Why your business might fail

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Learn why businesses fail. Then you can do the opposite. Remember, success leaves clues. These are clues on what not to do.

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Why your business might fail

  1. 1. 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_address] Follow me @ www.twitter.com/reggupton Find me @ www.facebook.com/reggupton Add me to your Linked in network www.linkedin.com/in/reggupton
  2. 2. Top Ten Reasons Businesses Fail
  3. 3. Procrastination. <ul><li>Tasks & paperwork pile up </li></ul><ul><li>They will eventually overwhelm you. </li></ul>
  4. 4. Ignoring the competition. <ul><li>Customer loyalty has declined </li></ul><ul><li>Go where they can get best products and services. </li></ul><ul><li>Monitor your competition </li></ul><ul><li>Copy their best ideas </li></ul><ul><li>Schedule time each week to create new methods, products & services. </li></ul>
  5. 5. Sloppy or ineffective marketing. <ul><li>Contrary to popular cliché: few products or services sell themselves </li></ul><ul><li>Either you market your products/services or hire someone who will </li></ul><ul><li>You must do it well. </li></ul>
  6. 6. Ignoring customers´ needs <ul><li>One you attract, you must work hard to keep them. </li></ul><ul><li>Customer service must be a cornerstone of your business </li></ul><ul><li>Customers will leave unless you take care of them. </li></ul>
  7. 7. Incompetent Employees <ul><li>Hire for job fit </li></ul><ul><li>Only essential employees </li></ul><ul><li>Create work environment that supports your employees needs. </li></ul>
  8. 8. Lack of versatility <ul><li>You may be adept at the technical part of your business </li></ul><ul><li>Must be good at acct, marketing, hiring. </li></ul>
  9. 9. Poor Location <ul><li>Consider: </li></ul><ul><ul><li>Traffic </li></ul></ul><ul><ul><li>Parking </li></ul></ul><ul><ul><ul><li>Close </li></ul></ul></ul><ul><ul><ul><li>Signage </li></ul></ul></ul><ul><ul><li>Convenience. </li></ul></ul>
  10. 10. Cash flow problems. <ul><li>Track cash coming in and going out </li></ul><ul><li>Create a cashflow budget </li></ul><ul><li>Use MS Money, Quicken or Quickbook. </li></ul>
  11. 11. A closed mind <ul><li>Don’t be surprised if your preconceptions are wrong </li></ul><ul><li>Find a mentor to give you perspective </li></ul><ul><li>Read books and magazines </li></ul><ul><li>Join a small business Mastermind Group. </li></ul>
  12. 12. Inadequate Planning <ul><li>Begin with a written Business Plan </li></ul><ul><li>Include specific marketing strategies and tactics </li></ul><ul><li>Create an action plan in your calendar </li></ul><ul><li>Consult your plan daily. </li></ul>
  13. 13. 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_address] Follow me @ www.twitter.com/reggupton Find me @ www.facebook.com/reggupton Add me to your Linked in network www.linkedin.com/in/reggupton
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