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Wednesday, April 2, 2008

How to Avoid the Most Common Reasons for Small Business Failure

General Business Factors

• 78% - Lack of a well-developed business plan, including insufficient research on the business before starting it.

• 73% Being overly optimistic about achievable sales, money required and about what needs to be done to be successful.

• 70% Not recognizing, or ignoring, what they don't do well and not seeking help from those who do.

• 63% Insufficient relevant and applicable business experience.

Financial Factors

• 82% Poor cash flow management skills/poor understanding of cash flow

• 79% Starting out with too little money.

• 77% Not pricing properly - failure to include all necessary items when setting prices

Marketing Factors

• 64% Minimizing the importance of promoting the business properly.

• 55% Not understanding who your competition is or ignoring competition.

Tip! A complete business plan helps you get financing and includes a marketing plan, which addresses lack of marketing and insufficient financing, two more often cited reasons for small business failure.

• 47% Too much focus and reliance on one customer/client.

Human Resource Factors

• 58% Inability to delegate properly - micro-managing work given to others or over delegating and abdicating important management responsibilities.

• 56% Hiring the wrong people - clones of themselves and not people with complimentary skills, or hiring friends and relatives.

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