The Top 9 Reasons Why Businesses Fail

The Top 9 Reasons Why Businesses Fail

Running a business is HARD.

There are no owners manuals, boot camps or evening classes.

But you started a business anyway.

You probably learnt by trial and error and advice from Accountants, Banks or other large businesses. That has got to the stage you are at now, and you should be proud of that accomplishment.

But what happens next?

Because, depending on the source, statistics show that up to 80% of new businesses fail in the first 18 months.

Referencewww.hiscox.co.uk/business-blog/top-9-reasons-small-businesses-fail/

Scary reading but, almost all of the reasons listed in the link above can be fixed with the coaching I can provide as an addon to my website package.

Why every business owner should get basic marketing and business coaching.

First of all, I am not talking about going to a seminar with a room full of other business owners all losing a days income.

Or a bunch of videos that you may get around to watching sometime this year.

No, I offer one to one coaching where we schedule a time for a call to work through the exact problems you are facing right now.
We work through a course of topics specific to your needs and tailored to what you can actually accomplish in bite-sized chunks.

This means from the very first call we work on what you can achieve with regards to your marketing, business processes and actions to keep your money for out of the 80% group above.

As I said at the beginning, running a business is already hard enough, so why continue to struggle through each day doing the same thing without ever getting to where you want your business to be.

So here are the top 9 reasons businesses fail and how one to one coaching will help –

Number 1 is CASH.
Cash flow is vital. No cash means no materials for your jobs, no money for you and big problems paying for the van, tools, insurance, training, fuel and the biggest killer, HMRC.
If cash flow is a problem, we can work through the obstacles you face and devise strategies to lessen the burden.

Number 2 – No Plan.
This doesn’t mean a fancy business plan you can present to the Bank but more like a plan of where you want your business to be in the next 1, 3, 6 and 12 months and what you need do to meet the goals you have set.

Number 3 – A USP.
Marketing speak alert! A USP is basically your unique selling point. What makes you different from your competitors? And no, price is not an answer.
We will identify what you can offer your customers that makes you different from your competition.
Why? Because it makes getting customers easier if you do something others don’t OR you explain what you do better than your competition.
Hint – This is one of the first things we work on as it makes everything else much more effective.

Number 4 – Reliance on a few big customers.
One is the worst number in business. One main customer, one main supplier etc. reliance on one source is dangerous if that source disappears!

Number 5 – No Marketing platform
Customers are your businesses food source. Feed your business a fresh supply of customers as your business will grow.
Having multiple sources of regular new customers makes everything else easy. Simple.
We will work through multiple methods for getting customers starting with – a website.

Number 6 – Performance and data analysis
This sounds ominous and difficult, but in reality, during the coaching, we will work through precisely what information you need, how to get it and how to record it in the easiest and quickest way possible.
If software and spreadsheets are alien to you, we work through systems that suit your way of working.

Number 7 – Not acting on market information.
Again, this sounds like a hassle, but there are ways to get information from current and new customers that will help you target your marketing to make potential customers come to you.

Number 8 – Poor Management
Even in a company of one, management of time, resources and processes are essential.
We will look at how you do things now, and I will offer alternative ways of working that gives you back what you have been missing – time.

Number 9 – No data or security backup.
Probably the least of your worries, however, look at your customer records. Most businesses will keep some records of the work they have done for customers. Getting that organised allows us to dig deep into it and find a potential goldmine of new opportunities, so it makes sense to all the ensure that information is kept safe.

So, all of the risks and problems listed above can be reduced by getting targeted advice.

You could buy a box of business and marketing books or online course with 90 hours of videos and work through all the options to identify what could work for you

OR

You can get simple, targeted coaching from a coach with nearly 30 years experience in the heating industry, 10 years of which as a Managing Director with another 10 years marketing training (I did all the seminars, read the books, watched the videos and then applied it to the business).

Originally published on www.br1webdesign.co.uk November 2019

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top
Share via
Copy link
Powered by Social Snap