Adam J Clarke, the Founder and CEO of Macropay, recognizes that startups and small businesses play a vital role in the world’s broader economy and ecosystem. Many prominent enterprises started as small ideas before they bore fruits and turned into bigger and more established firms.
However, the journey going from the earlier “startup” phase of the business to the point of growth and having stable cash flow and revenue is easier said than done. Without proper experience or guidance, entrepreneurs sometimes fail to bring their visions to life. Despite these, those who still persevere may see the light at the end of the tunnel.
Empathizing with the struggles of small businesses, Clarke shared his knowledge and beliefs on how entrepreneurs can save projects that are failing. The Macropay CEO highlighted several steps to take when dealing with failure and moving towards success.
If your business is struggling, then you’ve come to the right place. This article provides insights from Clarke and what he learned from his journey when he founded Macropay in 2013 and grew the startup into a very successful fintech firm. Without further ado, here are some tips on how to save a failing project from Adam J Clarke.
Identify the Causes of Failure
While this seems like an obvious step, many fail to understand that this is a vital part of recovery. Without the insights needed to move forward, business owners will not be able to find solutions to their problems.
According to Adam J Clarke of Macropay, “if you’re leading a business, chances are that you’ve already tried to evaluate things on your own many times. My suggestion would be to try consulting fresh eyes.” By getting insights from other practitioners who may have gone through the same struggles, you may find the solutions that you’ve been trying to locate.
Don’t Be Afraid to Revise Your Plans
Clarke also highlighted the importance of two things which are identifying the target market and monitoring the trends within the market and adjusting your strategy as you go.
Understand your market and customers
You must carefully consider your ideal target consumer. According to Clarke, thoroughly researching your customer can have a large impact on the success of your business. By knowing who your target is, you can build products or execute marketing strategies based on their needs.
Monitor market trends and move accordingly
Clarke also noted that it’s very important to get a feel of the market and constantly be on the move. He said that “by being aware of market trends, you can easily anticipate any changes in the market and in the behaviour of your consumers.”
Innovate and Integrate New Technologies
Lastly, the Macropay Founder & CEO highlighted the importance of integrating new technologies such as alternative payment methods (APM) for businesses. Clarke noted that “alternative payment methods are critical.” Integrating an APM greatly enhances the experience of users to the point of saving a failing business.
Adam J Clarke of Macropay also pulls focus to the offerings of his successful enterprise. “Our technology grants you access to various APMs and open banking. Businesses can manage all of their accounts under Macropay’s all-in-one dashboard,” he said.