Common Reasons of Business Failure

[Ezekiel]

Inability to set out plans and goals most set this thing but cannot follow up the plans,some other misplaces priority of business

 

[07Trinity]

Unfortunately we can say that there are a lot of businesses today that goes to failure, it is because they lack factors that needs to be observed. Anyways let me provide you some common reasons of business failure.

a. They may not know how to win over clients
If a company doesn't know its clients well or treat them well, there is no point in improving lead generation. Winning customers over begins with knowing the preferences of consumers and tailoring goods to suit those desires and needs. Treating clients well begins when it comes to customer care by adopting best practices.

b. They don't know how leadership can be given.
With a bold vision, leadership is about inspiration and empowering the troops. It begins with developing partnerships by helping individuals inside the organization achieve their goals. Leadership is important; it is difficult to make good decisions or take successful actions without it. Leadership influences every part of an organization, from how workers function productively to how they manage operations.

c. They don't know how to market themselves.
Marketing does not begin by learning how to use tactics for advertisement and promotion. It begins with the differentiation of products. All its marketing efforts would be wasted unless a company can explicitly state why its product is different from others similar to it in the marketplace or come up with a specific value proposition.

I am very much sure that any of these reasons are correct, and how about you? Please let me know your thoughts on the comment section.

Well elaborated points, business of this time and day fails because of lack of consistency,many business lack the technical know how to Meetup demands and business goals.

 

[Heatman]

A very good friend of mine who opened up a dry cleaning business and left it 100% in management of his staff which was a very big mistake ; had the business liquidated.

 

[Toyoabasi]

Unfortunately we can say that there are a lot of businesses today that goes to failure, it is because they lack factors that needs to be observed. Anyways let me provide you some common reasons of business failure.

a. They may not know how to win over clients
If a company doesn't know its clients well or treat them well, there is no point in improving lead generation. Winning customers over begins with knowing the preferences of consumers and tailoring goods to suit those desires and needs. Treating clients well begins when it comes to customer care by adopting best practices.

b. They don't know how leadership can be given.
With a bold vision, leadership is about inspiration and empowering the troops. It begins with developing partnerships by helping individuals inside the organization achieve their goals. Leadership is important; it is difficult to make good decisions or take successful actions without it. Leadership influences every part of an organization, from how workers function productively to how they manage operations.

c. They don't know how to market themselves.
Marketing does not begin by learning how to use tactics for advertisement and promotion. It begins with the differentiation of products. All its marketing efforts would be wasted unless a company can explicitly state why its product is different from others similar to it in the marketplace or come up with a specific value proposition.

I am very much sure that any of these reasons are correct, and how about you? Please let me know your thoughts on the comment section.

Wow.
Such strong points.
People often fail in business because they do not know how to win over clients.
Most business people do so poorly when it comes to customer service

 

[Elfinito]

The most commonly factor of failure in a business is lack of a good business plan and the wrong management.

 

[jay]

These are some of the most common reasons for business failures. The first thing is lack of planning, another one is lack of leadership spirit. Poor management of staff and employees and the last one is poor marketing facilities.

I believe that it is very necessary to include underestimating your competition in the business because they are actually very capable of eliminating your business from operating.

 

[kinqzbitz]

Well I would say lack of commitment and dedication to the job and work and also inability to actually come up with the capital and also giving out of goods on credit

 

[Immilash1]

A business might fail if you start it without adequate funding. Most businesses have folded up just because they start business without enough Capitals,Don't try to make that same mistake.

 

[Justin]

Businesses fail when they try to sell the same product that others are already selling, if they are selling bad products, or if they are not marketing their products,

 

[kayode10]

Some companies sit back and relax expecting sales to come regularly without doing any effort on their own part. Those business owners also complain that they are not making enough sales why they are not doing anything to rectify the problem.

 

[Heatman]

Unfortunately we can say that there are a lot of businesses today that goes to failure, it is because they lack factors that needs to be observed. Anyways let me provide you some common reasons of business failure.

a. They may not know how to win over clients
If a company doesn't know its clients well or treat them well, there is no point in improving lead generation. Winning customers over begins with knowing the preferences of consumers and tailoring goods to suit those desires and needs. Treating clients well begins when it comes to customer care by adopting best practices.

b. They don't know how leadership can be given.
With a bold vision, leadership is about inspiration and empowering the troops. It begins with developing partnerships by helping individuals inside the organization achieve their goals. Leadership is important; it is difficult to make good decisions or take successful actions without it. Leadership influences every part of an organization, from how workers function productively to how they manage operations.

c. They don't know how to market themselves.
Marketing does not begin by learning how to use tactics for advertisement and promotion. It begins with the differentiation of products. All its marketing efforts would be wasted unless a company can explicitly state why its product is different from others similar to it in the marketplace or come up with a specific value proposition.

I am very much sure that any of these reasons are correct, and how about you? Please let me know your thoughts on the comment section.

Not been able to win over your client is one of the outcome that you experience when you don't know how to study your business customers before starting the business which will always affect the number of sales you'd make in a day.

 

[greenie]

Business failure is linked to when you spend above the business means, that is, when you spend business money instead of the profit that the business generates. When one over spends the profit, one is only holding down the business growth but when one deeps hand into business money (capital) then that will lead to the folding of the business.

 

[kayode10]

It is true that leadership can also be the reason why a business fail. A business is liable to fail if the manager or the people are the leadership position don't really know what they are doing with the business.

 

[Omotayo]

I'm sure I replied to a thread that is something similar to this topic. It had over 500 replies. I think business fail for a great number of reasons and I can see that a lot of people have said so many things, there isnt much I could possibly add.

 

[Laurentta]

These are very good points you listed above.
Improper planning of business, mismanagement of funds
Ill relationship with customers are also among the reasons why some business fails.

 

[Lens]

Business failed when the staff and the management aren't getting it right. One will have to look for the source of the problem and tackle it Headon. That's the best strategy to avoid Business failures.

 

[Shigobad20201]

Business failed when the staff and the management aren't getting it right. One will have to look for the source of the problem and tackle it Headon. That's the best strategy to avoid Business failures.

Most of the time, the organisation are always working the negative way instead of working positively andnif they don't see anybody to correct them, they will be affected.

 

[Lens]

Most of the time, the organisation are always working the negative way instead of working positively andnif they don't see anybody to correct them, they will be affected.

The function of the management is to look into the ways of making sure that it get it right. The goal of the organisation is to ensure the success of the business through the team work.

 

[Syldan]

Actually your point are righ. sometimes you discover some organisations that are are well developed but when it comes to issue of handling their clients, marketing themselves, and policies they are zero.

 

[Setho]

A lot of businesses are going to fail because they did not invest so much money into marketing. With the way the world is changing even if you are producing quality product but you are not maeketing it in the right way you might not be successful.