Most of you might have been wondering, why some of the businesses climb to the ladder of success that too in a short span of time, while some of them fail even after struggling for years! Is it mere luck or are they based in a better location? Or Something else? Well, success in a business is a result of efforts that are made at the right time and in the right manner. Likewise, if we talk about the mobile communication giant, Nokia, which was once listed among the top mobile phone manufacturers, failed to hold its dominance for long, due to lack of innovation, poor market research, poor implementation, and bad framework. So, what could it have done for standing among the top brands? Well, we can say if it would have done adequate market research, coordinated with the customers in a more regular manner, and framed its products as per the user preferences, it would have been able to stay among the top-notch brands (Source: 25th European Regional Conference of the International Telecommunications Society (ITS)). Such failure stories are prevailing in every corner of the world, where businesses fail mainly due to lack of guidance, inadequate knowledge about which technology is meant for them, and poor customer service.
Taking this discussion further, here we will talk about the five major reasons why startups fail to succeed and learn about the ways how it can restore their profits and stay ahead of similar players.
What is a Start-up?
Before we talk about the reasons why startups fail, let’s know what do we mean by a start-up and what differentiates it from a big fat organization! Well, A fresh plan, a new concept, and a new strategy are all that define the basic layout of a startup. Besides, spurring innovation and providing more employment options, a start-up is influential in injecting a healthy competition. Fresh entrepreneurs can bring fresh new ideas to the table, stir it with technology, and get a fresh new product or service for mankind.
What are the Major Reasons Why Startups Fails?
Poor Market Research
During the initial stages of setting up a business, it’s very important to do adequate research and analyze the issues that are faced by the targeted customers and understand their preferences. Some of the businesses generally fail due to poor or inadequate market research, which affects them severely in later stages. It is thereby advised to consult an expert, who can guide with the technology that is trending and more likely to benefit the business.
Poor Customer Service
Among all the possible reasons, poor customer service and an inadequate feedback revert cycle are some of the possible reasons behind the failure of a startup. It affects the B2C relationship and leads to poor customer engagement.
Lack of Technology Assistance
Next, it is important to choose the right technology platform and implement it in the right manner to succeed in the proposed business. For this, one can seek technical assistance from the technology consulting companies like Pixel Softwares, which offers a wide range of services, besides IT consulting to help the businesses grow. To name a few, it offers Website development services, Mobile app development services, custom software development services, Digital Marketing Services, AR App Development services, and many more.
Lack of Testing and Monitoring
Most of the startups fail due to inadequate testing, which leads to application failure, poor user experience, and frequent errors. It is thereby always advised to hire a reliable software development company, that could help with application development and testing in the best manner. Likewise, if one is looking for some of the best application testing companies in Singapore, then, there are a couple of them, that can assist you with it.
Inadequate Promotion and Marketing
Now, it is important to understand that it does not matter what are your business offerings or how big is your business! If the people are not aware of it, then, you might face poor market sales, and thereby, it is important to conduct a proper business promotion. Likewise, if any of the startups have been looking for a digital marketing company in Singapore, then there are some of the Best Digital Marketing Services Provider, who offers a wide range of digital marketing services like social media marketing, SEO services, Pay-Per-Click advertising and many more.
How seeking IT assistance can help a Startup Grow?
With significant growth in the startup culture, startups across different domains have turned up their pace to become a big-fat organization and the fresh entrepreneurs have started adapting to the newer and innovative concepts to bring their business to the next level. But, it is altogether not possible to grow, without seeking valuable guidance from the leading experts. Taking this into consideration, let’s talk about the role of IT assistance in the growth of these startups.
Human Resources Management
No doubt, a good human resource can turn up a business from 0 to 1. But, when it comes to monitoring employees’ performance, preparing progress reports, tracking employee productivity, then, it may be, one of the most difficult things! Considering that there are some of the best software development companies in Singapore, that can simplify human resource management with their feature-loaded HRMS system, which is worth considering. It can further, assist the hiring department to manage all HR policies and track of productivity of the entire organization.
Finance and Accounting
Beyond the HR policies, startups find it quite difficult to manage their finances intelligently. Likewise, they look for an application that is intelligent, detects frauds, flags inappropriate transactions and in this frame, they can seek guidance from Artificial intelligence companies. Further for those, who have been searching out for Artificial intelligence companies in Singapore, then there are a couple of them to choose from.
Production and Manufacturing
For manufacturing-based startups, managing manufacturing processes, tracking progress, managing inventories, scheduling tasks, and others is quite challenging and in regards to it, software development companies can help them manage it all in the best possible way. Likewise, for those who have been looking for ERP solutions in Singapore or Software Development Services, then, there are some of the great software companies to help out.
Data Security and Privacy
For a business to be successful, it is important to implement the right security protocol and use the right technology to keep the client data safe and secure. Especially, for the startups, data security is one of the most important areas to focus and to assist with that there are some of the best data security service providers to choose from.
Business Promotion and Marketing
If we talk about the present scenario, customers look for something that excites them and something that connects them to the deepest levels. Likewise, advertisements and marketing campaigns that lack innovation always remain among those that are ruled out first. However, AR-based applications are very useful in this frame that helps the customers to connect with the advertisement at the deepest level. So, if you have started your fresh venture and want it to reach more people, then, you need to seek assistance from the Augmented Reality App development company. Further, if you have been looking for an Augmented reality Developer in Singapore, then there are some of the best developers to work with!
For the startups that have come up with a fresh idea and are facing difficulty in managing their business operations, it’s advisable to seek expert’s guidance from time-to-time. Further for those, who have been struggling with poor market sales, poor customer engagement, inefficient processes, and those who are confused regarding which technology is ideal for them, an IT expert can assist with it, in the best way possible. Book your free consultation with the leading IT company in Singapore, Pixel Softwares, and rest assured with the success of your startups.