5 Reasons Your Small Business Will Fail (And How to Avoid Them)
How small businesses can effortlessly avoid some of these common mistakes
Do you want your small business to flourish? Do you know you can avoid some of the common mistakes people make?
Why would you allow yourself to fail after coming this far?
Is it that you haven’t cultivated enough managerial skills, or you possess less financial muscles?
Running a business can be frustrating and exhausting. Sometimes you may have ideas but cannot wade through the sea of hurdles. Many have tried and succeeded, while others have failed.
When I first ventured into business five years ago, I employed the knowledge gained from my accounting profession. I’d manage the procurement, the sales, and the petty cash, and my mind worked relentlessly to stay afloat.
Everything seemed running smoothly, so I thought, but my inexperience couldn’t make it stand.
It’s not that I chose to fail, but I couldn’t bail myself out.
So, would you like to know some of the reasons your small business will fail and how to avoid them?
If yes, then read on.
1. Choosing Not To Learn From Your Mistakes.
Do you fear making mistakes? And is it right to make mistakes?
Well…whether you’re a perfectionist or not, making mistakes is inevitable.
With your two-fisted marketing strategy, you’ve remained competitive amongst your challengers.
You’ve learned when to make calculative moves to launch your killer marketing strategies. You’re familiar with and understand your consumer well.
However, you wonder why customers complain about your products’ quality, why they seem to return already bought goods, or the price disparity.
Then you begin tracing back the records, doing an audit, trying to find out the problem at hand.
But you realize it is not that you weren’t aware. You simply ignored it.
You might even consider this as the first mistake: not admitting that you’re ignorant.
So how do you avoid not learning from your mistake?
Do you know how? I’m not very sure, either.
But here is the thing, some mistakes can be avoidable.
Begin by asking yourself why you’re in business in the first place. While you do that, go ahead and admit that you have a problem.
Don’t try to create excuses for yourself. Please make a point of handling any issue as soon as it occurs. What could be a better way than listening to your inner voice when something is amiss?
Learn to pay attention to the voice within. Take note and never buy time while tackling customers’ criticisms. There is more than meets the eyes when you get negative feedback from your consumers.
2. Choosing To Remain Within Your Comfort Zone
How would you feel driving a brand new SUV? I can imagine the feeling.
How then would you feel driving your usual hatchback outdated Charlotte?
Normal if not comfortable, I bet?
Then why should you continue dancing to the same tunes?
When you decide to do things the same way, you’ll always get the same result.
The amount of work you’re putting in determines the outcome.
Explore the untamed waters that you’ve never tried before.
Your doubts of today could limit the fulfillment to your next big opportunity.
Get entangled with the fearless.
“The day you take a step outside of your comfort zone is the day your world will change.” — Steven Aitchison.
What you believe in is not always the answer to your problems. Because once you think that your current position is Okay, you’ll never reach where you might have been.
I mean by this that if you decide to remain within your comfort zone, you’re less likely to influence your success but attract stagnation.
So how then do you avoid being in such a position?
“In this day and age, anyone can storm into prominence. But without determination and consistency, it’s a pipe dream.”
You’ll get a round of applause when you succeed and a pat on the back when you tried but failed. But when you don’t try at all, no compliment at all. There’s no gain in sitting pretty in your prime position and expect any positive change.
All you need to do is disengage yourself from that state and look beyond your shoulders. It could sound scary, but it might be a good thing to try.
Half the most successful entrepreneurs in the world are risk-takers. They’re never afraid to dive into the unknown waters. They’re always curious about what’s across the next river and over the next hill.
Every time they strive to do the unthinkable. Always believe themselves as winners, to slay the unimaginable, and if they lose, they learn from it.
If you can only emulate such enthusiasm and determination, you’d make a bold statement moving forward. And before you know it, you’re off your comfort zone.
3. Always Trying To Achieve Great Things Within A Short Span
Ever felt filled up with a lot of enthusiasm that you’d want to burst out and achieve great things? You have these great ideas with plenty of options to exploit.
And you start to wonder: how on earth would I work out all these ideas within the shortest time possible?
And you’d get off the blocks to make a significant mark amongst your equals.
In the past, I’ve always found myself in a similar position. I’d always strive not to be second fiddle in any situation. Breaking from the ordinary to create an opportunity that will achieve the best.
Is it okay to think of great things?
But how often do you stop and think that the small things you do could sky-rocket your brand into stardom?
And how do you avoid such a situation?
The sooner you realize that self-growth is tender and achieving great things doesn’t come easy, the better. Don’t be surprised if you don’t achieve it in the end.
The most important thing is starting with the small wins and understanding what you can do in the short run before looking at long-term goals.
Learn not to be entangled in the feel-good factor bubble and embrace the true reality.
You could learn to be patient before you make a move and do what you can with all you have, at every chance you get.
4. You’re Not Sensitive To Customers’ Needs.
Most fashionistas are strict adherent of their clients’ requirements. They’d be held hostage with the nitty-gritty details laid out by their clients.
They’d only feel happy if their clients are satisfied. In that way, we’d agree that there are sensitive to their clients’ needs.
The secret ingredient of a successful business is the customer. They keep you going even at that point where you feel disorientated.
So, how do you avoid it?
As you negotiate to market your brand and enchant more customers with your incredible offering, please note their behavior. Learn to think from the customers’ perspective. Try not to be rigid and loosen up because my interpretation is that it all about personality.
5. You’re Obsessed With Growth (But Fail To Innovate)
Have you ever been to Silicon Valley? I haven’t yet, but it must be sensational from what I’ve seen on the internet.
Silicon Valley represents a monumental symbol of technological transformation.
By any standard, we believe in steady growth and would defend any attempt to undermine its ascendancy.
But often, we find ourselves fixated with that same growth we so desire. And we forget that growth without innovation is not substantial growth.
As mentioned earlier, Silicon Valley has embraced innovation to its core. They have shown the world how innovation can change the entire architectural and infrastructural outlook. We can’t divorce growth and innovation because they go together.
Up until the 21st century, world business development was stagnating.
Shortly after the invention of the internet, the rule of the game changed, especially branding.
Social media marketing has been on the center stage of top-notch marketing for small businesses and large organizations.
How then do you avoid entrapped in this situation?
The argument is that innovation is expensive, and it boils over to spending many resources — quite the contrary, you don’t have to pay much on innovation. You only need to use what you have at your disposal.
Set up your growth strategy, see to it that you’re not going over your limits, or you might come crashing down.
Learn to be creative, have fun, and it will eventually translate into reality.