YOUR SMALL BUSINESS IS LIKELY TO FAIL AND IT’S YOUR FAULT.
Introduction Did you know that you have only a 10% chance of succeeding in your business? According to Fortune, 9 out of 10 startups fail. And guess what’s the percentage of small business failure? The U.S. Small Business Administration states that only around 70% of small businesses will be able to survive their first two years, dropping to a 56% chance to be alive in a 5-year perspective.
And it’s all your fault. According to the University of Tennessee, 46% of business failures are due to incompetence, and 30% to unbalanced experience or lack of managerial experience.
No personal skills Must-have skills for entrepreneurs include: • • • •
strategic thinking and planning leadership people management skills financial literacy
Without these, your business will suffer for a long time and then fail.
No good products People don’t want or need your products or services because: • • • •
you didn’t research the market enough there’s just no need for them they’re of bad quality they’re delivered poorly or too late
Make sure you’ll be able to fulfill your customers’ needs and expectations before going into business, not after.
No business plan As the owner of the business, you should think of: • • • •
the future and present challenges goals and deadlines competitors, target audience, and market overview financial needs and overall strategy
The lack of an effective business plan will kill your business before you ever get it off the ground. Help yourself out. Download InvoiceBerry’s free business plan template now.
No good marketing You have ineffective marketing because you: • • • •
don’t have an accurate strategy in place rely too much on traditional marketing spend too little time or money on it lack any online presence
Don’t forget the reach of social media nowadays. Check out our guide on How to Boost Your SME & Freelance Social Media Presence.
Disregard competition Your business is in trouble because you underestimated your strategy. This is because you: • think customer loyalty magically happens overnight • underestimate your competitors’ reach • disregard a competitive marketing strategy If you don’t care enough about your customers to think about keeping or increasing them, your competitors happily will.
No finance tracking You’ve taken on too much debt but don’t know how much you spent and when, because you: • don’t keep careful records of incomes and expenditures • don’t know who’s paid and when • don’t know if you’ve done well recently or not InvoiceBerry’s online invoicing software can help you track and analyze the financial status of your business.
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Your Small Business is Likely to Fail and It’s Your Fault
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