Issa Asad Shares 4 Tips to Make Your Business Survive Hard Times
It is well known that the chances of a new start-up becoming a success are slim, and the chances of your business existing, let alone succeeding in a few years from now is unlikely. Statistically, 9 out of 10 new businesses will fail within 3 years, and unfortunately, this isn’t always down to a bad idea or from a lack of effort; the culprit is usually a lack of discipline.
“Quite often the basic principles of business are overlooked, such as knowledge of markets and company culture, as well as the amount of start-up money required,” revealed Issa Asad Florida entrepreneur and businessman. Mr. Asad is the CEO of Q Link Wireless, Hello Mobile, and Quadrant Holdings, all located in South Florida. He is also the author of 4 e-commerce and marketing e-books that can be purchased on Amazon.
Here, Issa Asad Shares 4 Tips to Make Your Business Survive Hard Times:
1. Longevity and knowing your market
Your product can’t be a flash in the pan, it needs to be able to ensure and adapt to changing markets. And to be able to adapt to markets you need to be knowledgeable about your particular niche. The process of sales is costly, so being able to target the right potential customers through market knowledge is essential for saving costs and returning a profit.
2. Defending your market share
Another problem a lot of entrepreneurs fail to account for is defending their market share once the product is established in the market. A lot of entrepreneurs will only plan for the ‘offensive’ side of entering the market like winning over competitors’ customers and establishing and expanding the market share, this is especially true if the entrepreneur is going into the business world for the first time. The proper course of action is to plan both the ‘offensive’ and ‘defensive’ side of your business venture. Have you accounted for changing business cycles and market shifts? Are you covered legally from potential lawsuits from competitors and customers alike? New businesses are vulnerable so it is vital you also account for these defensive actions.
3. Confidence and delegation
It is no secret that confidence is key to being a leader in anything, and this of course applies to business. A leader that lacks confidence suggests a product that you shouldn’t be confident in, and employees will not excel and aim for the stars if their leader isn’t confident. But the flip side to this is also knowing when to delegate tasks to experts. Knowing your skill set and expertise and when you need outside help isn’t a lack of confidence, it is confident leadership and is crucial for success.
4. Optimism, drive, and resilience
Simultaneously believing in yourself and in your team as well as having a constant drive to push forward and overcome obstacles (and there will be obstacles) is key. An often under-looked factor in why new businesses fail is the owner didn’t foresee a major obstacle, and instead of persevering and overcoming the hurdle, the owner quits. This is why both having a flexible plan and a resilient mindset is vital for business.