WHY BUSINESSES FAIL I

POINTS TO CONSIDER

1 Undue expansions
2 Inadequate advertisements
3 Ignoring customers’ needs
4 Small Customer Base
5 Limited Knowledge Of The Market
6 Insufficient Coverage

DETAILED EXPLANATIONS

1 UNDUE EXPANSION

It is sometimes so unfortunate that entrepreneurs worry so much about the offices they occupy, than the services they provide. A leading cause of business failure, overexpansion often happens when business owners confuse success with how fast they can expand their business. A focus on slow and steady growth is optimum.
If expansion is warranted after careful review, research and analysis, identify what and who you need to add in order for your business to grow. Then with the right systems and people in place, you can focus on the growth of your business, not on doing everything in it yourself.

2 INADEQUATE ADVERTISEMENTS

All efforts would be in futility of your business is not adequately promoted. You owe your brand a great deal of promotion.
Simply put, if you have a business today, you need a website and a social media presence.
You need to have social media profiles on the services your clientele are most likely to use for the same reason. If you don't, you won't look professional and will lose business to competitors who do at least have profiles on popular social media sites.
If you have products that can be sold online, or you can take orders online, that's an added benefit. But at the bare minimum, you need a website that lets customers know what you offer and how they benefit by doing business with you.
Make the best use of the available platforms where your target customers are, and promote your products or services.

3 IGNORING CUSTOMERS’ NEEDS

Lack of adequate attention to customers’ needs can turn down many opportunities for an enterprise.
Paying attention to customers equally involve improving the quality of the goods or services you provide.

4 SMALL CUSTOMER BASE

Over dependent or confident on a few customers can spell doom for an establishment. Do well to win more market share. Your source of revenue should be diversified for more growth and profit.

5 LIMITED KNOWLEDGE OF THE MARKET

As an entrepreneur, you must study the market trend thoroughly and have adequate market knowledge. Do well to always be ready for improvisation and be proactive at all times.

6 INSUFFICIENT COVERAGE

When a business lacks adequate coverage, it can be shattered at any time. No too much is required for a business coverage, treat this as important.

REFERENCE

1 Tradebox
2 Entrepreneur