Bad EmployeeI

One of the greatest causes of business failure is bad employee(s). The people that you employ to run your business will either make or mar your success. If you are experiencing a frustrating moments in your business, the reason why your business is failing may just be because you hired the wrong person for the job. Your staffs are your greatest assets if they are good, and in the same vein, they can become a major liability if they are bad. Therefore, it is wise that you choose wisely those with whom you work with.

Majority of businesses fail because their employees drive out their potential customers through poor service delivery, obnoxious attitude and laziness to duty. Instead of running the business successfully, they collaborate with external forces to ruin the business. They may be technically qualified, but they are not diplomatically and socially suitable. How will your business succeed if your staffs do not carry out their duties enthusiastically? How will your business succeeds if your office becomes a place where people come and get insulted by your employees? Their complete lack of enthusiasm and social manners will reflect in the way they treat people and carry out their duties. Fine, your company may be the best technically, but because you lack people with high social skills to complement your technical skills, you will inevitably encounter business failure.

When you hire a thief, a witch or wizard, or somebody whom your secrete competitor introduced to you, your business will definitely fail. While you are doing everything positive to see that your business grows, these fellows are busy doing everything negative to see that your business fails. While they are in your business, their aims and objectives are not to you run it profitably, but to ruin it deliberately. All their activities in the business are that which destroys. They are the ones who will create disunity in the company. They are the ones destroying company’s properties. They are the ones who will not make extra effort for the growth of your company. In fact, they move about discouraging those who have good intentions for your company. They are the ones destroying your business contacts and contracts appointments. They know if your business fails and you still have those contacts and contracts appointments, you can still make a comeback. They do not want you to succeed, so they do everything to make sure your chances of success are ruined. If such people are allowed to be in your business for long, they will successfully make the business to fail.

The bad employee will spread your business strategies and techniques to your competitor so that they can outsmart you in the market place. When this happens you will begin to wonder how your competitors got to know your strategy. Friend, it is not far fetched; the little foxes that spoils and kills the bloom of business is within the company. Search and weed them out of your business and your company will grow. Those kinds of employees are not to be allowed to remain in any business enterprise that values success. 

THE INABILITY TO ATTRACT AND KEEP CUSTOMERS

The inability to attract and keep customers is one of the deadliest cause of business failure. In the world of business traffic is king. This principle is true whether your business is online or offline; traffic is king. For your business to succeed, you must know how to attract and keep customers. The number and quality of persons that visits your office for business are major factor in the success or failure of your business. Everybody you meet is somebody who could become your customer some time somewhere, and if you treat them well, they will bring in more people that will help to increase your profitability.

Majority of businesses that failed took for granted the key position that their customers play in their success. But those who valued their customer will do everything to keep them. They go the extra mile to offer quality, expert advice, effective consultation, recommendation incentive, value and in most cases customer recognition.

When you value and treat your customer like nobody has ever done, you will keep them for life, and not even a raise in your price will take them from you.

When you have established a reputation for customer satisfaction, you will then be able to attract quality customers;-people who are well connected locally and internationally. These are people who can help your business to grow tremendously. They do this by introducing you to their friends and associates who may as well be interested in your product or services.

My spiritual father-papa Ayo Oritsejafor has taught me many valuable things, and one the things I have learned from him is how to treat people with dignity. Papa Ayo Oritsejafor will treat you like a royal ambassador irrespective of whom you are and where you come from. He is open minded and delights in seeing the good in everybody. He is highly respected all over the world, not only because he is an effective and a dynamic preacher of the Gospel, but because of the way he treats people in a respectful and dignified way.

He is also married to an adorable and amiable queen who also shares in his philosophy and passion for treating people in a dignified manner. If you ever come in contact with this blessed couple, you will forever remember delightfully the glorious and dignified experience you had together with them. Consequently, the most interesting thing about this contact is that it lives you a better person than you were. This is one of the great things I have learned from my father and mother, and it will stay with me for life.

Now, let us pulse for moments and think! If a preacher of the gospel can humble himself and be this nice to people, how do you think you will ever succeed in business if you fail to treat people nicely? The survival, relevance and profitability of your business depends on your cordial relationship with people you meet in your day to day activities, whether in your office or in your neighborhood. He that wants to be treated like a king must first learn how to love people and treats them in a way that makes them loyal to him or her. Any business man that takes the time to treat his customers in a dignified way shall have their constant patronage and an undulating patronage, but he that fails to this shall walk a lonely way.

Take seriously the task of learning how to attract and keep your potential customers. This is the heart of your business. Every business profits wonderfully by keeping abreast of the fundamental elements of attracting, keeping and growing traffic.

Ignorance of products or Services Selling points

The selling points of a product or services is the most important element that ensures successful product marketing. Every business relies on effective marketing to emerge. If you do not under stand the selling points of your products or services you cannot pass it on to your workers or marketers. If your marketers do not know the selling points of your products, how can they convince their customers to see the benefits of the products? If you do not understand the selling points of your products you cannot help the customer to see how the products can help him solve his problems, and if the customer cannot see how your products or services can help him to solve his or her problems, he or she will equally not be able to release his or her hard earned money to you.

I have seen marketers bombard their customers with products details and features. This is a complete waste of time. Listen, nobody gives a dam about those long details; they are interested in how to find solutions to their own problems, and until you are able to show them how your offer can help them, you are alone. It is when you are able to show them how your products or services can help them solve their problems that you can make a sale. That is when money will come into your bank account.

To those who can provide solutions to the prevailing problems of humanity money comes easily and in contentious amount, but those who cannot, money avoid like a plaque.

In the light of the above, it is wise that you take your time to find out your products sales point and see how it relates to solving your customers problems. Invest your time to see how you can truly understand the situation of your targeted market, and find out a sales point in your product or services that can help them out. If you can do this then you are sure of making and being in business.


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THE LIMITING IMPACT OF BUSINESS MARKET IGNORANCE

Ignorance of business market: 

Every business has a product or service to promote. Following this line of reasoning, it follows that each product or service must be taken to the market where they are relevant. Taking your product to the wrong market is a fundamental step to business failure.

Study the people who need your products and or services. Look for ways you can use your services or products to help them solve their problems. Nobody will give you their hard earned money except it help to solve a major problems in their lives. When your product or services can satisfy your targeted market in a unique way, you will become in displaceable. It is then that you can hope to be in business.

Now, you may begin to imagine how you will be able to understand your market since every body is drawn by so many marketing strategies, and desires. Well, let this not be a problem to you. You can only get to understand your targeted market through participatory interaction. Do not think you can understand your market by sitting in your office reading some mutilated multi paragraphed research documents by some so called expert. Do not think that you can sit in your office and imagine that certain products will sell. You have to engage your market in a friendly conversation to discover their needs and how to meet that need in a unique way.

You are not in business to sell what you want, but what your customer wants to buy, and your customer will not stick out their money to buy what is not useful to them.

Failure to come to terms with this fundamental truth is a major cause of tragedy that many businesses are experiencing today. Some big companies feel because they are big and highly specialized, they can muzzle up some product or services that appeals to them and sell it to the public, even if it added no value to those who are buying it. Consequently, because they fail to put their customers into consideration while they were designing their products, they soon discover that they can not make a enough profit to stay in business. Since the existence of any business depends largely on the patronage of customers, these businesses are bound to fail when customers seize their patronage.

To succeed in business, you need to cure your self of the disease called 'Business Market Ignorance'.

THE IMPLICATION OF A WRONG LOCATION TO BUSINESS GROWTH

There is a difference between starting a business and running a business. To succeed in business, you must not only know how to start one, you must understand how to run one. Running a business is a specialized technical skill on its own which the business owner must learn before trying to establish a business.

It is not as a great technician, but as a great business entrepreneur that you will create your success in business.

The implication of a wrong business location is deficiency in appropriate business traffic. Being in business is not a child’s play; you will face challenges. Some times they can be small and some other times they will be great. You will face it in diversities of ways, but all these can become a stepping stone to greatness if you are familiar with the principles of effective and efficient business management. Your success or failure will depend on how well you are able to handle those challenges, and how much you are able to learn from your experience.

All business, whether small or big, needs constant attention. They take tremendous amount of time, energy, focus, creativity, innovations, wisdom, and prayers. It is always a constant battle to overcome problems, obstacles, challenges and respond adequately to opportunities. This is the reality of business, and no business man should ever envisage success who can not for a minute allow him self to think positively in line with the core focus of his business.

Take out some time to have some fun as you carry out your business activities, but do not allow fun to consume the major part of your time. Let all your effort and resources be committed to your making your business worthwhile. If you attend to your business with a positive mental attitude, you will enjoy the challenges more and find more creative solutions for greater profitability.

Wrong Location: 

Contrary to the opinion of many business advisors, the location of a business is a fundamental factor in its success or failure. A business that is located in a place where its core targeted customers can locate it will surely out perform the one whose customers will have to move through great huddle to locate.

I have been in business for a considerable time, and when I started I did not realize the importance of business location. This affected my business negatively, but I could recover quickly because I was able to figure it out on time. Friend, do not be deceived, to succeed in business, you must locate it where your targeted market can see and locate you quickly; where they do not have to escape death to do business with you. You must do everything possible to make doing business with you a comfortable experience. 


For more details Check out reasons-why-business-fails.

REASONS WHY BUSINESS FAILS

There are many Reasons why business fails, and this is a fundamental knowledge that every business owner must understand and guide against. Every entrepreneur goes into business to offer some kind of services and in return expect to make some profit. However, this is not the case in some business ventures. Statistics shows that every four out of five business fail within their first five years. To unravel the reason behind this dilemma, I have examined the issue critically, and haven being in business for myself for the past 12years, I have been blessed with some wealth of information that has helped me to whether through the storms that usually come to every business.

It is my commitment in this article to excavate the hidden cancer that lies behind every failed business. I want you to read with the mind set of understanding these business killers, and guide against them in your struggle for business relevance and profitability in your chosen field of endeavor. The following are the reasons why business fails:

Wrong business foundations:

The foundation of a building will determine how firm the house will stand in the time of storms and rains. In the same vein, the foundation upon which a business is built will determine the survival of that business. Now, what do I mean by ‘wrong business foundations?’ A wrong business foundation is when the entrepreneur fails to understand what it means to be in business, before launching a business enterprise. Too often many business owners go into business because they see others making money in business. They fail to ask themselves some empirical questions, and find out how the fellow they want to imitate is making his money.  They fail to find out the risk he is taking to establish his name indelibly in the sand of time, how he is copping with competition, what marketing strategies he is employing to stay ahead of competition and capturing an ever increasing market share. Instead of coming to terms in these maters and seeking expert advice, they rush out to establish a venture because they want quick money.

Though they have technical knowledge, and may also be very good at what they are doing. But as good as these are, these alone will not guarantee for success in business. I have seen instances where technically expertise companies starve for contracts while companies with less capacities go home with all the contracts.. That brings me to a fundamental truth, ‘technical knowledge alone does not guarantee business success in a dynamic world’. The fact that a person has technical qualification does not qualify him to be a successful business person. For more details, click on the following links:

Wrong Location

Ignorance of Products Selling Points


Lack of Proper Saving Culture

The Limiting effect of lack of proper saving culture

Lack of proper saving culture is one of the major causes of business failure. Many business owners have a poor saving culture. Every money they make in their business is consumed, and in most cases the money are spent on things that will not bring any increase to the business. Because they spend all the money of the business on things that are not in line with the mandates of the business, the business is sure to fail. Materials and other consumables for the smooth running of the business cannot be bought because adequate provisions were not made for it.

The lack of proper saving culture among business men is a major factor to be highly discouraged if we must make meaningful progress in business. Working capital should always be made available if the business must survive. A business man that has no reserve cannot succeed in business, because when opportunities for his business advancement arrive he will not be able to quickly seize the opportunity. And in most cases where he is able to secure a loan to make good use of a profitable business opportunity, the interest rates and the amount he is expected to remit as an install mental payment of the loan facility will drain him of adequate liquidity to run the business.

I was passing through this dilemma before in my business. I make money but the moneys were going to settle my indebtedness. I was barely able to keep my business going. Many times I thought the business will fail, but suddenly God will create a way of escape for me. And I will survive that stage. That was how I was struggling with my business, until I was able to develop a strong saving culture. I decided one day to keep part of what I made solely for the running of the business. I decided to pay my self and the business first before paying anybody. With this in place I was able to save enough to embark on other profitable business ideas.

If you want your business to succeed, part of what you earn is yours to keep. Part of what you keep should be invested so that it helps to labor vigorously for you and for your business. It is only in this shall you be able to save your business from failing.

Take practical steps to save your business from failing. And one of the most pragmatic ways is to imbibe a strong saving culture. Let nothing on earth move of force you to take this for granted. Let no debt or what is normally called basic necessities deprive you of the application of the common sense of making appropriate savings for your business. You will be able to adequately respond to all these indebtedness and necessities if your business is progressing profitably.


For more information Check out reasons-why-business-fails.