I believe the number one reason why a business will fail is lack of planning. This can be due to various reasons, perhaps because the market research wasn't sufficiently carried out in the first place, or because the financial burden was higher than was planned for etc.
Sometimes business failure happens because the business owner is not very savvy at other aspects of the business, such as management, promotion, branding, advertising, public relations, leadership, bookkeeping, or customer follow-up etc. It is important to get the necessary training to ensure all aspects of your home business run efficiently, or to hire help to manage these other aspects.
Here are some other reasons to consider:
1. Inadequate accounting records
2. Disregarding or misinterpreting financial records
3. Not controlling costs
4. Fraud due to poor internal control
5. Pricing goods or services too low as a way of getting customers or clients
6. Lack of marketing/selling skills
7. Not carrying adequate and appropriate insurance
8. Failing to adequately train and develop employees
9. Lack of goal and business advancement planning
10. Not seeking advice or professional help when necessary.
If you know that most businesses fail because they don't bother to plan properly, what can you do to ensure this won't happen to your business?
Have your own business and marketing plan and use it every day! Review your goals on a daily basis.
Use that to-do list every day, making sure to cross off your accomplishments. Then make a fresh list every morning of what is left to do, and what other things need to be accomplished in your business/work day.
Be ready to talk about your business in every encounter you have during the day. Practice a 30 second speech about your business so you are always ready to share it with people, and make sure you ALWAYS carry business cards with you. It looks professional too.
Hire people to do the work that you are not good at, so your business doesn't fail due to your weaker points.
Have a Plan-B! Put money by for a rainy day.
Find a mentor, someone in your field that can help and encourage you with your business.
Join a small business association where you can network with others in your field of business.
Work hard and stay motivated.
You can make your business a success with the proper planning!
Michele Miller is a home-based business owner and medical transcriptionist. She is also the author of an ebook about starting a successful transcription business from home. http://www.medical-transcription-at-home.com
Lincoln Stretch rentals Alsip ..Competition in the business world is often viewed as a... Read More
Would you rather have one good client paying you five... Read More
I meet and talk to hundreds and hundreds of business... Read More
As you may know, there are many ways to incorporate... Read More
Writing a business plan is a fundamental step to ensuring... Read More
There will come a time in your business where you... Read More
Until the day I learned to play chess I loved... Read More
Disclosure laws in franchising are suppose to help the consumer.... Read More
Back when I owned an inventory-based business, one of my... Read More
If you run a pressure washing business it is a... Read More
One of the critical success factors for service-related businesses is... Read More
Most small business owners seek advisors who can help them... Read More
Purchasing a franchise has become one of the most popular... Read More
Everyone wants to succeed in life. Most people want to... Read More
The efficiency of debt collection is the difference between a... Read More
Are you tired yet of all the books out there... Read More
Opportunities for home show businesses have never been more abundant.... Read More
Are the promoters and consultants destroying the market for Reverse... Read More
"What do you do?" It just might be one of... Read More
You bet a name is important. Many small business owners... Read More
The challenges of the small business owner are well documented.... Read More
As a solo entrepreneur or small business owner, one of... Read More
If you're looking for start-up capital for your business, but... Read More
You've heard it before; we're living in an information age.... Read More
Motivational author and speaker Jim Rohn says that for a... Read More
Western Springs shuttle limo ..How often have you thumbed through a business opportunity magazine,... Read More
One of the greatest pitfalls in e-commerce is Field of... Read More
THE PSYCHOLOGY OF PRICINGIn case you hadn't noticed, people can... Read More
Last week we discussed the importance of performing an autopsy... Read More
You have spent considerable time pulling your business plan together,... Read More
There is a continual trend we are seeing which I... Read More
And is having a logo really that important?My answer to... Read More
My colleague, Jane, recently lamented to me an all too... Read More
Having their own business is something many millions of people... Read More
Rule 15C211Under SEC Rule 15C211, a U.S. securities broker or... Read More
A Brilliant Marketing Idea... sounds great but what is it?... Read More
You've heard it before; we're living in an information age.... Read More
To maximum potential profits and dollars in a mobile washing... Read More
In the Truck Washing Business every single type of vehicle... Read More
Do you operate your business as a series of projects,... Read More
What's your job profitability? I meet with business owners every... Read More
Becoming a contractor or sub-contractor for the U.S. government can... Read More
In the 2003 Auto Laundry News Survey it was determined... Read More
There are almost as many opinions and views on marketing... Read More
One of the most common issues that comes up for... Read More
The Customer Analysis section of the business plan assesses the... Read More
$elling $elling $ellingWhat makes a great sales person? Well, the... Read More
You've heard marketing and advertising gurus quip, "Sell the sizzle,... Read More
How do you sponsor an event and get personal introductions... Read More
No matter your age or station in life, we all... Read More
Small Business |