TWO STRIKING REASONS YOU KEEP FAILING IN THAT BUSINESS

Building a business is one thing, another is how the business is managed and the longevity of such businesses or investments. A survey shows that there are over 28 million small businesses in the United States according to SBA, but only about 50% survive and just about one-third survive 10years more.

A business may fail due to several reasons, but the bad news is that most entrepreneurs do not discover this until the damage has been done. I am going to discuss broadly, just two reasons why you keep failing in that business.
 

Failure is a bruise not a tattoo
You can still improve now!!!

1. A WRONG FOCUS

Most investors and businessmen concentrate on just profit making and interest whereas they are not concerned about how the other factors of production must have to work together for the sustainable success of the business enterprise. A greater percentage of young and upcoming investors, businessmen/women start up a business, employs labor and instantly starts expecting high returns, but this is improper. As business persons concerned about how long your businesses can stand the test of time and competition, you should have the right focus which is centered on good customer services. This is a very important factor that determines how long a business can survive. Applying this may not be very profitable at the start, but trust me you will win the market. A good entrepreneur should treat the customers like assets and  not liabilities, he should have a way of making them feel special, important and ensure their needs are properly taken care of by asking some of the questions

like how can we serve you better? how are we doing?, and can we serve you some other time?. This will help reveal the true needs of your customers and how they feel about your business. Having understood how the business is doing and how it can get better, being able to give your customers a satisfying response is what creates the trust and bond needed to elongate your business, stand the test of time and at the same increase the profit level of your business in almost no time. This reaffirms the market statistics that shows that a satisfied customer always comes back with at least 10 other customers craving the same satisfaction. But be mindful it is Vise-Versa when the customer is dissatisfied.

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Good customer service pays!

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One customer well taken care of
could be more valuable than $10,000 worth of advertising
Jim Rohn

2. POOR MANAGEMENT SKILLS

Entrepreneurs poor management and relation skills are one of the major causes of failure in a business enterprise.

It's not the plan that is important,
it's the planning
Dr. Graeme Edwards

The management of a business from the financial management to the front-line employees (customer service department) should be properly trained on basic management and customer relation skills as related to their areas of specification. The best entrepreneurs are known to constantly seek training, learn and reach out to mentors and financial advisors to improve their leadership skills. So, for sustainable success of your business special attention should be given to your front-line employees, by this I mean those that relate directly to your customers. Customer relation training programs and seminars should be conducted at intervals to ensure your front-line workers are at their best and consequently, a proper relationship between your business and your customer will be assured. Employees under this department should be treated with utmost care and handsomely rewarded, as their efforts are what determines the growth of any business.

Marketing statistics shows that a satisfied customer always comes back, but with at least ten other customers craving the same satisfaction.

There are a lot of other reasons why a business can fail but I can't take all that in one blog post. Hope to meet you in my next blog post and don't forget to subscribe. Thanks for being on the team.