Introduction
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Hi my dear comrades welcome to OopiriFive blogging platform post (25). In this blog post I explore about enlist of 10 Red flags of business strategy where how to overcome those issues. Before that I want to mention the 10 points and give detailed information where how to handle it those problems.
Red Flags of business strategy
1. No clear visions
2. Chasing every trend
3. Ignoring data
4. Overlooking customer needs
5. Competing on price alone
6. No plan for scaling
7. One size fits all thinking
8. Failure to adapt
9. Underestimste competitors
10. Lack of accountability
Table of Contents
No clear visions:
Coming to The first point is No clear visions where it means if a business owner do not have a any kind of clear visions on their business it may be goes nearest to loss stage and there is no improvement in their business.
Due to these the business owner will face bankruptcy. Therefore their employees also don’t care about business because you do not have any vision on your business automatically they will also do not interest
So from my intention I want to say for every businessman must and should have clear vision their business to show improvement in market and moreover the chairman should take responsibility by giving several task challenges to their employees for the reason to incline business development.
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Chasing every trend:
Coming to second point is chasing every trend where it indicates every business owner chasing their own different ideas but going into deep understand sometimes some business owners face the problems and losses while following every random ideas because they don’t do research or checking the idea as well as analyze in market where they implement directly without doing research and they face loss stage in their business.
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Ignoring data:
The point ignoring data means the businessmen who don’t care about their business data like sales reports year by year and financial reports as well as customer reports like feedbacks, purchase data , they leads to see lose movement in their business era
Guys I think you may get question how should you speak like this but friends coming to fact matter every business need valuable data and they also need to collect different types of data from population
Example: if suppose I have a company I try maximum collecting data about inside of the company and outside of the company
Where inside of the company means collecting the data about purchase, sales, returns, payments and others. And where outside of the data means collecting the information about demographic, geographic and additionally collecting customer location details as well as steady about market.
Hence by doing these all activities I overcome the issue of ignoring data.
So my dear audience please must and should care about data don’t ignore it because every business depends on data which create huge impact to make decisions for you.
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Overlooking customer needs:
Coming to fourth point is overlooking customers need it means every customer wait for span of short time and don’t wait for long time where it indicates if businessmen keep holding their product with themselves where without giving to customer needs therefore the business face loss stage and failing of hype marketing strategy.
So my message if you give what customer needs and putting efforts to show product quality and quantity where you may see a good results in business venture.
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Competing on price alone:
Moving into 5th point competing on price alone where it means when some business owners make a decision to put low prices for customers to gain the market ather than through not seeing quality, features and brand value
Where this may leads loss stage will appear at end of the stage.
So from my suggestion friends if you start any business don’t compromise on prices because if you give lowest prices the present time market is yours but those prices cannot fulfill your profits and the rotation will get struck finally you will face decline stage in your business. So please give the price to your product based on market, margin, making cost and tax.
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No planning scaling:
The no planning scaling means when a business owner do not plan and implement new technologies or if they do not show interest on their business for further development their may be ready to face downfall in their business.
Why I am saying means if they do not maintain proper team or if they do not maintain their accounts and production units. where this represents no idea to get scale up without planning.
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One size fits all thinking:
These line indicates every business owner don’t try to do what other businessmen are doing because their vision, mission, goal everything is different which compare to you and maximum try yourself with your unique ideas with your budget.
Incase if you try what others will do where you will do it seems they will achieve their target and profit but coming to your point you may face loss and cannot survive for long lasting business.
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Failure to adapt:
Forwarding to this point failure to adapt means when the business owner do not adapt according to their present technology the business will gone and losing of customers because if you not adapt new technology, methods.
You may face struggles, problems, and issues in your business and you cannot give satisfaction to your customers. Where these may lead to fall behind the market.
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Underestimate competitors:
Coming to point is underestimating of competitors it means when the businessmen compare with their competitors in the matter of price ,quality,service and other thing like attitude, facilities almost same or presence of some difference between you and your competitor.
But coming to fact every businessmen should maintain their unique selling price as well as provide facilities, warranties, guarantees to your customers.
Because the customer is god without customer there is no business.
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Lack of accountability:
The point lack of accountability where indicating of do not taking action of responsibility on business and ignoring seeing the data which came from business and do not taking any decisions regarding about your business
It may leads to broken stage in business performance and decline in sales because without data you cant take decisions.
So from my request every person in these world who want to start the business show accountability on that
If you can’t then forget about your business. If you accountable your business will run in profitable.
