Seven Avoidable Reasons For Small Business Failure!
(Take Care Of The Business And The Business Will Take Care Of You!)
So are you up for discovering seven extremely avoidable reasons for small business failure? And of course, trying to narrow down such a dynamic subject to just the following seven reasons, is just like trying to explain “why” the earth is round in under fifteen minutes! Good luck!
With that said; the following seven (rather broad) reasons, attempt partially explain, “why” your typical cash strapped small business owners (ultimately) fail!
Address These Seven Primary Issues And It May Help Prevent Small Business Failure!
Businesses ultimately fail for any number of reasons! So there is no way, this short list is meant to be, some type of “be all” in terms of explanations, for why small business owners and or service providers fail.
Instead, it’s merely a snap shot (or microcosm) of seven incredibly valid reasons why more times not not, small business owners that don’t adequately address these issues (tend) to either struggle or ultimately fail!
Introducing Seven Affordable Reasons For Small Business Failure!
Of course your small business and or service, may suffer from one or more of these symptoms and still survive! But if you suffer from all
of them (especially) at once! Your business and or service is probably toast! So let’s take a look at these seven causes, and see what you can do to make sure your business and or service isn’t a casualty because of them!
1.) Far too many first time small business owners and or service providers, have little or no previous business owner experience! And as a direct result, they simply do not initially have anywhere near all the necessary skills, in order to successfully run a small business and or service!
And their problem(s) are further extended, because the rookie business owner, also has no real clue initially, ‘how to” hire the right personnel!
2.) Far too many (otherwise) savvy entrepreneurs start off (sadly) grossly under capitalized! And there problems snowball from there! Their sales projections dip and because they were under capitalized to begin with, problems quickly compound!
3.) Believe it or not. Far too many first time “no prior” experience possessed entrepreneurs, simply can’t adequately read your basic balance sheet.And can’t configure a proper cash flow analysis! Enough said.
4.) Lack of consistent strategic planning! Too many wannabe entrepreneurs aren’t willing to invest the all the necessary time, energy and money to really make a go of it, on or offline! Case in point; far too many (so called) online marketers, even with their state of the art WordPress blog! Far too many of them aren’t blogging consistently enough for any major search engines to notice!
The average blogger (that’s) profit based, blogs on average, about three times per month! What? “how” they heck do you expect to build any type consistent traffic, with that type of inconsistency!
5.) Far too many cash strapped small business owners and or service providers, systematically step over the dollars to pick up the nickel and dimes! Case in point: tons of small business owners and service providers already have lists of ex or inactive customers and or clients!
And instead of strategically bending over backwards to re-activate them! instead they try in vain to create far more expensive first time customers or clients, that on average are 75-85% more expensive!
6.) Failure to address major personnel issues, such as quickly replacing consistently sub par performing assets, such as poorly performing ads and other marketing strategies! And sub par performing personnel as well!
Those poor customer service moments cost so little to correct, yet they my help to ultimately be one of the major reasons that the business owner fails!
7.) Too many otherwise smart savvy entrepreneurs (in the beginning) , simply do not have or provide adequate training for their staff!And as a direct result, the employees attempt to wing it, when instead, they need to be properly trained for the task at hand!
There you have it a nutshell! Seven basic reasons why small business failure is rampant! and remember, focus your money time and energy on the 80% which you can change, not the 20% which you cannot!
Any questions?
Please list at least two simple spin off concepts (in the comments section below) that you can apply to your business, product or service in the next 30 days or less!
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