There are a variety of reasons why most businesses fail. Following are the ten most common reasons:
1. They don`t have a business plan. They build a website without having any sort of business plan. That`s putting the cart before the horse. Develop a business plan first, then build a website.
2. They`re incompetent. You`d be surprised at how many businesses there are out there being run by principals who don`t have a clue about running a business. Don`t embarrass yourself. Educate yourself, before starting a business.
3. They`re undercapitalized. Unless you`re an experienced sales and marketing person with the ability to improvise and create, it`s very difficult to start a business without any money. Granted, with the advent of the Internet you don`t need as much money to get started as you once did. But you still need money.
4. Poor website design. First impressions are everything, and the first impression that is presented by many businesses is a poorly designed website. Internet browsers are an impatient lot. Instead of hanging around trying to figure things out, they simply click-away and move on to the next site.
5. Poor presentation of product or service. You`ve probably heard the saying, "Presentation is everything." Truer words have never been spoken. How well you present your product or service will ultimately determine its success or failure.
6. They don`t advertise. You can have the greatest product in the world, but if no one knows about it, you won`t make any sales.
7. They don`t ask for the order. As unbelievable as it may sound. I`ve actually seen ads where the company presented its case for buying their product, and never once asked for the sale. If you`re a household name like Pepsi or McDonalds, you can get away with that. Otherwise, follow the excellent example of John Scherer, CEO of Video Professor. At the end of every commercial he says, "Try my product!"
8. They`re in it strictly for the money. Businesses that exist to serve their customers approach business entirely different than businesses that exist to serve themselves. Don`t kid yourself. Customers can sense the difference, and if you`re the latter, customers will avoid your business like the plague.
9. They don`t learn from their mistakes. Some businesses continue to make the same mistakes over and over again. Albert Einstein once said, "The definition of insanity is doing the same things over and over again and expecting different results."
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