7 reasons your business will fail
- 5 Comment
There are many businesses that fail for many reasons. Here are some of the reasons why:
1. Bad timing – For example, if you open up a construction company now, you have made a bad choice. The construction industry is slowing down and will soon be in a recession.
2. Clueless about the industry – If your expertise is in construction, there is no reason for your to open up a restaurant. You need to know the ins and outs of the industry you are opening a business in.
3. Laziness – You are happy as long as you do not lose money. You do not want to put in the extra work and dedication to take your business to the next level.
4. Cheap – It takes money to make money. The most important thing for you to do is to hire someone who is an expert in the field your business is in.
5. No networking – Word of mouth can do wonders for a business. If you do not go out and meet new people at trade shows and fairs, you will not go far.
6. Customer service is non-existent – When someone calls you, do not return their call a week later. The customers are calling for a reason. Call them back! You should pick up your phone when it rings.
7. No website - Many business owners do not know the power of the internet. In the next 5 years, the internet is going to have a profound effect on businesses.
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5 Comments on this post
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Susan said:
I had a friend whose business failed. I asked him why it failed and he said, “He did not put in the effort that was needed.”
January 5th, 2009 at 12:43 am -
Bash Bosh said:
Very nice post indeed!
I agree with most of these “reasons” too
Bash Bosh’s last blog post..Best 5 Wordpress Plugins
January 5th, 2009 at 3:52 pm -
Tom - StandOutBlogger.com said:
I’m so surprised with how many business’ still don’t have a website! But then again a lot of business’ do – but they don’t have a well designed, well structured and well promoted website.
Tom – StandOutBlogger.com’s last blog post..Your Thoughts On Twitter
January 7th, 2009 at 4:39 am -
admin said:
@Tom – You’re right. Even if you have a website, you still need to structure so it is search engine friendly and your customers can find what they are looking for on your site.
January 6th, 2009 at 9:08 pm -
Armen Shirvanian said:
One great uniting feature about most of these reasons is that they involve a lack of effort, which is something that can be corrected. Most of them are not out of one’s control, and that means change can come swiftly if the business owner acts. Having a lack of customer service is a sure way to be forgotten.
Armen Shirvanian’s last blog post..Your Main Source of Competition is Yourself
January 10th, 2009 at 10:44 pm
