The 5 Most Common Reasons Why Some Businesses Fail While Others SucceedAug 02, 2021
The 5 Most Common Reasons Why Some Businesses Fail While Others Succeed
Running a business is not for the faint-hearted. Entrepreneurship is not something that everyone should consider as there are some serious risks involved. Successful entrepreneurs need to be able to effectively communicate, sell, learn and strategize. They need to be versed in management, finances, taxes and all business-related topics. This is no small feat.
According to the Small Business Administration, 20% of small businesses fail in the first year, 50% don’t make the cut after five years, and only 33% make it to 10 years or longer. These statistics are scary and real.
Did you know that it is really easy to be the reason that your business burns down? You might never intentionally set fire to your business, but have you been setting your business up to fail?
Here are the 5 most common ways that entrepreneurs set fire to their own businesses without realizing it. (And how to avoid them in your sexy business.)
1. Thinking You Have to “Know It All”
Stop being so darn stubborn. You don’t need to always know it all. You will only set yourself and your business up to fail. Asking for advice and seeking sound counsel can be sexy in business if it’s done right.
Ask the experts, remembering to keep your expert circle intimate. It is important to have a group of people you know and trust to guide and walk alongside, assisting you in building your sexy, beautiful business.
Asking for advice does not make you weak or uneducated. It proves that you want to learn and grow as an entrepreneur so that you can create the sexiest, most beautiful business that lasts the test of time.
2. Never saying “No.”
Have you been the one saying yes to too many things? I know you want to be able to do it all and be everything to everyone but you are only human. A sexy human, yes, but still only human.
Saying yes to everything leads to burnout and neglect. Neglect of yourself and your business. In a sexy business, “No” should form a comfortable part of your vocabulary.
You might need to start delegating. Pass the balls along to people you can trust. In this way, you can be confident that all areas of your business are well looked after. And you can be sure that a failing business is not on your cards - only a sexy growing beautiful business!
3. Doing Desperate Marketing
Marketing your business can be sexy and beautiful but it can quickly turn ugly and desperate if you’re not careful.
Businesses fail because they don’t have a marketing plan in place when they launch. They just launch. Then the bills are due, and entrepreneurs resort to Desperate Marketing - treating people as a paycheck, and not a person. This will set your business on fire and burn it down to the ground.
It is crucial to have a sexy marketing plan in place from the get-go. So do your research. Know your product and how you are going to market it. Have a plan in place and make sure you execute it.
4. Ignoring the Books
Finances are the backbone of your business.
Break the backbone and you don’t have a business.
And when it’s time to pay the bills, if you haven’t been keeping track of the finances you will have no idea where to start.
You need to know what is going on in your books. If you don’t then start to educate and familiarise yourself with your business’ finances. If finances aren’t your thing, make sure that you have someone on your team willing to teach you and work alongside you.
5. Being Inconsistent and Unreliable
Get Up and Show Up. Let your ‘yes’ be your ‘yes’ and your ‘no’ your ‘no.’ Stick to your commitments.
Don’t just show up, but show up prepared and ready to tackle the tasks set before you.
Have a reputation where you are known as reliable and trustworthy. There is nothing sexier than being someone others can trust and depend on. Nothing is sexier for you and your business and there is no better way to prevent your business from failing.
So if you’ve noticed some flames rising up in your business, grab the fire extinguisher right now:
Stop avoiding tasks and get the job done.
Delegate if you don’t know how to do something.
Ask for help if and when you need it.
Stick to your commitments.
Learn that it's okay to sometimes say NO.
Keep track of your finances.
Educate and empower yourself.
Set your business up for success, not failure.
Our My Sexy Business Magazine is full of stories of incredible people who have put these principles into practice, and built up a sexy business of their own. Get ready to be inspired by their stories and let their success breathe life into your dreams for a sexy business and a sexy life.