Posted on by Selva

Reasons for Failure

Be it a world-changing start-up idea or opening Small and Medium-sized Enterprises (SME), you will undoubtedly come across the inevitable thought of failure. Starting a new business can be scary. If you’re not worried, you should be! According to statistics, about 20% of companies fail in the first year, and only about 33% cross the ten year goal. It’s a stark reality, and many individuals even end up losing their livelihood. You might craft robust ideas only to end up seeing them fail because you didn’t expect the most obvious pitfall. Now against this backdrop, it is evident that there would be a lot of apprehension and concern by entrepreneurs, and what can you do to avoid becoming a part of this negative statistic.

Many entrepreneurs come up, blaming the lack of funding to be the primary reason why small businesses die in no time. That is true, many companies do shut down because they don’t have any money left. But that is a consequence of something else. The nub of the problem is when small enterprises move to the expansion stage; there is not enough money to support the infrastructure. Business expansion needs rigorous analysis and planning. You can’t just dive into the vast ocean thronged with fierce competition without a robust support system.

Failure Autopsy Of Small Businesses

Failure Autopsy

It is imperative to figure out the under-the-hood problems that accumulate to obstruct the cash flow and eventually lead to failure. The cold statistics are not to discourage entrepreneurs, but to provide you with a dose of reality, so you work smarter instead of working harder. You might want to have a look at some of the reasons for failure:

  • Poor Inventory – SMEs often lose track of the cash flow due to poor inventory management leading to an inventory shortage and disappointed customers. This proves to be an expensive problem, eventually shrinking the profits.
  • Financial Disconnect – In most scenarios, the owner of the SME isn’t aware of the daily expenses and revenue generated. This leads to poor planning and even turns out to be disastrous.
  • Insufficient Marketing – Businesses usually fail to allocate sufficient funding for the marketing of their product. Sales and marketing are the engines of any business, so it is crucial to emphasize marketing.
  • Improper Management – Unorganized management reduces productivity leading to ineffective business planning. The company can incur a massive loss if the business is not monitored daily/weekly.
  • Lack of Data and Inefficient Customer Support – It is crucial to accommodate Business Intelligence even in SMEs to empower the entrepreneur to make the right decision by understanding the customers and catering to their needs. Also, a healthy customer support system or a helpdesk will build a strong relationship with the customers.

One Cloud-Based Solution For All Your Problems

One Cloud Business

It requires a lot of time and effort and costs the company a fortune to keep track of manual processing, softwares and updates needed to run a small enterprise. What if you could manage all that software under one roof? What if there is a solution to all the underlying problems of cash flow? What if there is a way to evade the inevitable failure?

Presenting to you Apptivo, the best small enterprising software that automates your entire business. Apptivo has a long history of being a trusted partner to small enterprises, and this starts with 150,000 businesses benefitting from Apptivo’s online business management software.

With small enterprises, time is of the essence. Every second and every dollar counts, so it is critical to be as efficient as possible and to use services that boost the overall growth and productivity of the company.

Revolutionize Your Business With Apptivo

Revolutionize Your Business

Apptivo emphasizes on building a plethora of customizable apps under one roof because it gives users greater control over the quality and experience. It offers a cloud business management software suite. Some of the key features of Apptivo that help SMEs are:

  • Enhance Sales – Customers should be the center of your focus, as retaining customers is the key to success. Apptivo’s Customer Relationship Management (CRM) Software will automatically capture leads from your website and convert them to Contacts, Customers, or Opportunities. CRM system helps you analyze and strategize your sales.
  • Boost Productivity – Thanks to Project Management Software, handling a project has never been easier. Managing projects can be chaotic, but Apptivo’s project management app helps you to streamline and visualize the entire process to keep track of all activities. It offers a user-friendly interface and provides easy access to files. Proper planning ensures that the project meets the expectations.
  • Cost Estimation – An Estimate helps strengthen the relationship with the client by ensuring the entire cost of the project is detailed out to ensure no surprise expenses. It is a quote management software that helps you in choosing the projects that will be beneficial by breaking down all the costs required at each stage.
  • Faster Payment – Keeping track of bills can be a tedious task. Online Invoicing Software solves this problem by creating a professional online template for billing. This billing software cuts down all the manual work and replaces all the spreadsheets and paperwork. It enables you to send reminders and easily keep track of cash flow from anywhere.
  • Easy MarketingEmail Marketing Campaign is the best way to reach customers and leads. Apptivo provides you with an email marketing strategy and templates that are perfectly designed for the campaign.
  • Healthy Customer Support – Hand the marketing tools in the customers’ hands and watch them bring new people into the franchise through credible recommendations. Apptivo’s Help Desk offers a platform to customers for providing their valuable feedback, which is crucial to improve the product quality. This ticketing system automatically converts email to a case and assigns an individual to assist the customer.
  • Track Business Spending – A customizable Expense Report Software reduces the time spent on manually handling expense claims. This budget tracker app makes it straightforward for employees and finance departments to fill out and approve expenses.

Conclusion

In today’s competitive world, entrepreneurship comes with a host of harsh challenges, and trying to keep your business profitable is hard. Apptivo is committed to providing you with the best services and software that will help your business prosper. It offers a vast horizon of apps and services to deliver incredible value to your organization.

You can handle any task using Apptivo’s applications, from sales and marketing to billing and support. It is the perfect time to migrate your manually handled small business to a cloud platform for growth and expansion. Apptivo’s team will help you deploy the complete solution from end to end and assist in migration and configuration.

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