18: Five Reasons Why Businesses Fail
Is your business successful? We would all want to answer YES! Take a closer look: is your business THRIVING? We might not be so quick to answer. The truth is that we need a foundation and we have to be prepared for the challenges that inevitably come. The cold, hard fact is that 80% of businesses fail. Let’s talk about the reasons why they fail and how we can avoid the failure!
Five Reasons Why Businesses Fail:
- Lack of financial, business, or strategic management plans
- Failing to plan sets you up to fail
- Where do you see your business in 1, 2, and 5 years?
- Lack of marketing strategies
- Check competitors’ services and prices
- The goal is to “stand out” in your community
- Insufficient cash flow
- Have a budget forecast
- Know your expenses!
- Failure to market online
- Your business MUST be visible
- Make the most of SEO and social media potential
- Failure to listen to your customers
- Ask customers for feedback (use surveys)
- Show customers that you care
- Pay attention to details
I hope these reasons are helpful to you, future and fellow massage therapists. Make it another game piece to your successful, thriving business.
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