why your business might fail
DESCRIPTION
Learn why businesses fail. Then you can do the opposite. Remember, success leaves clues. These are clues on what not to do.TRANSCRIPT
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Top Ten Reasons Businesses Fail
Procrastination.
Tasks & paperwork pile up They will eventually overwhelm you.
Ignoring the competition.
Customer loyalty has declined Go where they can get best products
and services. Monitor your competition Copy their best ideas Schedule time each week to create
new methods, products & services.
Sloppy or ineffective marketing.
Contrary to popular cliché: few products or services sell themselves
Either you market your products/services or hire someone who will
You must do it well.
Ignoring customers´ needs
One you attract, you must work hard to keep them.
Customer service must be a cornerstone of your business
Customers will leave unless you take care of them.
Incompetent Employees
Hire for job fit Only essential employees Create work environment that
supports your employees needs.
Lack of versatility
You may be adept at the technical part of your business
Must be good at acct, marketing, hiring.
Poor Location
Consider: Traffic Parking
Close Signage
Convenience.
Cash flow problems.
Track cash coming in and going out Create a cashflow budget Use MS Money, Quicken or Quickbook.
A closed mind
Don’t be surprised if your preconceptions are wrong
Find a mentor to give you perspective Read books and magazines Join a small business Mastermind
Group.
Inadequate Planning
Begin with a written Business Plan Include specific marketing strategies
and tactics Create an action plan in your calendar Consult your plan daily.
Reg’s Business Success Videos
If you liked what you saw, subscribe to my channel @ www.youtube.com/user/reggupton
Watch other videos at www.businesssuccessvideos.com
Email me @ [email protected]
Follow me @ www.twitter.com/reggupton
Find me @ www.facebook.com/reggupton
Add me to your Linked in network www.linkedin.com/in/reggupton