It is not a secret that many small businesses fail in research papers for sale the viagra cheap first five years. The question is: Why do they fail and what can I do to prevent these problems in my business?
Here are 9 reasons, which might help you to determine why your business isn’t growing and thriving.

1. Is it a business or a hobby: Just because you love something doesn’t mean you should convert it into a business?

Businesses fail because the owner feels their passion is shared by others. Do your research and make sure your idea is viable.

2. Failure to Plan: Yes, you must have a business plan. It should be a simple plan. The point is that you’ve looked at all the aspects of your business and are prepared to handle problems when they arise. A business plan makes you focus on your goals and your vision and set out plans to accomplish them.

3. Entrepreneurial excitement: Entrepreneurs often get excited about new ideas, but do not determine if they are actual opportunities. Test your ideas within your business plan and ask yourself if you have the time and skills to implement the idea.

4. A table with just one leg: Very often small business owners will have just one product, one service or one big client that brings in very good revenue. What if that one product, service or client disappears? Diversification will cushion you against the ebb and flow of business tides and help you to build a strong and solid business base.

5. Financial Stability: You need to be able to live for the first two years without income when getting started; most often business is very slow getting off the ground. You have to create and use a realistic business budget, and not constantly drain the business income on personal spending.

6. Competition: Customers will go where they can find the best products and services. It’s important for you to know who your competition is, what they have to offer, and what makes your own products or services better.

7. Marketing: Learn the basics of marketing and make sure that you track the success or failure of each marketing initiative and be sure not to repeat those that do not work. Do not be over exuberant and try everything. Plan, think, try and evaluate.

8. Sales: When you have a potential client, you need to know how to guide them to a successful sale. If you don’t understand the basics of selling, get some education on it. Learn several of the best techniques for selling your particular product or service and if a selling technique doesn’t work, try another one.

9. Customer service: You work hard to get your customers and you have to work equally hard to keep them. Make sure you pay attention to what the customer wants and how this can change over time, and make sure you always provide 5 Star Excellent Customer Service.

Dunn and Bradstreet, in their 1994 Business Failure Record, determined that nearly 90% of small business failures are directly caused by lack of managerial expertise. People do not know what they do not know! A small business adviser may help you to learn the managerial expertise you need.

Pauline Penner
Simply Solutions
(250) 652-8067
Email: >simplysolutions@shaw.ca
Website: >Visit Pauline’s website

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