KEEP YOUR BUSINESS ALIVE

Business is a matter of PRACTICAL EXPERIENCE and in order to be successful you must master its basics. Little things in business matters.

In today’s episode, you will be learning about some of the basics that makes a business fail and how to correct the mistakes in order not to constantly repeat the same failure.

1. LACK OF CAPITAL

So many people are excited with starting up a business and do not go for that which suits their money at hand. Having the financial mastery of the business you want to engage in is very important as it will help you and your business grow. Lack of Capital is one of the main problems so many business face. Its very challenging to keep up with a business when there is no Capital to add to the business. So you must have a good money plan in order to forge ahead with a great business.

2.    LACK OF KNOWLEDGE

For some reasons people get into business without having knowledge on the business. They copy from others who seem to be cashing out huge and dive into their own setup without knowing how long others have studied the market of their business. When you don’t have knowledge on the business you are getting into, you are not doing yourself any good. You have to take time to study the business, learn from people who have been there before you, they know better than you do. You have to dedicate time to learning the business and know that you will keep learning for as long as you stay in it.

3.     LACK OF SUPPORT

So many of us fail in business because we didn’t get the necessary support we needed from our friends and family. If you put your whole mind and energy on people’s support when it comes to business that means you ain’t ready for it. People mostly support what they find to be strong and so in order to gain the support you seek, you have to push your business to a certain level and there you won’t hunt anyone for support.

4.    NO MARKETING STRATEGY

As everyone seeks the credit of an Entrepreneur, that’s how they turn to have a bad marketing strategy. Know that you are not the only one offering that service, you have competitors and they to are fighting their way into clients pocket. You must set up a good marketing strategy, plan, execute, replan and execute. Its not just about branding but how you brand. There should be an ability to come up with the right product at the right time and not the other way round. The first thing in business is customer wants, when you know what they want, you have to learn how to get their want to them and look after their satisfaction.

5.    TIMING

Most clients will run out of patience as long as you don’t keep to time and so you must avoid not being late and in the case where you will have to deliver late, make sure to always communicate with your clients. Clients will always love to do business with someone who is seen to be honest and keep to their words. Not someone who says something else and do something else.

6.    GREED

We have so many failed businesses because of our greed. We don’t want to see a friend or brother/sister grow. We want to do what they do and become like them. If greed pushes you to go into a business you are not passionate about, know that thesame greed will send you out of budget.
7.    NO DIRECTION

Many people will attest to the fact that along the line of starting their business, they became confuse and crowded with so many ideas thus they lost focus and had no direction to where they want to push their business to.

8.   BAD RECORDS

So many businesses fail not because the person in control did not do their best, they did but due to their records they turn to fail. People do not easily forget and let go of things and so before starting a business have a review of your whole being and the rules you have been playing in the society you belong to.

9.   INDECISIVENESS

So many business people do not have decisions on their own.  turn to listen a lot from people and at the end when things crumble they have the blame. Left alone to fix their mess and so this is why some people fail in business. As a business person, you must learn to take your own decisions and stand by them.

10.   LACK OF PRIORITIES

Most business people do not set their priorities right and thus lose track of the do’s and don’ts. When you don’t set priorities in your business you turn to be caught up with so many things being a distraction to your main goal. You have to set high level value lasks and work on them rather than trying to have multiple tasks. Plan one, execute it, monitor the process and review then when you see how progress it is becoming, you can dive into the other.

From the above mentioned reasons why businesss fail, you can know that there’s so much work to do in order to keep you business booming.

• Having a good business plan
• Establishing tight financial controls and good budgeting so you don’t run out of capital
• Having a high degree of competence to keep your clients happy
• Being time cautious
• Efficiency in communication
• Being determined
• Having g the quest for more knowledge
• Being patient while looking for other means to improve
• Having focus
• Be competent enough
• Be realistic
• Fuel your purpose

Always remember, your focus determines your reality.

– George Lucas

Leave a Reply