Business Friday: Why Your Business Fails and How to Turn it Around.

Business Friday is here live at the Unibentalkingdrm. Today's gist is strictly about the reasons why your business fails. From a concrete feasibility study, it has been observed that
most people start a business with the hope of making a thrill out of it, but on the long run, they happen to wallow in the depths of failure. Here are some ten causes and solutions to your businessess
1. Starting the Wrong Business: This is the very beginning of crumbles in every business ideology. When the business doesn't suit your life style or probably is not what you enjoy doing, satisfaction becomes minimized and the zeal to push further tramples.

Solution: Discover what you have passion for and what you will enjoy doing.

2. Lack of Required Knowledge: Whatever you do should be what you have great insight about. You shouldn't start an innovation when you have less knowledge about it. It will be very abusive to do so.

Solution: Try to do more research before initializing your idea.

3. Absurd marketing techniques: The point where most people miss it is that they try to market their products just immediately it is readily available for sales. This act is wrong. You should already be creating your market well enough even before the products arrive. Imagine an author who wants to sell his books via a blog and doesn't have a customer base before publishing the book. Is he likely to sell any copy?

Solution: Start promoting your product even before it is ready to create buyers anticipation.

4. Unimproved Forecasting Abilities: So many businesses tend to fail strictly because what the customers need is not necessarily available. Like we all are already familiar with, there are changes that occur within the business environment. It could be of taste, ideas, income etc.

Solution: Consult a marketing survey to know what your customers need before attempting to satisfy their taste.

 5. The Environment: The Environment in which you conduct your business activities matter a whole lot. In fact, it is a sine qua non. You cannot plan to sell expensive electronics within the school premise. You may fail due to some variables that comes into play.

Solution: Scan your environment thoroughly before setting up the business.

6. The zeal is constantly absent: I must confess this to you that you shouldn't start a business with the mindset of "trying". Start with the mindset of winning. The absence of this zeal is what triggers delay, frustration and incompetence within you.

 Solution: Make up your mind to excel in the business you choose to venture into.

7. Cost Efficiency: This is very important. Many people do not even budget their initial capital before starting a business. They just start randomly and expect to be good at it and at the same time reap a constant stream of returns. It doesn't work so easily.

Solution: Make a budget, plan your business and know when you are running at a loss.

8. Inconsistency: Your business is most likely to fail when you are inconsistent.
You cannot strive so hard to get your capital ready only to sit back and do nothing. You ought to bring your stuff out so the world knows you for what it is that you do.

Solution: Make your business your good habit and it will become your flavour.

9. Lack of good Communication with Customers: Your consumers attention should be a clear prerogative to your business. Many businesses fail because of lack of communication. Your customers should know definitely what next you have in stock. It improves the fidelity and trust they have in you.

 Solution: Communicate with your customers by getting their phone numbers. You should also have a database to send emails and text messages to them when needed, but please do not bug them as it may seem to be a spam.

 10. Go for more Knowledge: The business environment is like a circle. "Get knowledge, transform that knowledge into wealth and also get more knowledge and transform it into more wealth". You cannot rely on your based knowledge for sustainability. You need more knowledge to become even more empowered to handle your business.

Solution : Invest in more literature so that you retain a great position in your distinguished market.

PS: These are a few ones to be mentioned. Strive to keep your mind productive with ideas and the lord will be your strength in your business endeavours.
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