It’s a disappointing fact that (according to the Bureau of Labor Statistics) roughly 50% of all new businesses do not get to see their five anniversaries. The reasons vary: simply not having a workable business model to the lack of financial resources.
One of the most common (and preventable) causes for this inability to thrive relates to having no clear marketing strategy – which includes not understanding customers, not establishing a clear competitive point of difference, or developing and executing ongoing marketing support.
Why does this happen? Small businesses typically get their start because a person or team has a specific skill, ability, or interest. They grow making the most their personal resources, contacts, and plain hard work and perseverance.
But he skills that get most businesses started are not the same as those that are necessary to maintain growth. Disciplines like developing a marketing and financial plan do not comes naturally and many entrepreneurs assume they can get by without.
Frequently owners only start to get serious about marketing when sales start to suffer – and that is usually too late.
Professional help and resources are available. Interview this support like your would when you make any hire. Look for experience, but hire someone who projects an understanding of your issues and the ability to be part of your team.