Have you ever wondered why some businesses fail and others succeed? There are many reasons. Some are more obvious than others. The key is to understand that you can prevent business failure.
Magic is not needed. You have the power to learn the skills necessary for success.
Listen to the following podcast to learn how to avoid business failure.
We are covering several reasons for business failure and how to avoid them:
- No planning or business strategy.
- Business success tips.
- Inability to learn from failure.
- Poor management skills.
- Lack of capital.
- Lack of profit.
- No focus.
- Personal use of business funds.
- Over-expansion.
- Poor location (brick-and-mortar business).
- Inadequate inventory management.
- Macroeconomic factors.
- No business succession plan.
In the comments section, discuss why you think businesses fail.
I found this podcast on business failures to be very helpful. I like that George highlights that if a person tries to start a business they will fail and those who do not fail are those who never try. I like the point that if a person wants some help on not failing, the person needs to have a very specific plan, including details on their customers. I also like the point of not using the business bank account for personal use. I feel that a person should also try to keep their personal bank account only for personal use. I feel that another reason why small business fail is because a person does not seek out law advice to know the laws of the state they are practicing in. When they know the laws and have a legal team on their back if a lawsuit does happen the business will be prepared.
Thank you for stopping by. Be sure to check out my new book on the best way to start a business. Here is the link:
https://www.successharbor.com/startup-smarts-06302015