Entrepreneur and business expert Jose Duarte discusses some of the top reasons why eCommerce businesses fail earlier on in their existence.
San José, Costa Rica – WEBWIRE – Sunday, March 20, 2022
Companies who dont plan are more likely to experience low productivity, low profitability and economic losses. Planning puts your company in a position to lead and be a leader. Not planning will put you on the other side of the scale.
It is well-known that facing the challenges that can hinder a companys growth is not an easy task. However, this should not be something that is put off. Numerous studies have shown that SMEs are at high risk of dying in many countries. Jose Duarte, a successful entrepreneur and business expert from Costa Rica, discusses in detail the challenges that hinder the growth of a business so entrepreneurs can take the appropriate steps and cope better.
Statistics show that 80% of SMEs fail within five years, and 90% fail to reach ten years. This is alarming data, and it can be a cause of concern for anyone who wants to start their own business.
Lack of planning is the first challenge in business. Companies often work in a hurry and dont have a plan. This makes it hard to reach your growth goals. The company leader must place importance on the strategic planning process. The companys managers are responsible for defining the companys vision, mission, organization culture, action plans and business objectives.
Duarte explains, Companies who dont plan are more likely to experience low productivity, low profitability and economic losses. Planning puts your company in a position to lead and be a leader. Not planning will put you on the other side of the scale.
Another problem that can hinder business growth is the inability to have a solid marketing plan. Duarte refers to a good plan as one that is focused on the customer and accomplishes business goals. Marketing plays an important role in business strategy because they execute processes and take actions that generate leads for sales.
Duarte adds, The marketing plan is crucial for companies who want to monetize their sales of products or services. It gives us a clear vision of what we really want, how we want it to be done, and when we want it to happen.
A marketing plan can make a big difference. It will help you understand the strategy and give you direction for your business.
The lack of a sales plan means that the company cant generate the revenue it needs to finance its operations and strategies. A lack of financial resources can hinder a companys ability to invest in its growth.
If you want to grow, then you must increase your revenues. This means investing more and forcing companies to take out loans from banks. When allocating resources, it is important to prioritize the goals and strategies that will grow the company. We should not stick to a budget that limits its growth.
A key challenge to business growth is the creation of strategies that attract, retain, and sell customers while still being profitable. This is how a company can continue to grow.
Duarte found that many companies still use old-fashioned strategies to attract customers. Cold calling, visiting companies and sending out mailings with portfolios to them, as well as handing out business cards are all examples of old-fashioned strategies. The sales goal is not achieved; salespeople feel frustrated, they have high turnover, annoyed prospects, and low sales productivity.
Many companies dont have a sales strategy with clearly defined goals and objectives, just like the marketing plan. The sales plan will help the company grow in a sustainable, safe manner. Rodriguez promises that sales planning will allow us to support the growth of the company in terms of revenues, understand our customers needs and set realistic goals for the sales team.
Technology plays an important role in the growth and development of companies today. It is used for marketing, sales, customer services, operations, and many other processes. These are the key steps for companies to move into the digital age.
Refusing to change and refusing to enter the digital age will only lead to more problems and challenges for the company. In the near future, it will join the ranks of those companies that are unable or unwillingly adapting to the Internet age.
About Jose Daniel Duarte
Jose Duarte is originally from Heredia, Costa Rica. He has been an entrepreneur and business owner for more than 20 years, and divides his time between his existing operations and researching new possibilities in which to invest. When hes not dedicating time to his businesses, he spends time with his supporting wife and two children.