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Its never easy driving a business towards it's potential height. Some people face challenges at some point, and couldn't continue on the right path towards their business goal attainment. And that led to their abrupt end, cos they couldn't resolve the challenges they faced during their early business start ups.
What are those challenges that hinders a business reaching its dream??
I sincerely a lot of aspiring business owners het to see this post.
Their are a lot of factors responsible for businesses failing sooner than they are launched.
I will do my best to itemize them as follows:
1. Impatience : Some people are not able/willing to wait till their business break even. They expect to start making sales or profit or patronage as soon as they started.
It doesn't work like that.
2. Consistency & reliability :
Consistency in business is very key as customers need a business they can trust. One they can always goto for their services or for certain products.
You wouldn't want your customers to be turned back because the service they once got from you is not available today due to "technical reasons". They see you as being not serious.
3. Customer service
How well are you able to respond to your customers. How do you treat them, what kind of service to you offer them in order to keep them coming back.
Talking of both presales and after sales services.
So the key word here is, offering/ensuring customers satisfaction.
4. Competitive Pricing
Most businesses scare customers with their high prices.
Would you prefer to make a single sale at that outrageous price or make several sales at that competitive price?
5. Lack of accountability
Most business owners lack the financial discipline to run a business profitably because of their lack of accountability.
They make sales and end up spending the money on self rather than ensuring a plough back into the business.
And this happens mostly because they do not give account to anyone but themselves.
These and many other are the reasons for business failing quite early.