Check this out - Why your Business keeps Failing

Experiencing failure in a business isn't something you would ever want to think about when you put up a business. But if you really want your business to grow and flourish, there is every reason for you to know and avoid the common reasons why most businesses fail.

Image Source

Going by the statistics from the Small Business Administration (SBA) in 2018, about one-fifth of business start-ups succumbt to failure in the first year, and about half of all employer establishment doesn't last more than five years before they fail. Only about 1/3 of them survive more than 10 years or even more. Those statistics are rather forbidding. Even though there are quite a lot of conditions that warrant a business to fail, it is observed that most companies that run out of business make similar mistakes.

I will be giving some very important points why business fail which includes the following:

• Not Knowing how to plan: There is a common saying that "Proper Preparation Prevent Poor Performance". What I am saying in essence is that when you don't plan well for your business, then there is every tendency that such business will not live up to expectation. Lack of proper planning is when you dont give a flying fuck about the value of planning and dont bother to acquire, or attempt to acquire knowledge about the study of methods used in planning. There is need for both short-term and long-term goals (plus a way to measure the achievement of your goals) to be included in a good plan. It should also contain clear benchmarks, milestones, and to-do lists.

• Not knowing how to provide leadership: The main feature of good leadership is about motivating and acting as an inspiration to peoples towards achieving a great vision. It start by maintaining good communication with them and helping them fulfil their aspirations within the organisation. The essence of leadership cannot be taken with levity hand, as it will be very difficult to make right decisions or take effective measures without them. Leadership go a long way to affect every aspect of a business, from how productive the workers can be to how operations are organised withing the organisation.

• Not knowing how to manage customers: Lack of personnel management occurs as a result of not listening to suggestions or complaints, micromanagement, and the provision of negative criticism under the guise of a feedback which is constructive in manner. This not only reduces the capacity of employees to maintain belief in an institution or a goal, or even in themselves or others, but also bring about a reduction in productivity and teamwork.

• Not knowing how to win customers over: If the company doesn’t know the client well or doesn’t do well, bringing an improvement to the lead generation makes no sense. Attracting the attention of customers begins with an understanding of the needs of the consumer and the adaptation of the product to meet their needs and wants. There is need for the best practices to be followed concerning customer service as this is the first thing that will depict that a customer is being treated well.

In conclusion, what you don’t know you don’t know can lead to your failure when you first start a business. However, if you know what you tried the first time, you have a better chance of success when you try again.

Thanks for reading!