6 Seemingly Small Reasons Some Businesses Fail
Sep 8, 2019
Sometimes when you see another business fail, why they got there seems obvious. Other times, it can seem like a mystery. In many of those failures, what seems like a small detail can mean big problems for those businesses. Here are six of the reasons why some businesses fail while others succeed.
1. Ignoring Customer Needs
Every business will tell you that the customer is the most important thing, but many businesses don’t deliver on that promise. What are your customers telling you? Have you been listening to the feedback you’ve received? How can you make that feedback a part of your business plan? These are important questions for all businesses to ask and answer.
2. Not Learning From Failure
Not every project or plan will be a success. However, it’s important to learn from that failure. If a business isn’t learning from their mistakes, they may repeat them.
3. Growing Too Fast
Whether it’s investing in a new piece of equipment before they’re ready or rushing into a larger building or move to a new location, growing too fast can be a big challenge for businesses if your customer base doesn’t match that growth.
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4. Not Identifying What Makes Them Different
Some businesses pay too close attention to what their competition is doing and don’t take the time to highlight what makes them different. While looking to the competition can be a great way to know what works for customers, doing too much of the same can make their business unmemorable. Instead, successful businesses figure out what makes them different and highlight the things that set them apart from their competition.
5. Leadership That Doesn’t Grow
While employees need to continue growing and improving throughout their careers, sometimes businesses don’t realize that the members of their leadership team also need to grow and change in order to keep things working. Businesses with leadership that doesn’t work to improve might see those challenges impacting all levels of the business.
Leadership improvement doesn’t have to be difficult, though. It can be as simple as identifying a problem and working to improve one aspect of their leadership skills at a time.
6. Relying on Enthusiasm Rather Than a Strong Plan
It can be easy to see the drive of an employee or team and expect it to keep a business going. However, without a plan to guide growth, even the most driven business can easily misplace employee efforts and find itself going in entirely the wrong direction
When you see other businesses fail, what reasons can you see for that failure? We’d love to see you join the conversation in the comments below.