Business Failure Factors
If there’s one thing I’ve learnt in over 30 years of working with business owners it’s that no one plans or sets out to fail in business.
Not all is equal in the playing field of the business arena. Luck plays a part too.
In most cases, it’s possible, in the post-mortem of a business failure, to pinpoint where and even when a business first began to fail. In many cases it is far earlier than you would have expected. It just creeps up and next thing you know, there’s a knock on the door.
What I can also tell you is, businesses today will fail for exactly the same reasons they failed 30 years ago or more…
On far too many occasions, business owners don’t see the early warning signs and by the time they ask for help, it’s often too late and the pathways out are extreme.
I’d like to see more business owners reach out earlier and have the conversation. Indeed regular check ups should be a standard activity.
How do you know if you’re going to get that knock on the door?
The answer is, you won’t know if it’s in your blind-spot.
Failure starts early.
A blind-spot can only be seen from a different perspective. That’s why it’s your blind-spot. This is why it’s so important in any business that matters, that you have at least one external strategic business advisor. Someone who understands what a business owner is going through:
- the challenges;
- the choices;
- ….the many choices.
To the credit of clever business operators, I don’t always work with failing businesses. Many are good businesses which can or should be great businesses.
Testing your business, its assumptions and you, is what I do best.
Don’t Underestimate the Value of a Different Perspective
Like most of us, you get so involved and immersed in your day-to-day, that it is too hard to step back and take an objective view.
Here are the top four reasons business owners say they failed at their business:
- Lack of profit
- Poor financial control
These reasons are a business failure staple. With over 30 years’ experience, it stands to reason; I’ve seen it; I get it.
If you feel your business is not going the way you expected, if you think your business could be doing better, or if you’ve already hit troubled waters, please get in touch with me and let’s start the conversation.
You’ll be glad you did.
Contact me directly on 0448 000 010; or [email protected] if you’d like to hear some heartfelt stories from my clients.
Top 4 reasons your business will fail from business owners who have been there already
Watch the video below