FIVE REASONS WHY BUSINESSES FAIL WITHIN EIGHTEEN MONTHS

It is a shocking reality: most businesses fail within eighteen months of its establishment. Knowing this will help you to do the right thing and avoid this situation. The following are the reasons why this situation happens:

1.       Not understanding your customer. The customer holds the key to your success, hence if you don’t know customer behavior you are in trouble. In fact, you have to know what motivates customer purchase and what turns them off. Listening to feedback from them is equally very important. Sometimes, they may not vocalize it but when you observe them closely you will see signs of communication: something they want you to address.

2.       No unique selling point. In this case, if your business does not stand out from the competition then you are going to have a hard time attracting customers. To succeed, you must do things differently, thus giving the customers enough reasons to patronize you.

3.       Failure to communicate  value propositions in clear, concise and compelling fashion. Many entrepreneurs work hard to discover a point of differentiation then blow it because they do not communicate their message in a clear, concise and compelling manner. The solution is simply to learn how to communicate better. Listen to the words they use and then use them right back at them. Be clear. Customers should know the value your business brings to them.

4.       Poor leadership. Poor decision making and weak leadership skill affect the business survival. So you need to learn the rules guiding good leadership and how to make good decisions. You have to be very careful in whatever decisions you make regarding your business, otherwise you could put your business at risk. Therefore, acquire the necessary skills of leadership.

5.       Lack of a business plan. If you jump into business without first coming up with a good business plan, you risk failure within a short time. The importance of a business plan cannot be overemphasized. In fact, it gives you a general overview of the business even before you start it. It prepares you for the task ahead. It gives you valuable insight into the likely challenges associated with that business.

THE BOTTOM LINE: Before starting a business, consider these points very well. Do not rush into it. Arm yourself with necessary information and sail successfully through the challenges that start up businesses face. For a consultation, be free to call me on 07031384722.
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