Six Reasons Small Businesses Fail

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There are many things that can affect your business. Some of them can be fatal to your business. Doing these businesses sins could cause the doom of your small business. Here are a few things you should know about:

  1. Not using skilled team: In a small business, there should be a number of professionals who can work well and provide you with the best service. You can’t possibly ignore the importance of working with professionals. Their expertises are completely invaluable. If you spot a highly proficient processional, you should try to make him or her part of your team. You should keep these professionals informed about any major commitment and decision that you plan to make in the future.
  2. Lack of proper procedures and systems: Even if your business is small, you should make sure that it runs a proper system. It is a good idea if you have an operational manual. The system can become a watchdog that ensures your business will continue working properly. You need to verify everything and make sure to use procedures that can protect your business.
  3. Not having a plan: Very few businesses succeed by accident and it can be as rare as winning a huge lottery. Most of the time, your business can be successful only if you have a good plan. Once you have a good plan, make sure that you religiously follow it. You should know that if you fail to plan, you are planning to fail. This is a basic rule, so you need to work the plan.
  4. Ignoring customers: Have you showed your customers recently that you do care about them? Customers can be your best asset and your small business won’t survive if you continue ignoring them. There are things that can make customers stay loyal,such as convenience, product quality and customer service. Other than for marketing, you should also focus your effort on retaining current customer base.
  5. Not leading enough: Many small business owners tend to get their hands dirty and not leading enough. This could happen if the small business was once a solo operation. The business owner is still eager to work directly and forget to lead. Once you have an employee or two, you should be responsible for many things. You need to set the tone and get the whole business operation training. To get the train moving, it is your job to control the speed; it’s no longer your job to shovel the coal. Try to focus on the most important things that can make your business runs smoothly.
  6. Not making it an important part of your life: Some small business owners tend to get relaxed once their business is running on autopilot and employees are doing all the work. If you start to think that the business is not an important thing in your life, you won’t work hard enough. You may travel a lot and not staying in the office to get the company moving forward. A company that sails without a helmsman may soon get wrecked on the shore.
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