It is not easy to start and run a small business. According to the Small Business Administration (SBA) Office of Advocacy, 80% of small businesses survive their first year of operation, but only 50% survive to the fifth.
The struggle after that is even more discouraging, as only one in every three businesses survives to the tenth year. While this may appear to be discouraging, all is not lost. In this world of cutthroat competition, a few smart moves and strategies can boost your chances of success.
The Technology Evaluation Report, or TER, is one such tool. In the following sections, we will go over what the Technology Evaluation Report is and exactly how it can help your small business succeed.
6 Reasons for Small Business Failure
A variety of factors contribute to business failure, but the following are among the most important:
1. Inadequate Business Planning
A good business plan lays out the company’s goals and objectives, as well as strategies for achieving them. It is an essential document that aids in the tracking of accomplishments and goals. A lack of clarity in a business plan is harmful to the future of the company.
2. Inadequate Financial Resources
A lack of funding to sustain a business is a major reason for it to fail. Aside from the ability to acquire capital, the ability to manage it is also required. It is critical to strike a balance between revenue and overheads. Mismanagement of finances can prove disastrous for any entrepreneurial venture.
3. Indifference to customer
When running a business, keep in mind that the customer is king. It is critical to stay current on trends in addition to customer preferences. Feedback, surveys, and competition monitoring are some methods for keeping in touch with the audience. A company’s inability to understand and meet the needs of its customers can spell disaster.
4. Ineffective marketing
A consistent source of revenue is essential for a business to thrive. This means a steady stream of customers purchasing your service or product. Marketing is the most important tool for attracting new customers and retaining existing ones. A strong marketing campaign caters to your intended audience and aids in brand building. Businesses that do not have a marketing strategy rarely survive the competition.
5. Inaccurate Pricing
Companies frequently price their products lower than the market rate in order to attract customers. However, this strategy frequently fails in the long run, resulting in the closure of the business. It is critical to price the product so that the costs invested in it are recovered.
6. Inability to Adapt
Unforeseen events can occur at any time during a company’s existence. While unfortunate, these hurdles truly put any business to the test. Innovative thinking and an openness to change are required to face any challenges.
The Significance of a Technology Evaluation Report
A Technology Evaluation Report is essential for determining the impact and value of a technology. It is a useful tool for small businesses, patent attorneys, and inventors because it informs them about a technology’s current and future potential. A Technology Evaluation Report includes the following components:
The summary starts with a brief introduction to the entire document. This section discusses the invention’s goal, competitors, and a brief assessment of the technology.
A thorough analysis of the technology can be found in the description. It is also accompanied by information about the technology’s background or general category.
The advantages that the technology has over existing techniques are discussed in detail here. This is an important section because it emphasizes the technology’s unique selling point and makes it appealing to investors.
4. Market Input
Any technology must be evaluated for practical applicability and market need before it can be considered an asset. This section deals with both narrow and broad research into market conditions for new and existing markets. To get an idea of market potential, a thorough investigation is conducted into companies that work in the same domain, patents filed, and so on.
This section investigates and lists the possible applications for the invented technology.
Any new technology must overcome the barrier of existing intellectual property. A TER report checks to see if a patent for the intended technology already exists. This is especially important if the company intends to introduce new technology to the market. Another barrier that businesses may face is technical difficulties. A Business Evaluation Report addresses both of these risks.
XLSCOUT has Novelty Checker tool where you can simply input a brief info related to your technology area and within few minutes it provides you a list of relevant prior art, along with a detailed Novelty Report. XLSCOUT put the use of reinforcement learning to its AI-based Novelty Checker tool to get quality prior art search/patentability search reports in just 10 minutes.
A Business Evaluation Report’s responsibility extends beyond simply identifying strengths and weaknesses. It also includes suggestions for overcoming any difficulties as well as a strategy to follow. A TER is an excellent reference source when getting ready for an investor pitch or a presentation elaborating on your business because of the detailed insight it provides.
The value of TER in identifying the right market, gauging competition, saving money, and making a company aware of its own strengths and weaknesses cannot be overstated. It is an outstanding guiding document that advises the company about the dos and don’ts for improved performance. As a result, a Technology Evaluation Report is a true indicator of a reliable and stable business.