Managers face each day important decisions for the direction of business. Nowadays, there are tools like Multipeers that help managers take a more global and comprehensive view of the real state of the business, which has a very significant weight for more conscious decision making. However, deciding always involves risks and there are decisions that can lead a company to go bankrupt. In today’s article, we cover the 7 decisions that can compromise the survival of a business.
Going for a new investment without analyzing the market
If you want to start a business or if you want to invest in a new product or market, it is mandatory to study the market, its needs and characteristics. A bad investment can ruin a business. When a company invests in a new area, it tends to use its monetary and time investments into this area, eventually neglecting other sectors of the business. If this bet is not successful, it may jeopardize the viability of the business. A thorough and detailed analysis should be done before moving on to new projects.
Do not listen to the customer
The customer is very important to the success of a business. Without customers, business does not make sense. Therefore, the company must take into account the needs of the customer and must be available to listen to their criticisms and suggestions. Many companies make the mistake of thinking that the sale concludes at the time of purchase. The truth is that after-sales service is very important (more and more!). And the customer likes to feel accompanied even after the purchase.
Do not invest in marketing
Marketing tools are essential for every business that wants to stand out in the market. With the evolution of digital marketing, it is increasingly important that companies invest in marketing actions that capture the attention of potential customers. Nowadays, a company that does not exist online is almost as if it did not really exist. That is why marketing should be viewed as a strategic business vector.
Lack of planning
Many companies do not plan their actions and prefer to go on acting as situations arise. This is a decision that can seriously compromise business success. Companies should plan in the short and long term and should have alternative plans if the chosen strategy doesn’ work. Having a good planning is to avoid unpleasant surprises and is to always be prepared for unexpected situations.
Fail to keep up with market changes
Even companies that have been in the market for many years should always be attentive to market trends. Over the years, consumers’ behaviors and habits change, and businesses must be prepared to change with them. The company must adapt its product/service to the needs that the market is presenting because only in this way will it be able to stay in the “fight”.
Do not invest in the right tools
Often companies don’t want to invest in management tools because of their price but end up paying a higher price because of the lack of information and the clutter that sets in the business. Many tools mean greater efficiency and market knowledge, which brings innumerable advantages to the company. A solution that is increasingly needed and used in companies is Multipeers, which allows you to analyze your business in real time through a dashboard that aggregates all information from the various sources of data that exist in the company.
Do not innovate
Innovation should be seen as a strategic tool in companies. A company that has been stagnant for years has nothing new to offer the public. In a time when business competition is so “tight”, it is critical that companies have a person responsible for the part of the innovation, because only then will they be able to offer more value to their customers.