CAUSES OF BUSINESS FAILURE AND HOW TO REVIVE IT

  1. Do you as a business person ever ask for review from your clients? Do you know some of the difficulties clients face dealing with your business?
    Well, clients as well face difficulties dealing with you and your business, you just might not be able to know or identify it. In today’s episode, let’s outline some of the CAUSES OF BUSINESS FAILURE and HOW YOU CAN REVIVE YOUR BUSINESS once you discover you are going down.

    CAUSES OF BUSINESS FAILURE

    • IMPATIENCE
    Many of you have no patience when it comes to sitting and feeding your focus. You want to do so many things at once and also see positive results quickly without patience. Lack of patience causes a business to fail. As someone ready to commit into business, you must adopt patience. Patience with the Business itself, patience with customers, patience with suppliers, patience should be key cause everyone in the market will somehow disappoint you but if you are not patient enough, you will rush yourself to failure.

    • FAILURE TO ANALYSE THE MARKET
    There is a level of excitement when it comes to starting a business that you forget to really ANALYSE the business. A lot of people think they know how a business works because they’ve managed business or run one before, or even seen someone run theirs. Let me burst your bubbles, you don’t analyse any business in that manner. Analysing a business does not end in a day, as long as you venture into it, you keep analysing, know what’s new, what consumers need, what you are not implementing, how to attract consumers, the general price tag etc. You don’t just do analysis in your head and call it analysis… no, no, no.

    • RUSH
    Everyone has the same 24 hours in a day and no matter what you do, how you rush, yours will come to an end like everyone else. In business you do not RUSH. When you start rushing, you start putting people pressure thus they see you to be incompetent and so they turn their backs.

    Shortcuts are appealing, but only if they provide a quick solution in a relatively short time. If the shortcuts themselves are usually almost as lengthy as the usual solutions, people tend not to opt for them.
    Most people who rush always end up taking short cuts and thus not gaining anything from their rush moves.

    • LACK OF SKILLED STAFFS
    Not everyone is skilled enough to be part of your business and even if they aren’t skilled and accept to be trained, then good and fine. So many people who are part of your business will only turn to bring it to its fall because they lack the right skills to keep that business alive. We have been entangled with the mentality that people will learn, they will change, etc. Truth is, some people can’t learn and can’t change because they are using your busi ess to console their idleness. That’s not what they envision to do for themselves and so they really do not want to give ethwirself to dedicating their minds into building another person’s wealth and riches. Get someone who will take your business like theirs and even if they lack the necessary skills, they will be open to learning and applying what they’ve learnt.

    HOW TO REVIVE YOUR BUSINESS FROM FAILING

    Outline the things that you have identified to be blocking you. Go over them and learn how to rebrand yourself and your business. Sometimes we solely focus on our business that we forget to know that we are ambassadors of that said business and if we are not branded, we won’t attract clients.

    Let’s say you sell food, and your environment always looks neat but you as the seller doesn’t appear that neat. People will forget about the clean environment and start questioning your appearance because you represent what you sell. You sell Ankara and you are rarely seen with one on you, but you expect others to buy and wear.

    Show example by using your own products. That said you yourself get to give reviews on what you are selling.

    Business isn’t a TRY GAME, it is risky and when you take the risk, and do apply some knowledge, you will forever be glad you did take that step. Reviving your business solely depends on you. Not nay of your staff, not your family, not your clients, but YOU. You had the dream, you understand the assignment better. It is your vision and you drew the plan and so YOU must be ready to apply different strategies if you don’t want to live business.

    In business when things go sour, every eye turns on the proprietor so you must be keen. Do not invite negative energy into your business. Do not encourage longterm debts. Do not entertain copy and paste, try to be different. You are not the only one into that said business and so you must be ready to be unique.

We always talk INTENTIONALITY. Be so intentional that when things go sour, you strive and make it good again.

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