The target market can be considered as the people who are actually showing the interest to buy your product or service but not all of them will surely gonna buy it. It's as simple that the industry you might be targeted but not all the customers will purchase the product or service.
This will lead to the failure of any business. When you are starting a business, you must be knowing for whom you are starting it. The audience you are supposed to sell the product or service is something to be known first before starting any business. To avoid failures, the market fit or product or service must need some strong research.
A limited amount of people are more loyal to the business instead of mass and ok customers. Limited people are more like the successor of the business and spreading more positivity by understanding the value that your business product or service is providing to them. A large number of customers are not loyal in many cases and not understanding the vision and value that you are adding to their business.
Before starting any business either be it a service or product, the Target market understanding is a must. It can be done in multiple ways and one of the best ways is to conduct the surveys with very specific questions that help you to understand the innovation and product planning for the launch to the customers.
The employee on-boarding and engagement with them. When the new person joins the company they feel a bit different due to the cultural gap and changes. Before letting employees work on something, you first need to make sure that they are aware and get comfortable with the company culture. once they understand the process and culture it won't be difficult for them to adapt.
Setting up the right onboarding process. They first need to make every new employee engage with previous/old employees and try to understand the company culture. They need to get comfortable before they actually start working on the project for any of the clients.
The onboarding program helps the new employee to understand the company process, culture, and the various set of rules of the new company they joined. it builds more trust and gives transparency to the employee-employer relationship and leads for the longer employee retention and loyalty.
9.5 - We are having a process set where the new employee is much open to communicate with any of the team members and can freely raise the hand in case if that person feels any issue with the company or the process.
A new employee in the company is just like a new baby entering a different world. But a bit mature and having some great understanding of how to work in corporate culture. Giving some time to understand the company culture and process makes the best employee for the longer time period.
Delegation is very much important for Entrepreneurs to set the right priority for the tasks. If the time management is not done well then one will mess-up with the actual deliverable. Time delegation is something taught entrepreneurs to understand the value of time and deliverable by setting up right expectations.
Delegation of the important tasks to someone. finance and decision making is the big thing which you can not delegate to others. Melinda has made this mistake and now the company is running out of finance.
Decision-making tasks can not be delegated to anyone. yes, at the point you need to share the tasks or outsource the repetitive tasks. But when it comes to take decisions for the company, you become the person to take ownership and make the right decisions.
Obviously, some uncertain situations might come again in near future. Upskilling during the tough times is the greatest asset you can build during pandemic times. People might get laid off, but if you are skilled enough, you can definitely survive any pandemic and add more value to any business.
No knowledge and vision of the future. people generally do not adapt to the change because they are not much visionary to take action and see the future. Staying to narrow minded and not letting other ideas to execute and listen to others advise what all changes can be made to future
Yes, Being a company-startup owner. I know what all things are there to take care of. Failure is the best teacher to anyone for learn and adapt the new things but calculated risks help much more while progressing further.
Cost-cutting obviously depends on the business to business. Office spaces are not necessary, but the internet is. It's just a matter and nature of the business to understand where we can actually do a cost cutting.