufficient staff, insufficient funds, and many other permutations. However, an important issue that is often overlooked is: from

Is this business feasible? from

  In fact, it's not because you decide to start a business, but because you have a market for the goods and services you offer! Have you done an appropriate market research? Have you chosen an activity that is especially suited to your talents and desires? How many plans did you make before you started?

Second, after diagnosing the problem, each problem identified must be handled objectively and objectively, and ready to change direction if necessary. The result of this process may involve closing the business to stop cash loss. It is a good idea to seek advice from a trusted and experienced person. He will tell you the truth, not just what he or she thinks you want to hear.

Sometimes it can be difficult to finalize the main purpose and strategy of the business, because financial [usually lacking] distracts you and leads you to a sub-optimal path. That's why you need patience when you start raising enough money.

I suggest that a company has considerable problems in determining its strategic path. This hesitation has led companies to struggle while burning money. Should it be used in niche markets, or should it try to gain a bigger share of market leaders? The first will generate fewer customers, higher value-added products, more customer attention and higher profits. The second is a bigger market, lower profits, more customers, fewer value-added products, more standard products, and may be less profitable.

Executives have discussed these two options endlessly and there are differences. At the same time, the business is in trouble. I asked them to consider these four questions:

  1. In which markets do you serve today?
  2. Do you serve higher value-added and mass market customers?
  3. Do you like your customers today?
  4. What is your core competitiveness?

They tried to operate in two markets and did not do well in every market, so they lost money. The customer is not satisfied and returns the product regularly. The company has not yet determined from

Core competitiveness from

 And this does not take advantage of these capabilities. Executives focus on “making money” to stop cash losses. But this method does not satisfy those who flee. Most importantly, although the problem is obvious afterwards, executives have not tried to diagnose the business. Conditions; they think this is a "cash flow problem," but it is not.

After a preliminary discussion with the owner, they realized that they needed to diagnose the situation to find out the cause of the problem. Soon, they understood their challenges; they did not serve customers. In fact, the business is not concentrated; it moves in several directions, resulting in a large amount of cash loss. Once they find the root cause of the problem, they make changes and put the company on a solid foundation.

They decided to become a niche player, focusing on serving specific customers while staying alert to market development. After a few years, they made customers happy. Today, business & profitability can continue to soar.

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