Why Small Businesses Fail

  • Dr Grace 

WHY SMALL BUSINESSES FAIL AND HOW TO AVOID FAILURE

ONE-MAN BUSINESS.

One of the reasons small businesses fail is the fact that you are working alone. You are the CEO, the Mail Man, the Website Designer,  the Receptionist, The Salesman, the Time Manager, the Financier and so on.

It is impossible for one person alone to be sufficiently skilled in all areas of making a business successful, as outlined above.  Besides, how much time have you got in one day?

What to do.

1. Create a Daily Plan in Your Diary so you can do a few tasks each day in order to avoid overwhelm.

2. Tick off any tasks you have completed and celebrate that with a reasonable gift to yourself .. like a cup of tea or something better..(not chocolate, surely!)

3. Hire a Virtual Assistant who can take over some of the more time-consuming roles,like Marketing or answering calls and booking your appointments for you. Virtual Assistants are fairly cheap to hire – you can check these out on Upwork.com, Fiverr.com and Freelancer.com.

4. Hire a professional Web Designer to create your website for you and make it SEO compatible. If you choose to design the website yourself so as to avoid spending too much money on it, get a good friend to have a look at what you have designed and give you a simple critique on it.

FINANCIAL MATTERS.

One other reason many small businesses fail, is the lack of finance to do all sorts of things like the following: Advertising, Paying a staff member, payiing your bills, etc.

What to do:

1. If possible, work from home. If you work from home, you will vastly reduce the cost of office rent, etc.If your business is such that you cannot work it from home, study your monthly expenditure carefully and remove or reduce any costs that are not really necessary for the business. Save money wherever you can.

2. Advertise on Google Adwords – you can choose to pay as little as £5.00 per day for your ads, although Google would advise you to set a higher budget. I would suggest to start with whatever you can afford, and see if there are any leads at all. If there are, then increase your budget.

You can also advertise on Social Media like Facebook, Instagram or Pinterest. You will need to abide by the Policies for these Platforms or you may find that your Adverts could be banned. If you are not too sure what to do, hire someone who knows what to do to help you. Again, you can find fairly cheap labour on UpWork, Fiverr and FreeLancer.

PERSONAL MOTIVATION – HIRE A MENTOR OR A COACH.

Most people fail to achieve their set goals because they lose momentum half-way through. They have no one to speak to about their problems, and no one to help them solve those problems. You feel totally alone! And when you are out of your depth, there is no one to look at the situation with you critically and help you find solutions.

Hiring a Business Coach or a Business Growth Mentor will help you seriously improve your business.Your Mentor will be your “Buddy”, someone who will look at your current problems crtically and help you discover ways to find easy solutions – that will not always have to cost you extra money.

“But the Mentor will be an additional cost”, I hear you say.

 Yes, hiring a Mentor will cost you some money, but it won’t break the bank!. 

Think of it. Which is better – to hire a Mentor now while you can, and vastly increase your sales within a short period of time, or to keep doing what you are doing and continue to fail, and perhaps, totally lose your business in the long run?

TAKE ACTION NOW TO INCREASE YOUR CHANCES FOR SUCCESS.

I invite you to Pick up my “FREE REPORT – FIVE SECRETS FOR BUSINESS PROSPERITY”. You will find very useful suggestions in there to help you.

You can also Book A FREE Business Break Through Session with Me by clicking here.

Wishing You Much Success!

Grace.

grace@amaizngsuccesswithdrgrace.com.