9 Reasons Why Small Businesses Fail (and How to Avoid it)

Hi all. Found an excellent article that I am sure many will relate to. Hope you get something useful out of this... 

Why do small businesses fail? The million dollar question. Starting a business is not easy, and there are literally dozens of statistics out there about the survival rate of small businesses.

There’s No Business Plan or Unique Value

This first reason is especially true for new business owners. What you think sounds like a good business plan on paper, may not fare so well in reality. This doesn’t mean you should ignore your passions. Instead, it means you need to do a little research and planning.

Failure to Listen to Customers

In our digitally obsessed society, it’s easier than ever for customers to share their thoughts and opinions about the businesses they interact with— which means it’s easier than ever for business owners to monitor and solicit customer feedback.

Poor Management

Behind any successful business are great leaders and effective management practices. A lack of either of these can lead to poor decision-making and confusion about who’s in charge, leading to conflict among staff, poor morale, and reduced productivity.

Looks like really useful info, eh? Just click here to find out more. If you’d like to share perspectives or discuss how it relates to your business, call me on (0467) 749 378 or email me at robert@vicleaders.com.au.

Thanks,

Robert