KALASANSKRUTI EDUCATION TRAINING AND CONSULTANCY PRIVATE LIMITED

In their own words

Proper planning is the key for startups to get their businesses off the ground. In this technological landscape, writing a formal business plan based on a vague requirement of some institution is suicidal. Due to poor planning, many businesses fail in the very first year because they do not effectively factor in challenges and pitfalls. Even if the startups have innovative ideas and ambitions, but their business plans lack perspective, they are doomed to fail or they have to continuously devise and change them. Solution Before launching the business, it is important for startups to carry out a thorough research by investigating from suppliers to taxes to competitor prices. This approach is the bedrock for a successful business, which needs to be viewed in holistic way so that vision for the product is aligned with the identified target audience. Writing effective SBA business plan helps startups to define what their business is, the market it serves, how it will conduct operations, and the money it will make and spend. Lack Of Proper Marketing Strategy It is always a challenge for startups to figure out best ways to market their products or services. The fact that small businesses need to maximize their return on investment with efficient and result oriented targeted marketing also makes them vulnerable in terms of trust they have develop vis-à-vis customers. Without putting a comprehensive marketing strategy in place, companies’ profits take a steep plunge. Today’s digital technology has opened a broad spectrum of avenues for marketing in the form of electronic, print, online, mobile, and video advertising. Startups more than ever need to be adept at creating innovative marketing plans, placing advertisements, and letting people know the worth of their products or services. To put it simply, a good marketing strategy has vision, mission, and business goals. It should be able to explain the position and role of a business’s products or services in the market. Proper marketing strategy fundamentally entails efficiency with which customers are approached and encouraged their future loyalty towards the product or service. Technology giant Apple Inc. is successful because of its unique marketing strategy that makes its products user friendly and highly intuitive. Steve Jobs had the vision that people will not use Apple’s products, they will experience them. Due to the lack of a proper team, any business will suffer immensely. Lack of commitment aggravates frustration in the organization which quickly escalates into an open conflict. If the team members start making under commitments due to the fear of being responsible or blamed for failure, businesses will never achieve their goals.

Written by the company on its public Startup India profile. Not verified by us.

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