Business & Finance Small Business

Why Small Businesses Stagnate and Eventually Fail?

There is quite a few reasons but a few that came to mind were the following.
  1. New generation or business owners.
  2. Depend on large companies that have been clients for many years.
  3. Working in the business instead of on the business.
  4. Lacking engaging with clients.
All businesses should have a clear vision of what their goal plan is.
It really does not matter how big or small the company is.
Having a map will steer the company in the right direction and keep all members on board focused.
Have you ever thought what could happen if the captain of a ship wakes up not knowing which direction to steer the ship but only acts on what the circumstances are.
The same principle applies to a business.
Everyone on board should exactly know the purpose of the business and what their duties are.
With systems in place this should make it easy for the future generation when they take over.
There are also many small business owners that rely heavily on large companies that have been with the company for many years but do not keep track of time and because you are the business simply mean whatever happens to you could have serious negative effects on the business.
Getting the business to a level where you can work ON, instead of IN the business is where you want to be.
Having the right structure and systems in place with the right team will make you a player to be reckoned with in your industry.
Engaging with your clients on their turf is vital and challenging at the same time, but because you enjoy what you are doing, this should be a walk in the park.
Why do you think was the old school system as they call, it so successful? It was that personal interaction what people enjoyed.
Now there is no reason why this could not be the same in today's environment.
The only difference is that the world and technology moved on and you should do the same in your business.
I have a question for you.
If I were to plant one sunflower seed, do you think I could grow a sunflower plantation? Of course I can but it will take a heck of a long time, but it also mean I am at risk.
What if the seed fails to grow? The same circumstances relate to your business.
There is no way that you can rely on one big client or in this case a standalone website.
Ten years ago it was fine but with the rapid increase of internet users there is simply no way that you would be found easily online.
Now what if I were to invest in a couple of seeds from the word go.
This simply means my plantation will be established sooner and the return on my investment will be a lot faster.
What do I mean by this in the online business world? Social Media is the new word of mouth and you need to get out and get found.
Using the sunflower example, you need to establish your plantation.
Facebook, Twitter, YouTube and LinkedIn are all social platforms where your business need be active.
Because people are searching for products or services your business need to be structured online in such a way that you could be found locally.
People will engage with you and not the other way around.

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