christian.lakechristian.lake

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Why do businesses fail?

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christian.lake
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lakshmi.varma
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Poor management skills of the owner. If they don't know what they're doing, how can they train their staff properly?
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pemma-tenzin
pemma-tenzin followed this discussion
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Poor management skills of the owner. If they don't know what they're doing, how can they train their staff properly?
I agree. Poor management is almost always the case coupled with poor cash flow management.
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karla.white
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If you are ignoring customer needs, then definitely your business going to be fail.
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kabir.sadana
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Insufficient operating funds could be an issue. Starting a business and running one needs a lot of money.
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Businesses fail because of the lack of short-term and long-term planning. Your plan should include where your business will be in the next few months to the next few years.
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Maybe because they overlooked little things that actually add up in the overall success of the business like customer's feedback, etc.
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The business plan is not good.
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Poor leadership. Those who run the business must be able to make the right decisions most of the time or else the company suffers.
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It is not enough to have a great product. You also have to develop a unique value proposition because without it you will get lost in the competition.
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Businesses that fail lose touch with their customers. Keep an eye on the trending values of your customers. Find out if they still love your products.
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Most businesses that fail, fail for multiple reasons. Often entrepreneurs are oblivious to their mistakes. They tend to repeat it again and again.
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If you are not having your company website, then the company will not get any social media presence, it's hard to get success in business.
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Underestimating and ignoring the small aspects that sooner or later explodes.
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