Reasons for Business failure and how to rectify them

They are many reasons why Business Crashes. Most of these reasons are not observed by the Business owner.

WRONG ORGANIZING
1. Your Business will definitely Collapse if it was not well organized. Before setting up a Business, you must first do your full research concerning how to set up your Business
in a mature way.

If you are running a Business all over the World and you don't set up a good way of communicating around the world, it is likely your Business Collapse
because customer wont be able to get you at there convenience. That alone can discourage them.

HOW TO AVOID WRONG ORGANIZING: Before setting up your Business make sure to do all the necessary Research and make sure you contact Business expert to
receive the full guides of the Business you want to set up.

2. LEADERSHIP FAILURE
Your Business will fail if you lack leadership control. you have to keep in-touch with your employee, supervise your workers and keep good relationship with them.

If you are
not good in leading your Business, definitely When a problems requiring strong leadership occur, you may be reluctant to take charge and resolve the issues while your
business continues to slip toward failure.

HOW TO AVOID LEADERSHIP FAILURE: Make sure you deliver all your effort to the fullest as the Boss and always keep close monitoring to every of your workers .
Examine
other business best practices and see which ones you can apply to your business to make it move further.

3. NOT PROVIDING ATTENTION TO CUSTOMER NEEDS
Your business will fail if you refuse to always get in touch with your customers and understand what they need and the feedback they offer.
 Your customers may love the
way you operate or they can love your Products but need some changes.

if you are always in touch with your Customer they will let you know there interest on your
Products and they will let you know what they want you to improve or change in your Business Pattern.

HOW TO AVOID IT: You have to create a great customer care Service so that your customer can get connected to you anywhere
and anytime. Always Survey customers and find out what their interests are and keep them update in any development or changes that will occur in your Business.

4. UNPROFITABLE BUSINESS MODE
A key to leadership failure is building a business on an unsound model , operating without a good business plan, The business idea may be good but failure may come
in the implementation of the idea if there are no strategic guidelines in place.

HOW TO BUILD A GOOD BUSINESS MODEL: Research and review the way other businesses do there operation. Develop a complete and reasonable business plan,
solve problems as they occur and stay on track.

5. LACK OF FINANCIAL MANAGEMENT
You have to know where every singe dime is going and coming from in order to make your Business last. Your business can also fail if you lack a proper funding plan
and a reserve of money you can also use if there is financial crisis.

Don't start businesses with a dream of making money but fail to acquire the skills to manage cash flow,
taxes,expenses, and other financial issues. Poor accounting practice is an easy step to failure.

HOW TO AVOID FINANCIAL MISMANAGEMENT: Use professional business accounting software to keep records of all financial transactions, including every income
and expenditure , and that will help you generate i information whether you make profit or loss. This isvery important in running your Business. know where you stand
at all times. If you lack skills in financial management, consider hiring a tax advisor and professional bookkeeper or certified public account to help manage your financial
affairs.

6. Employee incompetency.
As a Business owner if you invest $1B in your Business but your workers are incompetent definitely you Business will no doubt but collapse. People do get employ
today because of there great connections whereas they are not competent to handle that position. As a Business owner you don't employ your Family, Friends or
Neighbors just because the are hungry for Jobs. If they are not competent you don't have to employ them.

HOW TO AVOID EMPLOYEE INCOMPETENCY: Before employing anybody to your Business make sure you do an interview for them to know how Qualify they
are to run your Business. you shouldn’t employ just because of close Relationship.

This article is compose by Sulaiman Ballo
The owner of this blog.
Your comments are highly noted.