First, I’ll start off by saying that there are certainly more than four reasons why a business can fail. Location, inventory control, finances, and many more elements of business can quickly turn sour. Some things are out of your control, but the things you can control contribute largely to the success of your business. These four parts of business can be the cause of a business’s downfall, but can also contribute to huge success, if executed correctly.
It may come as a shock to you that management is the number one reason for business failure. If you have ever worked in the service industry, this is no surprise at all. Many managers come and go, but a really great manager can be difficult to find. The biggest issue I have seen from managers throughout my career is negativity. This creates an extremely toxic environment. Toxicity can ruin a business for employers and customers. Trust me, it almost always trickles down from the top. Make sure you hire a management that you can trust to make you better and your business better.
Believe it or not, competition is actually a wonderful thing. It helps us strive to become better and to keep challenging ourselves. There is no time to settle with complacency, because there’s always another business owner who will reach for the stars. However, if you don’t pay attention to your competition, it can lead to your downfall. You have to make sure you are always striving to be different, unique, and most importantly better than your competitor. If you and your competitor are too much alike, the smallest change on their part can shut you down. For example, if two grocery stores are exactly the same, but one offers lower prices, that’s where all of your customers will go.
It’s a tale as old as time… so, be creative! Go places you’ve never gone before and grow your business into something you could have never dreamed of on your own.
#3 No strategic plan or direction
This is not only a crucial element of business, but in life also. Living in a moment is fun and all, but as a business owner it is your responsibility to look ahead. Do yourself a favor and take the time to write a 5 or even 2-year business plan. It doesn’t mean you are restricted to this plan for forever. It will change as your business changes. Having a strategy is what separates the good businesses from the great businesses.
#4 Lack of marketing efforts
If no one knows about your business or products, then no one is going to become your customer. It’s pretty simple, but I understand that marketing a business or product is no small task. Marketing can become expensive and useless if it does not regenerate revenue. This is why I coach my clients to only put energy into certain marketing platforms, not all. This goes back to reason #3, strategy. I work with my clients to develop a strategic marketing plan. Once you target the right audience with the right content on the right mediums, it’s almost formulaic success. The best part? I work with my clients to make it look organic and effortless. This is the type of marketing that is showing success in today’s world. As a marketing consultant, I can tell you that this is the most crucial part of taking your business to the next level.
If you feel like your business has plateaued or you find that you no longer have time, energy, or sanity to add on to your plate, contact me today through Simply Mae Marketing LLC.
There is no reason for you to fail when you have the help you need to succeed!