Creating and building a Company look easy; neither it is something can happen overnight. It takes a lot of planning [what I mean is Strategic Planning]. To create, manage and makes money are important in any business. These are the TOP 7 Reasons WHY Most Businesses Fail:-
Do It Yourself
One of the Biggest Problem is trying to do everything by ourselves. I can understand that at the Beginning of the Business; most Business Owners will do almost everything by themselves. Lack of experience, Unrealistic Projections, Impulse Decisions, Inefficient management will happen.
Work with a Business Coach is always the best way to get things done, quicker and with help!! At times, Business Coaching is not cheap. It could be expensive; however, if the Business is losing money every day; every month or every year, think long term.
What if the Business Coach can help you to transform your business and you make Profits in just weeks? That would be Great, isn’t it?
Where are you based?
If your business require a shop or an office; you’ve to look for Good Locations. If it’s slightly expensive, do some survey and you’ll know why it’s worth it. However, you’ve to look into consideration of the Demographic, your Target Customers, Competition, Accessibility and Visibility too.
Most people think of HOW to save money on rental. If the rental is high, MAKE more MONEY and you’ll understand.
IF there’s no need to have a physical location, do not rent any place. Work from home or find a team that can work remotely for you.
You’re in Debt
Before commencing any business, work with your Business Coach to develop a Strategic Business Plan and Energy Map; allowing you to understand what’s the Projection of Sales, expenses and Operations needs.
It’s challenging if you’re in Debt when you start a business. Be mindful of the things you do; and best is list down your Business Needs and allocate at least 5% to 10% of your money for Marketing.
Poor or No Working Plan
Big Companies have Vision, Mission and Values. They’ve Concept, Market Ideas and how to Grow their companies. Business owners must prepare a Strategic Business Plan that works for their business; here are the questions for you.
- WHY are we in this business?
- WHAT problems that our Business solves?
- WHO are our competitors?
- HOW can we differentiate ourselves from our competition?
LONG TERM vs Survival
Some Business Owners start a business because they don’t want to be employed. Some start a business because of their Passion. Some start a business because their friends invited them to do so.
There’s nothing Right or Wrong; everyone can start a Business.
What’s crucial is, you’ve to understand that making money in Business looks easy but requires hard work. Ask yourself whether you want to make money for survival or you have Long Term plan to grow your business.
If currently you’re just making enough, you’ve to speak to your Business Coach to Grow your Business to another level; think LONG TERM is key.
Thank you, see you soon!