Want To Know Why Businesses Fail?

Want To Know Why Businesses Fail? Why businesses fail report. Well first of all there are many reasons why businesses fail; however this report will share some of the more important reasons. Here are a few reasons to look at.

1) They do not have a clear marketing funnel.

You need to develop a way to cost efficiently attract leads, then convert them into buyers for your products or services. This seems so basic, but hundreds of thousands of businesses start with no clear marketing funnel and then have to rely on luck or referrals to get customers in through the door. They are usually the last to act on technology to help them accomplish the leads and conversions.

2) They have no follow for their customers.

Once you’ve got an inquiry from a potential customer, you have to stay in contact with them. They seem to operate with a text book mentality. So many business owners are unaware of the importance of this. They get hundreds of phone inquiries or street walk ins, then let them leave without leaving any follow up details. This is Crazy.

Give them a reason to leave you their email address. Some examples might be a free report, a discount, or a newsletter. Keep reminding them that you exist and that you sell some good stuff. You’d be amazed how well this works. This doesn’t just work for potential customers it works just as nicely for people who’ve already bought from you. Just stay in touch and many will buy from you again. Most business owners do not understand the value of a customer.

3) They have no business system in place.

There are two types of businesses you can run. A talent based business and a systems based business.

A talent based business relies on the talents of a few key employees. Money certainly can be made this way, however it is precarious, because those employees may decide to leave. Or ask for too much money. Or get sick for a few months.

Far better is a systems based business. It doesn’t just rely on employees, it also has a clear, organized systems and rules that staff have to follow. Creating a systems based business can be a bit of a hassle initially.  But when you do the place will run much more smoothly and definitely more profitably. Now without a system in place, when that customer leaves a business there is no communication. So with that said the business becomes out of sight and out of mind.

4) They have no persistence.

Some people just give up too easily. They encounter a year of obstacles and just lose hope that things can change. Believe me, the corporate world is full of examples of companies doing it tough, then emerging triumphant.

Good companies take time. Sometimes lots of time. But so many entrepreneurs get depressed that they haven’t made a hundred million in their first three years. And give up soon after.

Don’t make this mistake. Extend your timelines, commit yourself to your company for the long term. It makes a world of difference to your results.

5) They have no self belief.

Closely allied to persistence, self belief is vitally important to the success of a business. When you have strong self belief you think better, sell better and lead better.

Potential clients sense it, are attracted to people who possess it. To expand on this you must also stop believing that most employees know nothing about marketing and keeping a business in front of the technology their customers are utilizing. To be more specific the mobile revolution that is happening.

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