3 Ways you’re failing in Business
Now the statistics for small business failing are pretty high with the Australian Bureau of Statistics reporting 60% within their first 3 years.
The vast majority of these failures sit with poor management and lack of cash flow so what this blog aims to do is show you three ways you are failing right now.
Remember that just because you are doing things wrong today, it doesn’t mean that your business will fail and collapse. You can turn things around if you want to, you need to put in the hours, learn from your mistakes and move forward.
Small Business is hard work – It is not an easy ride and you should plan carefully and work hard throughout the process.
Failures of knowledge
No single person knows everything – nor should you expect to know everything
You are an expert in your field – not perhaps marketing/administration/finance/customer service/etc.
You don’t know what you don’t know – tricky one huh
You consult to then take on every bit of advice ever offered – without qualifying that person or business
You have no idea how much money you need – no business planning
You have no idea just how long success may take – it will be longer than you think
Failures that could have been prevented
You are choosing to ignore noticeable peril – rather than deal with it immediately, pull your head out of the sand!
You didn’t have enough cash – but went ahead anyway
You borrowed too much money – no way of paying it back
You listened to the wrong people – choose carefully and choose independent people who want you to be successful
You keep trying to fix something the same way – expecting a different result, the definition of stupidity!
You don’t learn from a previous failure – doing the same thing again
Failures that could not have been prevented
Natural disaster – planning could have lessened the blow
Exchange rates – planning could have lessened the blow
Oil prices – planning could have lessened the blow
Anything completely out of your control – planning may not have lessened the blow, but you can always regroup.
Everyone fails something at some point – It is how you recover that truly matters.
Good advice costs more than the free advice you may have received.
Do you see yourself or your business in any of these positions or one that I have perhaps not mentioned?
Do something today:
- Write a list
- Make a plan
- Hire a professional to help
- Choose a different outcome and make your business the best you can.
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