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Three reasons small businesses fail and how you can avoid falling into the same trap

by , 09 July 2014
While no entrepreneur starts a business expecting to fail, the reality is that many small businesses do.

According to Forbes.com, eight out of ten new businesses fail within the first three years.

What's the reason behind this?

Read on to discover three reasons small businesses fail and how you can avoid falling into the same trap.

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Here are three reasons small businesses fail

Reason #1: Ineffective marketing

Award-winning copywriter and editor, Lee Polevoi says, if customers don't know who you are or even that your business exists, what hope is there to succeed?

He says successful business owners know, or enlist the services of, professionals who know who their target audience is and which marketing channels will most effectively reach them.

They also understand the value of advertising through online marketing, social media and other digital resources.

Reason #2: Hiring the wrong people

Your business will never prosper if you employ the wrong people — that is, employees who lack the willingness to work hard and who exhibit poor customer-service skills.

You must take the time to hire the right people. While this may be time consuming, it'll pay off in the long run because you'll have employees who are dedicated and who will help to keep your business afloat.

There's one more reason you need to know about.

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Here's one more reason small businesses fail

Reason #3: Believing you can do everything yourself

While you may be smart, motivated and full of energy, you can't take on all aspects of growing a business on your own.

Seek out the advice of mentors or others with experience and know-how. Invite suggestions and ideas from family and friends. Understand that, as resourceful as you are, there will always be parts of the business you shouldn't handle yourself, says Polevoi.

There you have it. Now that you know why small businesses fail, make sure you avoid falling into the same trap.

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