We were handed a new report today which lists the main reasons for business failure in 2009.  As the current rate of business failure is 5.2%, we thought the results might be useful…

  1. Failure to focus on a specific market because of poor research
  2. Failure to control cash
  3. Failure to control costs
  4. Failure to adapt your product to meet customer needs
  5. Failure to carry out decent market research
  6. Failure to build a team that is compatible and has the skills to finance, produce, sell and market
  7. Failure to pay taxes
  8. Failure to try and grow
  9. Failure to gain new markets
  10. Under-capitalisation

No less than 50% of these reasons relate to marketing (and I would argue number 6 could also be included as marketing, from an internal point of view).  It makes sense to me, as I know how powerful marketing can be at boosting profits and helping companies grow.  But, if you’re not using marketing to its full potential, now would be a great time to start.



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