Common reason of business failure

[Shigobad20201]

The reason why business fails varies , first it might be because you did not have a good and well executed business plan and secondly it might be due to monetary issues .

 

[Good-Person]

That might be true. What I have come to understand is that it is not only one single factors that leads to business failure. Other factors also contribute in one way or the other. It may be as a result of not taking customers complaints seriously together with bad location and other things.

I think that if a business cannot take customer's complaints seriously, then there is no need for creating a customer support department at all. Such businesses lose customers really quickly.

 

[Shaffy]

For a business to fail, it means there are challenges that it couldn't overcome. The most important step to avoid failing this, is to find out the challenges and deal with them fast to avoid compounding the issues.

 

[Sincerem]

I think that if a business cannot take customer's complaints seriously, then there is no need for creating a customer support department at all. Such businesses lose customers really quickly.

The reason is because they are just interested to make their business to meet the demands of the public. They believe a lot of people will take their business serious if they come to find out that this feature has been provided by the business

 

[Good-Person]

The reason is because they are just interested to make their business to meet the demands of the public. They believe a lot of people will take their business serious if they come to find out that this feature has been provided by the business

I think that customers are from the public and they need to take their business seriously. This is something that we must consider. Moreover, they must also focus on customer service if they actually want to improve their business.

 

[Sincerem]

I think that customers are from the public and they need to take their business seriously. This is something that we must consider. Moreover, they must also focus on customer service if they actually want to improve their business.

This is the right thing that must be done . Any business or organisation who refuses to put customer service into consideration and take them serious may likely lose their business to a competitor.

 

[tyrim88]

I major reasons why business fails is planning, if you don't plan well your business end up failing, you should always plan. A successful business owner is a good planner, you should also be a good organiser and also have good interpersonal communication skil with your costomers and also with your workers.

This is actually a goos one,another reason why business fail is because of poor financial record keeping,this is one of the problem that most busineses face especially new ones.

 

[Sotherefore]

The most common reasons businesses fail include a lack of capital or funding, retaining an inadequate management team, a faulty infrastructure or business model, unsuccessful marketing initiatives and lack of online presence.

Sometimes business owners may not experience success even when they have adequate capital. Sometimes I believe that business failures is as a result of bad location and sometimes improper management of a business.

 

[Shahid987]

There are many reasons that businesses can fail. Some common reasons include

Lack of demand for the product or service: If there is not enough demand for what the business is offering, it can be difficult for the business to be profitable.

Poor management: Poor management can lead to a lack of direction, miscommunication, and a lack of focus on key goals, all of which can contribute to business failure.
Insufficient capital: A business may not have enough money to sustain itself, especially during the start-up phase.

Competition: If a business is not able to compete with others in its industry, it may struggle to attract customers and make a profit.

Poor marketing: If a business is not able to effectively market itself and its products or services, it may struggle to attract customers.
Lack of innovation: If a business is not able to adapt to changing market conditions or customer needs, it may struggle to stay relevant and profitable.
Poor customer service: If a business is not able to meet the needs of its customers, it may struggle to retain them and attract new ones.

 

[Imran_Noori]

A common reason for business failure is the lack of attention to some minor details. You might not count small costs for your business, and those costs hit your budget hard.

I agree with you, I saw many businesses which were not caring about small details and those caused them to fail, even in small businesses, not caring about minor details will face you with big losses.

 

[Connor909]

Lack of an effective business strategy, failing to put the client first, employing the wrong people, taking on too much on your own, lack of a vision, lack of a niche, lack of a business plan, lack of a marketing plan, a lack of action, and a lack of dedication are all common causes of business failure.

 

[Immilash1]

Lack of an effective business strategy, failing to put the client first, employing the wrong people, taking on too much on your own, lack of a vision, lack of a niche, lack of a business plan, lack of a marketing plan, a lack of action, and a lack of dedication are all common causes of business failure.

You are right, if you don't have a good strategy you are going to make money from it, just like trading you need to have a good strategy before you can earn money.

 

[Jonaville1]

Running a business is not for the faint of heart; entrepreneurship is inherently risky. Successful business onwers must possess the ability to mitigate company-specific risks while simultaneously bringing a product service to market at a price point that meets consumer demand levels.

Some people fail when they engage in a business because they do not believe in themselves. Some people also fail because they do not know how to manage their business very well.

 

[Immilash1]

Some people fail when they engage in a business because they do not believe in themselves. Some people also fail because they do not know how to manage their business very well.

That's true, and some people fail because they don't know what they are doing, there are some people that go into a business without having the full knowledge, this also why a lot of people fail.

 

[Holluwaphemmy]

Running a business is not for the faint of heart; entrepreneurship is inherently risky. Successful business onwers must possess the ability to mitigate company-specific risks while simultaneously bringing a product service to market at a price point that meets consumer demand levels.

Companies manufacturing products must always consider the consumers. This will help to strategize and also strike a balance on both production and the consumption of the product.

 

[Jonaville1]

That's true, and some people fail because they don't know what they are doing, there are some people that go into a business without having the full knowledge, this also why a lot of people fail.

There is no crime in learning a business that you don't know and that is even how to handle a business the most but some people will just engage in the business without learning in and they will come out to say that the business is not lucrative.

 

[Heatman]

Running a business is not for the faint of heart; entrepreneurship is inherently risky. Successful business onwers must possess the ability to mitigate company-specific risks while simultaneously bringing a product service to market at a price point that meets consumer demand levels.

As long as you never planned well enough for your business day to day running activities, there's no way you would not fail. It's why making planning when it comes to your business is very important for its survival.

 

[Immilash1]

There is no crime in learning a business that you don't know and that is even how to handle a business the most but some people will just engage in the business without learning in and they will come out to say that the business is not lucrative.

Yes you are right ma, there's no harm in trying new things, besides even if you fail you are going to learn from it, a lot of people are scared of trying,some have a lot of business ideas but they are scared of failure.

 

[Jonaville1]

As long as you never planned well enough for your business day to day running activities, there's no way you would not fail. It's why making planning when it comes to your business is very important for its survival.

And it is not necessary for the business owner to make plans. There are some other businessmen who always ask people to make plans for their business and I think it is a normal thing.

 

[Immilash1]

The reason why business fails varies , first it might be because you did not have a good and well executed business plan and secondly it might be due to monetary issues .

If you don't have a good plan your business is not going to last longer, not having plans will only affect your business negativity, a lot of people don't really know this.