Corter Moon: 6 Reasons Businesses Fail
Thursday, June 22, 2017

6 Reasons Businesses Fail

Creating a successful business is hard work, with maybe a little luck thrown in there. Many people create ideas and/or businesses without actually thinking it through - they just think about the things they will possibly gain from being an entrepreneur. Think about it - freedom to work when you want, better financial stability, etc. But, they are missing a lot of information if they think that owning a business is all rainbows and butterflies. Unfortunately, a lot of people only see their opinion when making a huge decision, so they already ‘know’ that their business idea will succeed and be a hit with everyone around them, as well. Because of this mindset, many businesses nowadays are failing, but there are ways to prevent that from happening! If you own a business, or are thinking about starting one, check out these reasons businesses fail and how you can prevent it from happening to you!

Lack of a market for the product/idea
Like I mentioned above, some people only see what they want to see. They create a business idea and think it’s ‘the best thing since sliced bread’ because it is up their alley and they created it. These are the business owners that do not even think to ask others what they think because they just ‘know’ it will be amazing.

Then, there are those that ask their friends for an opinion on the idea. This is a step in the right direction, but most of the time, the people they spend time with share some or most of the same likes and dislikes, so it is pretty likely that they would like the product/idea, as well. To avoid this common mistake, all it takes is you branching out, asking questions and taking advice and opinions! You need to get the opinion of a lot of people with a lot of different backgrounds and in a lot of different areas before you start a business. This will ensure that you have a good market for your idea.

Lack of planning
Coming up with a business plan is essential. According to the SBA (U.S. Small Business Administration), “A business plan is an essential roadmap for business success. This living document generally projects 3-5 years ahead and outlines the route a company intends to take to grow revenues.” This document should include sections on: an executive summary, company description, market analysis, organization and management, service or product line, marketing and sales, funding request, financial projections, appendix and of course, how to make your business stand out from others. If you go to the U.S Small Business Administration’s website, they have a page (linked above) that will help you start a business - it gives you a step by step guide on what to do, when.

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Lack of customer service
Customer service is a huge factor in a successful business - ultimately, it is the heart of the entire business because without it, you will fail. Small businesses stand out to me because most of the time, their customer service is superb. One of the things I hate most about customer service is when I call and it rings for hours, OR when I call and I get passed from one person to the other, or just put on hold until they find the right person. It is a known fact that if you have great customer service (along with a good product), you will succeed. The benefits you will reap from great customer service are never-ending.

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Lack of online marketing skills
Lack of marketing skills, specifically online marketing skills is a huge bummer and without getting help, this could break you. You could have a great product and great customer service, but without marketing skills, you are nothing. The good thing about this is that there are people to help you! Online Marketing Company in NJ is an Online Marketing Company in NJ that provides “solutions that integrate all aspects of digital media marketing including branding, website design, search engine marketing, email marketing, conversion optimization, and mobile app development.” They are the number one marketing agency is NJ and have results to prove that - they ‘walk the walk.’ One perk that really stands out to me is that NJ SEO integrates with Google products. This means that it has custom software to track, test and optimize all web traffic. NJ SEO allows you to have month to month payments, with no long-term contracts. They have a goal to focus on growing your business as a positive ROI investment, not an expense.

Brothers, Dan Anton and Matt Anton have two bases - in Atlanta and New Jersey. Dan Anton is a retired Infantry Airborne Army Ranger Major and served two tours in Iraq before founding the Atlanta, Georgia location. Matt Anton founded the New Jersey location and was a former online marketing manager of Liberty Travel, where he was responsible for digital marketing strategy and execution, managing a 250k budget each month. These two men are the reason NJ SEO is so successful and determined to make all of their clients happy. NJ SEO can be contacted 24/7 by calling their number and they also have an email address listed on their website, as well. If you are looking to grow your business, contacting them would be a fantastic place to start! Lack of marketing skills will destroy your business, but with a little help, you could be ranking high on Google in no time!

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Lack of communication skills
I know you have heard this phrase before, but let me say it again: communication is key. There is a reason why LinkedIn puts communication as a skill. It takes patience, skills and a lot of hard work to have good communication skills, but it always pays off. If you are starting a business, you have to have great communication, or there will be a lot of setbacks due to misunderstandings, delays and unorganization. A few ways to improve your communication skills are to stay involved and stay organized - always keep a checklist on what you need to do.

Lack of leadership
This goes right along with communication skills. A lot of businesses end up failing because they don’t have a leader. When setting up your business plan, decide who is going to run the show. Will the CEO of the company be involved each and every day? Will they be there overlooking the work of their employees? If not, maybe appointing a manager position or two would be a great idea, to make sure everyone stays on track.

There are many ways for a business to fail, but there are also many ways for it to succeed! Before starting one of your own, just do some research. Make sure all of your ducks are in a row and you will be good to go! Don’t forget to check out NJ SEO if you need help with your online marketing needs!



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