Factors that lead to business failure and their solutions

Factors that lead to business failure and their solutionsNo one wants a business failure!  However, failure does not just come from nowhere. You are the one to determine whether your business will succeed or fail.

How you carry out your day to day activities in the business greatly counts. Most of the people do not have an idea of why their business ended up failing and some are scared that their businesses may fail with time.

Below is a list of the major causes of business failure. You need to avoid these mistakes as much as possible.

  •          Inexperienced management system

As you know, the 5 key factors to a good management system are planning, leading, organizing, controlling and directing. A management that lacks entrepreneurial knowledge and skills contribute to the failure of your business. Most of the mistake most people make is selecting a management team depending on whether they like them without minding about their experiences, knowledge, and skills to carry out the various business tasks. Invest in qualified personnel for good prosperity.

  •          Inadequate capital

You may get astonished when your operating capital ends when you are in the middle of your business. This may be as a result of misuse of the capital on things you had not budgeted for or an increase in the economy hence unable to cater for the business expenses. To avoid these, you just need to have an extra coin somewhere, just in case other expenses come up. You should also make sure that you carry out your business according to your budget in order to avoid misuse.

  •          Lack of competitors’ strategies

If you are not keen on your competitors, your business will fall! You should always be aware of what your competitors are up to. This is not eavesdropping but part of a business success. You need to have an idea of the services they offer and their future strategies. This will guide you to come up with other ways that will make you retain your customers and also acquire theirs.

  •          Declining market

This might be due to technological advancement or reduction in consumer demand. You do not have to lose hope but ensure your business is stable by investing in another industry.

  •         Lack of commitment

Some entrepreneurs tend to involve their work with other matters such as family or have a negative attitude towards the business. This makes them lose focus on their goals. As an entrepreneur, you need to always stay focused on what you are doing to avoid making mistakes in carrying out activities.

  •          Poor customer service

Obviously, there is no customer who would like to associate with a business that is not focused on their needs. You should not exploit or talk rudely to them. This will chase them away. You should have a good etiquette, reasonable prices for goods and good services offered to retain and attract more customers.

  •          Poor business decisions

The major cause of this is lack of consultation from professionals and other sources. You do not need to strain alone coming up with decisions. No matter how experienced you are, you end up making mistakes. You should gain more information from others too.

  •          Inappropriate location

Situating your business where there is no target market or good infrastructure greatly contributes to a failure. This is because you will not be able to make adequate profits to help you run the business. Go to the best location!

Tip: According to Good Green Moving no matter how many times your business fails, always identify the mistake, work on it and continue with your business.

Tips for a Successful Move

Move Your Business With Ease

Wanting to move your business, but not sure where to begin?  This article will help you plan accordingly for the big moving day, and will shed some light on what it takes to move successfully into your new office.  Whether it’s across the street, neighborhood, state, or country, you can use these tips to make the moving process as easy as possible.

Plan ahead

You should plan early to avoid leaving anything behind that you started doing it at the last minute. Reach out to the moving company in your area 60 days prior to the day of moving. Planning ahead helps to make sure that important things are not left behind. Furthermore, it helps you to select a moving date in a period when demand is low which in turn lowers the cost of moving.

Get at least three written in-home estimates

A moving company representative from the local moving company that you have hired should come to your home and carry out a visual survey of all your belongings and items that are to be moved. This allows you to get a rough estimate of the amount of money that it might cost. In addition to that, is that it helps you to land the best moving company in terms of the flexibility, affordability, reliability and cost efficiency.

Hire a licensed and insured company

Check the company’s credibility with the Better Business Bureau or through its website. You can also ask family and friends for referrals and recommendations to ensure that you are hiring a reputable commercial mover with a sufficient network and who is properly licensed.

Pack everything correctly

Pack an overnight bag which contains all the essentials e.g. cash, coins, jewelry, and laptop, which can be used the following day. If the next day you are going to work, carry the clothes to be worn in a separate bag. Start by packing the items that are most needed in a plastic bin e.g. eating utensils, toilets papers, paper towels etc.

Wrap your breakable items e.g. dishes and glasses in clothing to save on bubble wraps and label what is in the boxes, the exact room each item should go and place an extra cotton pad to keep the items from breaking.

Feel acquainted with your new area

Make friends with your new neighbors. Start off by informing your soon-to-be-neighbors that you’ll be moving in and the kind of vehicle you will use to move in. Find an appropriate restaurant and a suitable club that you may want to join. Get to interact with people by engaging in various activities and you will adapt quite easily to the new surroundings.

Ask questions

The moving company has its own particular network where you can reach them if you have any complaints or questions about their services. Ensure that the moving company answers your questions with clarification and in case there are any damages follow up to receive compensation.