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Posted by Jessica Fender - 15 October, 2018

Will your business fail? The top reasons it will

Eight out of 10 businesses fail. Will yours be one of them? Can you afford to be one of the eight? Chances are that you can't, so you're going to have to do this right. Even if you have been in business for a while, it's best to make sure you're not making these costly mistakes.

Small-Business-Failure-Rates

Poor Communication

You have to consider whether your customers understand the value of your products or services. Sure, you understand what you and your company are all about, but if your product or service does not benefit your customers, then there is clear caution ahead.

Far too often, companies get all worked up about how great their product or service. So much so, that they forget to keep an open dialogue going with the consumer. Things change, and customer needs change. If you can't maintain an ongoing conversation with your customers, you won't know what they truly need. 

You need to get in contact with people through their medium of choice. This means you need to know who your consumers are and how they prefer to communicate. Your company needs to keep up with emerging technologies to continually meet customers' needs. You will also attract new customers through this maneuver. You can portray your product with a blog and share experience to attract customers.

Your Product or Service       

If you started a business with the sole purpose to "make a lot of money", it's going to show in a big way to your customers. Companies need a diversified reason to market, meaning you need to care about your customers' wants and needs. (Then the lots of money come after)

No one in any company is enthusiastic about a product or service if they don't believe in the company's vision. Disgruntled employees quickly leave. This will lead to a big turnover rate, and you want to avoid this at all costs. If you're not passionate about the offering you provide, it's time to get onboard with one that you do. 

You can provide a variety of products which will cater your customers. Display the key points that will benefit them in your product or service pages.

Office Politics

Nothing will sink your business faster than office politics. What happens after this phenomenon is a quicker turnover rate because employees are unhappy. This inevitably leads to an inefficient business structure, "the left-hand does not know what the right hand is doing". 

Bad communication internally in a business

Source

To avoid this dilemma, it's important for the "higher-ups" to avoid partiality, and they must address everyone. Steering clear of blindly passing along information down the chain. Holding regular meetings and encouraging employee input helps creates a feeling of being equal and cared for. If there is any sort of ongoing disagreement, it needs to be resolved quickly.

Employee Grievances

Always take problems as an opportunity to improve. If you're not listening to your employees, nothing will ever improve. 

Your employees are the feet and legs of your business. If you stubbed your toe, your brain would quickly take notice. 

Don't think that because you're the brains of the operation that your employees' issues are insignificant. You can't walk or run without your feet and legs. Take your employees and their issues seriously.

Data Security

We're in an age where information is easily compromised if it's not protected. You've seen it happen to big businesses. Even people's credit information has been recently compromised. If you can't ensure data security for your offering, your customers are going to go elsewhere. 

A data breach can affect every part of your business and put your brand reputation at stake. When you ensure your customer's product data security, they will feel safe doing business with you. You will gain other customers from a steady reputation.

Unscheduled Breaks

When workers have unscheduled breaks, some form of chaos ensues. Employers notice that some employees take breaks all too often. Then there are those who take breaks with a group and those who never take one. 

Small expenditures that do little for moral, like having an exercise ball at work, may not be a good option. Regularly scheduled breaks increase productivity, even if the breaks are for a longer duration. Allow your employees to get up and move around. 

Taking a break at the same time allows employees to talk, laugh and have fun so that they don’t feel like they’re missing out on anything. 

Several companies have instituted gamification to help their employees focus and increase productivity.

Inefficient Office Systems

Whenever a business is inefficient, it creates a strain on employees. It takes time to find files, locate information, and send things out. Without software, such as HR software, a relatively simple task can take three-to-five times the amount of time it should.

Outdated Office Equipment

You need to employ efficient office systems and keep up with the times to ever-improve. Your offering is unique, but if your company can't efficiently produce it, your customers will leave. Using productivity-boosting software, hardware, or other resources can play a direct role in delivering more value.

Conclusion

People invariably think businesses fail because they run out of money or lack cash flow. This couldn't be further from the truth. The truth is that underlying causes create a financial hardship. They just didn't have enough money to rebound. Avoid disaster instead of trying to fix it.

Control your company's cash flow

Untitled Headshot_Untitled headshotAbout the Author: Helen Cartwright is a passionate blogger, who excels in the Digital Marketing and Technology niche. When not wired in marketing strategies she ghost-write for a variety of authors who have their work published on leading online media channels such as The Huffington Post and Entrepreneur.com .

Topics: Sales & Marketing, Management

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