Page 13 - THE NOTICEBOARD EDITION 63 OCTOBER 2020
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October , 2020 Page 13
October, 2008
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Why Small Businesses Fail: Reasons for Startup Failure
set the right measured pace. Some of operation, and should be listed
indications that an expansion may in Google My Business so it will
be warranted include the inability to show up when shoppers search
fill customer needs in a timely for what you sell by location. (Ex:
basis, and employees having "Italian restaurants near me")
difficulty keeping up with
production demands.
Even if you don't have customers
come to your place of business
If expansion is warranted after and/or you get most of your
careful review, research, and business through networking and
analysis, identify what and who you referrals, you need a website so
need to add in order for your potential customers can research
· Description of the business to grow. Then with the your business before they call
business, vision, goals, and right systems and people in place,
keys to success you can focus on the growth of your you. If you don't have a website
and your competitors do, you'll
· Market analysis business, not on doing everything lose out.
in it yourself.
· Workforce needs
You need to have social media
· Potential problems and 8. No Website and No Social profiles on the services your
solutions Media Presence clientele are most likely to use for
· F i n a n c i a l : c a p i t a l Simply put, if you have a business the same reason. If you don't, you
equipment and supply today, you need a website and a won't look professional and will
list, balance sheet, social media presence. Period. lose business to competitors who
income statement, and At the very least, every business do at least have profiles on
cash flow analysis, sales should have a professional-looking popular social media sites.
and expense forecast and well-designed website that
enables users to easily find out If you have products that can be
· Competitive analysis
about their business and how to sold online, or you can take
· Marketing, advertising, avail themselves of their products orders online, that's an added
a n d p r o m o t i o n a l and services. benefit. But at the bare minimum,
activities you need a website that lets
· Budgeting and managing If you serve local customers, your customers know what you offer
company growth website should include your and how they benefit by doing
In addition, most financial address, phone number, and hours business with you.
institutions request a business
plan if you are seeking to secure When it comes to the success of
additional capital for your any new business, you -- the
company. business owner -- are ultimately
the "secret" to your success. For
7. Overexpansion many successful business
A leading cause of business owners, failure was never an
failure, overexpansion often option. Armed with drive,
happens when business owners determination, and a positive
confuse success with how fast mindset, these individuals view
they can expand their business. any setback as only an
A focus on slow and steady opportunity to learn and grow.
growth is optimum. Many a
bankruptcy has been caused by Most self-made millionaires
rapidly expanding companies. possess average intelligence.
What sets them apart is their
At the same time, you do not openness to new knowledge and
want to repress growth. Once their willingness to learn
you have an established solid whatever it takes to succeed.
customer base and a good cash by Patricia Schaefer
flow, let your success help you
