HomeHome SearchSearch MenuMenu Our productsOur products

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.

*********** Recommended Product ************

Does your CC follow the CC Act or the Companies Act?

Do it right or face penalties

Click here to find out how

**************************************************

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.

*********** Advertisement ************

Are you spending TOO MUCH on accounting costs?

REVEALED: The secret to reducing your audit fees…

The truth is you could pay less accounting fees while at the same time prevent fraud, save on tax and Vat costs and keep up to date on changing legislation.

Click here for the cost-effective alternative to audit fees

*************************************

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.



Related articles




Related articles



Related Products



Comments
0 comments


Recommended for You 

  Quick Tax Solutions for Busy Taxpayers – 35 tax answers at a glance



Here are all the most interesting, thought-provoking and common tax questions
asked by our subscribers over the last tax year – everything from A to Z!

To download Quick Tax Solutions for Busy Taxpayers – 35 tax answers at a glance click here now >>>
  Employees always sick? How to stop it today



Make sure you develop a leave policy to regulate sick leave in your company.

BONUS! You'll find an example of the leave policy and procedure in this report.

To download Employees always sick? How to stop it today click here now >>>
  Absenteeism: Little known ways to reduce absenteeism



This FREE e-report will tell you how you can reduce absenteeism in your workplace while avoiding the CCMA and without infringing your employees' labour rights.

To download Absenteeism: Little known ways to reduce absenteeism click here now >>>
  7 Health & safety strategies to save you thousands



Don't let a health and safety incident cost you one more cent. Implement these seven
strategies in your company today.

To download 7 Health & safety strategies to save you thousands click here now >>>