The Causes and Cures For The Three Main Reasons Businesses Fail

A Lack of Purpose

"The Back"

The Cause

The Cause

Dismissing the Back of the House

A Lack of Purpose

The Cause

Why Does Your Business Exist?
How Are You Adding Value to Your Customers?


 

Top Reasons Businesses Struggle

No Clear Vision

Your vision inherently defines where you are and where you want to go.  In so doing, it should also drive the refinement of your products and services, the development of your particular niche, target markets, market segmentation, marketing plan, financial projection and a schedule of the resources needed to pull it all together.  Without that clear vision, there's a really good chance you are not as focused as you need to be to move your company in the direction it needs to go.

No Written Plan

A clear vision is a strong start.  But that vision needs to be articulated in a manner that allows others to understand your business and aspirations.  Internally, business plans set tangible goals for growth, profitability and performance in a way that provides purpose and direction for your operations.  Externally, business plans are the foundation of telling your story to bankers and investors in a way that gives them confidence to invest in your company - and ultimately your vision.

Financial Hurdles

Cash is King and without it, your business dies.  How's that for candid?  Moreover, you need to manage your financial hurdles in a proactive manner that allows you to cover your obligations, unforeseen challenges and pursue the best interest of your organization unfettered.  Managing those hurdles can come in a few different forms, but regardless of whether you are bootstrapping, asking family and friends for start-up cash, seeking a loan from the bank or entering into funding rounds - knowing exactly how much you need, when exactly you will need it and understanding the implications of taking that money could not be more critical to your success.  Essentially - It's life or death.    

Poor Execution

Accounting, Operational Systems, Human Resources and Marketing transform business planning into reality.  No business plan, no matter how brilliantly conceived, can positively impact an organization without solid, consistent and professional execution.  

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