What are the factors that make a business last long?

 

On factor is a failure to deliver the expectation of the base customers due to inferiority of the products. This dissatisfaction of the customers will lead to poor sales revenue and if this will be sustain over long period of time, business will not last long.

Also, the failure to innovate the products or service will lead to loss of competitive advantage against your competitors in business. Thew goal of business is to make the customers loyal to the products. However, loyalty is receding if the customers are not getting the value of their consumed products as a result of non-innovative measure of the company to further improve its products or service.

Thirdly, it is the mismanagement of the business organization when the higher leadership failed to motivate the employees to become more productive, efficient, effective and loyal to the company due to corruption, fraud and other bad practices in the business.

Another manifestation of mismanagement is a failure to forecast or anticipate the possible financial and marketing issues as a result of being complacent with the status quo.

Fourthly, failure to retain the integrity of the business or trade name due to bad practices and publicity. This may drive the potential and existing customers away from patronage of the business due to lack of trust and confidence.

Step-by-step explanation

On factor is a failure to deliver the expectation of the base customers due to inferiority of the products. This dissatisfaction of the customers will lead to poor sales revenue and if this will be sustain over long period of time, business will not last long.

Also, the failure to innovate the products or service will lead to loss of competitive advantage against your competitors in business. Thew goal of business is to make the customers loyal to the products. However, loyalty is receding if the customers are not getting the value of their consumed products as a result of non-innovative measure of the company to further improve its products or service.

Thirdly, it is the mismanagement of the business organization when the higher leadership failed to motivate the employees to become more productive, efficient, effective and loyal to the company due to corruption, fraud and other bad practices in the business.

Another manifestation of mismanagement is a failure to forecast or anticipate the possible financial and marketing issues as a result of being complacent with the status quo.

Fourthly, failure to retain the integrity of the business or trade name due to bad practices and publicity. This may drive the potential and existing customers away from patronage of the business due to lack of trust and confidence.

Further, lack of after-sales services and public relation will make the business less iin patronage as this dissatisfied customers may give negative feedback to another people about the poor service of the company.