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Why Small Businesses Fail
photo credit: F33
Most small businesses are able to have a personal relationship with customers. This is one advantage that huge corporations do not have. You need to focus on good quality products and services and aim on high customer satisfaction levels.
Today there are many people contemplating the idea of starting their very own small business. However, many of these people are questioning the fact that so many small businesses have a high failing rate. This is usually due to some mistakes that the owner has made and could have prevented. Below are some examples of common mistakes to avoid when having your own small business.
- No viable market. You have this great idea for a new product, but you never stopped to research if customers will be willing to pay for it.
- Poor capital cash flow. You can have the greatest business idea ever that will surely bring in tons of revenue, but without the proper capital to fund it, you are doomed to fail.
- Poor management. If you lack knowledge in finance, structure, inventory, employees, purchasing, selling, etc. your business will fail in the end.
- Out of touch with customers. Don’t be a big corporation. Have a personal relationship with your customers.
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John MacIntyre on March 18th, 2009 4:07 pm
FYI: Your link for “some examples of common mistakes” is missing the colon between the HTTP and //
Sarah on March 19th, 2009 5:15 am
Don’t forget stupid choices. I wasted some of my time and money with my first postage meter. I had hoped that my Pitney Bowes meter would save me some cash, but it seemed to eat ink, and when I went on vacation for a week, I came back to find very little ink left despite no one having used it while I was gone. I spent hundreds of dollars on ink that should have lasted a while.
I ended up getting a meter from Stamps.com, and I have found it to be a very cost effective way to print my postage because it uses my office printer. I already have to fill it with toner, so it’s not more of a pain to refill it than normal.
Global Resorts Network on March 19th, 2009 5:45 am
Great post. It’s always vital to provide a more comfortable and trusting environment for your customers, so that one time customers become repeat customers. Especially if you’re going to be competing with the big boys.
Over the top value and trust are the key components for any small business to be successful.
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