Four Reasons Why Businesses Fail

why businesses fail

When you start a company or when you first start to get your company off the ground, there are a few hurdles that can get in the way and make the process difficult.

However, there are solutions to each of these issues that are simple, and can result in your business growing. If your business has some of these problems, read the solutions thoroughly so you can bounce back!

Difficulty Recruiting Qualified Employees

Sometimes it can be extremely difficult trying to find decent employees to work for your company. Sure, you can find people that will work for you, but they might not be qualified for the position, or will require months of training.

Do not worry! There are plenty of ways that you can recruit incredible individuals that will hit the ground running! First, you should post jobs on the best job search sites. Sites like LinkedIn and Indeed will weed out unqualified applicants. Since they are so popular, you can also rest assured that you will get literally hundreds of applications within a few days.

With a surplus of applications, you are sure to find some decent employees to help take your business to the next level!

Difficulty Attracting Customers

If you are having trouble finding customers, you might want to consider doing some work to boost your SEO.

SEO stands for Search Engine Optimization. Basically, SEO deals with the ability for someone to find your website via Google’s Search Results. For example, if I type in “online shopping,” Amazon is probably going to pop up first because of their phenomenal SEO performance. Their site is filled with keywords and terms related to online shopping as well, so Google knows that they are the answer to that search question.

In order to boost your SEO, you should really hire an SEO specialist to take a look at your website. However, if money is tight, there are some simple tricks that you can research for yourself and implement in your site. For example, think of the five words or phrases that when people search on Google, your site will pop up. Fill the pages of your site with those terms, and your site will climb Google’s search results.

Lack of Workspace

Once you get a few employees, you probably want a place for everyone to meet and work. Unfortunately, real estate can be hard to come by, and expensive to rent and maintain.

Well… why not forgo having a physical workspace entirely? Since the pandemic, many companies have decided to work entirely from home, and cancel their leases for their workspace.

Figure out if you and your employees can do everything you need to accomplish from home, and then make sure that everyone is working from home productively. Just like that, you just saved a ton of money by electing to not own/rent space.

Lack of Expertise

You may know a lot about what you want your business to do, and how you want to get it done, but there are other things that go with running a business that may prove to be gaps in your knowledge.

Marketing, advertising, human relations, logistics and even basic accounting are all intellectual barriers that keep many entrepreneurs from succeeding.

That’s why you should consider hiring a business coach. Business coaches are good at assessing your companies current problems, and foreseeing problems before they devastate your business.

If you need the help, try to meet with a business coach quarterly so that they can help you keep your business on the right path!


This entry was posted in why businesses fail and tagged , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *