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Business strategy
Causes of failure in business
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[QUOTE="Sammyesx, post: 82868, member: 26994"] Many businesses are plague with failure, to solve these issues, one has to know the cause of the problem in other to solve the it. Here are 5 common things that many business owners don’t know that forces them out of business: 1. They don’t know how to plan. Lack of planning is when you ignore the value of planning and don’t bother to learn the methodology of planning. A good plan should include both short- and long-term goals as well as a way to measure goals and results. It should also have clear to-do lists, benchmarks, and milestones. 2. They don’t know how to provide leadership. Leadership is about motivation and inspiring the troops with a bold vision. It starts with building rapport by helping people fulfill their aspirations within the company. Leadership is essential; without it, it’s hard to make good decisions or take effective actions. Leadership affects every aspect of a business, from how productively employees work to how operations are organized. 3. They don’t know how to manage people. Failing to manage people arises from failure to listen to suggestions or complaints, micromanaging, and providing harsh criticism under the guise of constructive feedback. This not only lowers employee morale, but it also lowers productivity and teamwork. 4. They don’t know how to market. Marketing doesn’t start with learning how to use advertising and promotional strategies. It starts with product differentiation. Unless a company can clearly state why their product is different from others similar to it in the marketplace or come up with a unique value proposition, all its marketing efforts will be wasted. 5. They don’t know how to win customers over. There is no point in improving lead generation if a business doesn’t know its customers well or treat them well. Winning customers over starts with understanding consumer desires and tailoring products to meet those wants and needs. Treating customers well starts by following best practices when it comes to customer service. What you don’t know you don’t know can trip you up the first time you start a business, but by learning what you missed the first time, you will increase your likelihood of success when you try again. [/QUOTE]
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