reasons small businesses fail

 

It can be hard to get an accurate temperature of the small business climate. Some experts will tell you that small businesses are doing quite well; while others will say small business owners are struggling. The inconsistencies of information being put out will make a person wonder if it is worth it at all to become a business owner.

There are arguments about the tax code being too hard on small businesses.

There are arguments about the economy being too slow for small businesses.

There are arguments about small businesses having a lack of resources and support.

While these arguments may be valid, they are not the end and be all that determines a business’s ability to perform within the marketplace. The ultimate determining factor that leads to a business’s success is the business owners ability to develop the strategic process which will produce successful results.

I say this because I have encountered many business owners who do not understand how to develop a profitable business. For one reason or another, they have missteps within their business operations which cause their business to lack sustainability. As these missteps go unchecked, they continually erode overtime, leading to a business which can’t avoid failure. Read More 4 Reasons Small Businesses Fail

Entrepreneurship Leadership Small Business Starting a Business

Cincinnati Bengals Leadership

This past weekend, The Cincinnati Bengals had the opportunity to finally get over their playoff slump by getting out of the first round of the playoffs. With less than 2 minutes left in the game, The Bengals had the ball and all they had to do was manage the clock until it ran out. But instead The Bengals became their own worst enemies with a major collapse of focus and discipline.

The problems began with a costly fumble by The Bengals that gave The Pittsburgh Steelers the ball back with little time left on the clock. Then came 2 very bad penalties by Bengal players, caused by lack of emotional control, that put The Steelers in the position to kick the winning field goal to secure the win.

What happened? How could a team that has never won a playoff game be in the position to win and let it all slip away due to their own errors?

It is because The Bengals lack real leadership. Read More Leadership Lessons From The Cincinnati Bengal’s Collapse

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onlinetools

If you have followed my writing on Huffington Post, you would know that I have written a few articles that demonstrate how to grow your business online. The article topics include:

Using social media influencers to grow your business

The importance of having your business online

How to implement good SEO tactics

 Why you must create a website that sells.

All of those post have received positive feedback, so now I want to bring everything together, in order to help you put together an effective plan of action that enables your business to have significant growth online.

Putting all these different components together creates a system of various actions, working together to deliver greater results towards your business’s growth online. This is very important because you need for your business to be a constant presence within its target market. And this can only be achieved through a continuous stream of messages and information that lead to engaged interaction.

The key for great results is to focus on consistency mixed with providing real value. Following this criteria helps to establish your authority because you become a constant presence who people learn to identify as an expert when it comes to a particular topic. Read More How to Grow Your Business Online

Entrepreneurship Online Business Small Business

evaluationanddiagnosis

We all go into a new business venture with the hope that it will be successful. But any successful entrepreneur will tell you that an important aspect of success is learning to accept and manage failure; there may likely come a time when you have to decide whether to push forward against the obstacles, or when it is time to throw in the towel on a failing enterprise and cut losses so you can move on to your next venture. A good entrepreneur knows how to make this decision effectively.

Someone once said, “If you are going to fail, fail early” and there is truth in this adage. Learning to accept when the time has come to let go can help you identify challenges and work through solutions in the future. There is some merit in learning how to fail, and paradoxically, these experiences groom you for future success as an entrepreneur.

Some straight-forward questions can help you diagnose the success of your company, and inform your decision regarding when to move on. Honest responses to the following five questions can help predict the future potential of your endeavor. Read More Failing or Succeeding? How to Diagnose Your Company

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This blog contribution is being made by Paisley Hansen, a freelance writer.

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Over 90% of startups fail and there are about 627k new business started every year. This is not meant to be an in-depth business overview but merely some tips to keep in mind to assist a startup in not contributing to that 90% statistic.

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Keep track of ALL your expenses

 

This may seem obvious, but you may be surprised how much is being spent on non-essential items and services. Make a record of everything purchased and organize them by what is essential and what is discretionary. Many startups when securing the first round of funding, or turning the first profit, splurge on office spaces. It’s hard not to “show” your success. You don’t need to go all out, just snag some cheap office furniture and make do.

Even if this is done over a short period of time it can uncover a lot. A careful review of spending can show how much wasteful spending can be channeled to more important functions. Investing in reliable software, or even just high-quality office organizer that you can use to keep track of and organize your budget may be worthwhile, depending on your needs. Read More 5 Tips to Budget as a Startup

Entrepreneurship Small Business Starting a Business

freelance
As a freelancer your mind is always focused on finding work. No work means no money being made, which means you do not eat. Not eating is something that no freelancer likes to experience. Therefore, freelancers are always hustling so that they never have to endure a period of famine.

One thing that seems to be the constant problem with most freelancers is that they always have to hustle for work. Once they are done with a present client’s work, they move on to trying to develop a new job, which will only be a temporary client as usual.

This sort of behavior is exactly why most freelancers never turn their freelancing skills into an actual business that has recurring customers. Instead most freelancers deal with constant anxiety about finding another paying gig so that they can make enough money to merely survive.
If you are a freelancer who has to constantly hunt for clients, you are not operating with the mindset or actions that will help you prosper and grow.

Your lack of business understanding keeps you in a perpetual state of struggle. There is no reason for you to continue to struggle as a freelancer. Here are 5 actions that will help you produce a thriving freelancing business. Read More 5 Ways to Improve Customer Retention as a Freelancer

Communication Customer Relationships Entrepreneurship

holidayshopping
We are in the mist of holiday season. Thanksgiving, Christmas and New Years all happen back to back which means this is the time of year when many people mentally checkout. The mindset is to enjoy the holidays for an entire month and then go into the new year focused, ready to achieve big things.

But this wishful thinking never goes as planned. If you are already an average person who operates at an average level like the majority of people, completely shutting down for an entire month only keeps your life in the company of the average.

What is the average person doing during the holidays? They are usually spending money that they don’t have so that they can “enjoy” the holidays.

What is the difference between a successful entrepreneur and the average person? How do entrepreneurs get ahead during the holiday season?

Entrepreneurs have systems to make money while the average person trades their time for money. The average persons time away from their job means that they are not generating any money.

A successful entrepreneur is making money and working even while they are enjoying the holidays. The reason this is able to occur is because the entrepreneur has put systems in place that allow for them to stay in contact with their customers so that interaction and sells can continue to happen. Read More How Entrepreneurs Position Themselves to Succeed During the Holidays

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