Without customers no business can get off the ground, let alone survive. Some people believe that customers arrive after the firm ‘opens its doors’. This is nonsense. You need a clear idea in advance of who your customers will be, as they are a vital component of a successful business strategy, not simply the passive recipients of new products or services.
Knowing something about your customers and what you plan to sell to them seems so elementary it is hard to believe that any potential business-person could start a business without doing so. But it is all too common, and one of the reasons many new businesses fail.
Here’s a story that illustrates the pitfalls.
CASE STUDY Tim Johnston
Tim took voluntary redundancy ...