Startups encounter many challenges. However, identifying and understanding those challenges can help to increase the chances of a startup’s success.
A recent infographic by Clarity shows that the top two struggles for entrepreneurs are slow/lost sales and unpredictable business conditions. Three priorities that startups should have are customer retention, lead nurturing and obtaining credit. With only a 5% increase in customer retention, a company’s profitability can increase by 75%. In regards to lead nurturing, 75% of businesses made only two attempts to contact a lead before the rep gave up.
Finally, it is important to note that 91% of credit denials are the result of banks’ tighter restrictions on lending, and only 17% of denials are because the loan amount was too large
This infographic illustrates the importance of startups overcoming the top three struggles.
