The Top Reasons for Business FailureBy joanne | 18th July | Marketing Skills
Most people’s biggest fear is failure and I hope the following article will help you avoid it and instead assist in your successful business growth.
According to research, the 12 top reasons for business failure in 2009 were:
- Failure to focus on a specific market because of poor research
- Failure to control cash (by carrying too much stock, paying suppliers too quickly or allowing customers too long to pay)
- Failure to ruthlessly control costs
- Not adapting your product to meet clients needs
- Failing to carry out decent market research
- Not building a team that has the skills to finance, produce, sell and market
- Failing to pay taxes
- Failure to grow – businesses that attempted stability or didn’t try to grow didn’t survive
- Failing to gain new markets
- Cashflow problems (growing too quickly)
- Non-payment by customers
The great news is that most of these things are in your direct control – master these twelve elements and you are on your way to success.