MANAGING A SUCCESSFUL BUSINESS
To manage, build and grow a successful retail business firstly we all may need to know some of the reasons why many small business owners are not successful.
By knowing and understanding this we can do the opposite and maybe avoid these mistakes.
We are all currently bringing to the market many great products and services. Unfortunately so are many other outlets in our area.
So to succeed you need to be great at business as well.
It is a well-known fact that most people who reach the sort of income from a business that would class them as wealthy come from a family background of business. They are literally born into a life of believing they will be successful, they go to the so-called right schools and do courses in business, marketing, sales, people and time management.
They also have the mindset that they will be successful
and they think and talk in a positive manner at all times.
Unfortunately this leaves the majority of business people in our industry trying to work things out for themselves. Family and friends will offer little support mainly because they either have very little experience in business themselves or because they think you don’t need help, your rich and jealousy may creep in.
This then is the place many of us start from with only a slim chance of earning enough income to survive and even less chance
of becoming one of the wealthy.
10 Reasons Why Businesses Fail – Make Sure This Is Not YOU
- Lack of business/management skills, training or experience
- Failure to seek and/or take advice
- No set strategic goals or reason for going into business in the first place
- Procrastination, negativity, lack of motivation and excitement
- Lack of sales skills and understanding
- No accountability. I’m BOSS???
- Lack of financial planning, no banking relationship, insufficient capital
- Bad debts and slow collections - Cash flow problems
- Not addressing issues before they become a problem
- Inadequate bookkeeping records
If you recognize any of the above points in yourself then you need to act to rectify these issues ASAP.
Owning a small business can be very rewarding but equally demoralising if things are not working properly.
Whether your business succeeds or fails will depend largely on your own ability, initiative and capacity to work, knowing the basics of running a small business and doing it to the best of your ability.
The largest number of small business failures is due to a lack of expertise. The key to success is in developing awareness of your own strengths and weaknesses and having a business coach, mentor or joining a mastermind group to provide an insight into what needs to be done before a crisis occurs.