Your Business Has Failed

What to do next?

Aug 22, 2024

Hi guys! Did you guys sell a blush yet? 👀 Y’all showered yesterday’s piece with so much love that we suspect that we may have built your expectations a lil too much. So, just to make you aware of the dark side of business, we’ve come up with today’s edition.

But let’s start with a positive act:

📌 Today, make it a point to give three genuine compliments to different people—whether it’s a friend, colleague, or even a stranger.

It could be as simple as “You have a great smile” or “You’re doing an awesome job.” Not only will you brighten someone else’s day, but you’ll also feel more positive and connected. 🌈

Now let’s get started…

🎯 Top Headlines of the Day

Paytm shares surge over 5%
The PVR Inox promoters have offloaded a 0.33% stake in the company via open market
The Indian Renewable Energy Development Agency (IREDA) share price opened today with an upward gap at ₹246 per share

📊 Market Pulse

If you’re in the mood for investing today, here are some stocks that you should consider:

However, you should also keep a tab on the stocks that are falling today:

⚠️ Hold UP

Bharat.Inc believes that growth comes from support. So, here’s an open call to all the business owners to get themselves featured RIGHT HERE!

Sounds interesting? Then you ought to see what we have in stock for you ✨

Fill up the form below, and we will get in touch with you in no time!

Click Here

What if You Fail?

Running a business is tough, and let’s be honest—sometimes, even with all the planning in the world, things don’t pan out. If you feel like your business is heading south, don’t panic. Acting quickly and strategically can make all the difference. Here’s a straightforward guide to help you navigate through tough times and get back on track.

📌 Introduce a Micro-Niche Offering

If your current offerings aren’t hitting the mark, it might be time to think smaller—like, really small. Introducing a micro-niche offering could be the game-changer you need. By honing in on a super-specific customer segment or solving a unique problem, you can carve out a space in the market with way less competition. Plus, a smaller, dedicated audience that values your expertise often translates to higher profit margins.

And the best part? Your marketing gets laser-focused, making it easier to craft messaging that truly speaks to this niche crowd, leading to stronger engagement and brand loyalty.

📌 Leverage Unused Assets or Skills

Ever thought about tapping into those hidden gems lying around your business? You might have unused inventory, extra office space, or even some specialized skills within your team just waiting to be put to good use.

Here's a fun idea: how about renting out that vacant office space, selling off or leasing surplus inventory, or turning your team's expertise into a consulting gig or training sessions? Not only will this breathe new life into your assets, but it can also open up fresh revenue streams and help keep your cash flow steady, especially when times get tough.

📌 Implement a “Customer Co-Creation” Strategy

Why not invite your customers to be part of your product's journey from the start? Set up channels where they can share their feedback, join brainstorming sessions, or help shape new features. This way, you’re not just building something they’ll love, but you’re also making them a crucial part of the process.

It’s a win-win: you get insights that help avoid missteps and create something that truly resonates while they feel more connected to what you’re offering.

📌 Focus on Customer Retention over Acquisition

Let’s talk about customer acquisition—it can be pricey, right? Instead of pouring all your resources into finding new customers, why not shift the focus to keeping the ones you’ve already got? Think loyalty programs, personalized offers, and those sweet subscription discounts. Your current customers already know and love your brand, so they’re more likely to stick around and buy more if you keep giving them reasons to.

📌 Create a “Loss Leader” Strategy

Thinking about drawing in more customers? Consider offering your flagship product or service at a break-even price—or even at a loss! This tactic called the “loss leader” approach, is all about luring in a crowd with an irresistible initial deal. Once you’ve got them through the door, you can upsell or cross-sell other products or services that bring in more profit. It’s a win-win: you boost your customer base and set yourself up for better earnings with those follow-up sales.

📌 Embrace Lean Startup Principles

Even if your business is already up and running, trying out lean startup methods can really shake things up for the better. Take Dropbox, for instance. Back when they were just starting out, they created a simple video to gauge interest in their idea before going all in on building the product. It was like a sneak peek that helped them see if there was real demand without throwing a lot of money at it.

Starbucks does something similar. They’ll test out new products or store concepts on a smaller scale first. It’s like they’re dipping their toes in the water to see how customers react before going big.

That’s it for today, folks! We will be back again tomorrow with more valuable insights about ‘Bharat in Business.’ Till then, stay informed, and don’t lose faith!

Bharat.Inc