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9 Dec 2016

Common reasons why small businesses fail and how you can learn from these

1. Lack of skills and qualifications

Anyone running a business will benefit from learning new skills on a regular basis on all aspects of running a business and improving their skills and personal development. The world is changing on a daily basis so it is key to be constantly learning and growing too keep up with these changes. In the BizMums Academy you can access training to help you learn new skills for your business.

2. Not doing market research

Many business owners make the mistake of taking their knowledge of their market place for granted. They may do some research when they start out but as the world evolves so does the wants and needs of their customers so it’s really important to keep in touch with the market to find out what their needs are. Tools like Survey Monkey and Typeform are useful for conducting online surveys.

3. Not having a clear plan or strategy

If you don’t have a plan of what you are going to do to generate leads for your business you can end up wasting a lot of time on the wrong activities. Having a 90 day plan worked backwards from your goals can help to keep you focused and on track.

4. Not asking for help and support

Help is out there if you ask for it. It’s important to be honest and admit that you’re struggling. If you don’t people won’t be able to help you. Our BizMums Members community group is a great place to ask for help and get support in a safe environment.

5. Your own limitations

Working for yourself is really hard, but that’s because if it was easy everyone would do it! If you give up when things get tough then you will struggle to be successful at anything. You need to work on your own beliefs and mindset to help you get through the hard times.

Watch this video for more thoughts on this…..