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The Top 9 Reasons Businesses Fail

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No business has all the answers. With such a diverse range of knowledge to gain and abilities to master, running a successful business can be tough.

Failure is an ever-present threat but at least you can avoid these top 9 reasons businesses go under.

Published in: Business
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The Top 9 Reasons Businesses Fail

  1. And how to avoid them
  2. 1 Misguided management Are you equipped with all the necessary skills and leadership techniques to ensure the success of your business? TIP Open up the level of communication and trust so that things get done quicker and more effectively. If you don’t know, get help from someone that does.
  3. 2 Lacklustre branding and marketing It’s one of the most important areas of business but many see it as a nice to have, assuming 'average will do'. TIP: Step into your customer’s shoes and challenge yourself: is your message really going to make them stop and take notice? If not, change it.
  4. 3 Poor cashflow management Those unclear on what cash is coming in and what is going out often end up in financial difficulty. TIP Work out the profit margins on each customer and the break-even point each month. Be rigorous with credit control.
  5. 4 Ineffective business planning It’s easy to get caught up in running a business and lose sight of any realistic plans for the future. TIP: Work backwards from a desired position and set a succession of milestones to ensure this vision is achievable. Then fill any missing gaps.
  6. 5 Staffing issues It’s important to set up the right processes and compliance before staffing issues arise and it's too late. TIP Your actions determine the actions of the team around you. Live and breathe the values that you want to represent your business.
  7. 6 Absence of clear objectives How do you know how well you are doing if you don't track where you started, where you are, and where you are going? TIP: Establish the direction to take your business and define the short-term and long-term aims that will help achieve these goals.
  8. 7 Prohibitive location If clients can’t easily find your products or services, they’re likely to discover a more accessible competitor. TIP If your location is prohibitive, take your business into the virtual world and compete with those that are complacent in their online activity.
  9. 8 Lack of finance There are hundreds of lenders in the UK. It can be tough knowing where to start and how to find the best deal. TIP: Forget the banks and start with a service that will aggregate the options for you, such as Finance Finder.
  10. 9 Failure to embrace new tools If you don't stay abreast of new technologies and tools that can help your business grow, you risk falling behind the competition. TIP List your top frustrating and time-consuming business activities. More often than not, there’s a service or app that eases the burden.
  11. Are you prepared to avoid these traps? Is your business built to succeed? Take your free 15 minute online assessment and find out! ! www.advantagebusinessltd.com

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