The “F” Word: 10 Warning Signs of Business Failure

Whether you are a business owner or aspiring to be one, we know you are terrified of the “F” word.

It haunted you before you became your own boss, and it’s tempting you to slack on what you’ve already completed or are currently working on.

In fact, more than 50 percent of small businesses encounter the “F” word the first year they launch and are so horrified they never come back.

And, quiet as kept the “F” word says you’re next!

But, honestly, you don’t have to be!

Now wait….

If you’re hoping this article will share with you ways to stop using the four-letter swear word in your office, then sorry, we cannot assure you it will. 

However, we will share with you ten things you must avoid to keep to the “F” word we’re referring to– FAILURE– out of your business.

We encourage you to take a step back, evaluate your business and see if you or your colleagues fall in the categories below. This article is intended to help your business NOT be the next to fail.

Seeking an organization that can support, motivate, and assist you in your business? Join BOND Small Business Group today!

Money Motivation

Money should never be the motive of a business. If the main reason you are running a  business is to receive a profit and not solve a continuous issue to help someone, your business will fail. 

No Business Focus Or Differentiator

Why do you have a business? What stands out about your business that no one else provides except you? If you are in the beginning stages of starting your business and you’re unable to answer the questions above, that is normal. However, if you carry out your business without these two factors, note it will fail. It is important for your business to have the main focus and provide its customers with something that no other company has, like a unique business model or special service.

Lack Of Planning

 It is important to plan your business with short and long-term goals. You can do so by planning out what your business will look like in a weekly, monthly, or yearly manner. With no goals or vision of how your business will succeed it will more than likely fail.

Poor Management

No research of product or service, lack of communication, and no constructive criticism– all tie into poor business management. To stay on task with your business you must be willing to manage it to the best of your ability. This means doing research on your product and not taking every form of criticism to heart. Remember your business is your baby and you much care for it well.

Poor Leadership

When a business is operated under an “I can do bad by myself” mentality, the business is poorly managed. As a business leader, you must be willing to grow, learn, and mentor others to improve your leadership skills and help individuals around you increase their own.

Lack Of Care For Customer Needs

Do you have a target audience? Are you engaged with them? If not, your business is lacking care for your customers’ needs. To prevent your business from falling in this category, check out what your customers are seeking and give it to them. You can do so by creating surveys or posting live polls on your social media outlets. Remember you are the server providing the customer what they need NOT what you need.

Thinking Inside The Box

Going back to number two, it is important to have a differentiator in your business to help it stand out from the rest. Be willing to think outside of the box and view yourself as a customer and see what they would like. You don’t have to reinvent the wheel, but you have to find ways to make your business your own and unique in the marketplace.

Poor Financial Skills 

Everyone wasn’t created to be a math mathematician, but you don’t have to be one to run your business. If your business is beginning to fail in this category it’s best to seek help. Instead of growing excessive gray hair, find a professional who can properly assist you. View our directory of financial professionals to find the right match for you!

Low To No Marketing Strategies

Do you have a product or service you sell in your business? What about a business website? Never think your business is too small to carry any of these things. Although it seems scary, start with what you know. Add your business to the other  96% of successful business owners and use social media as your master marketing tool. Need some help? View our directory and learn about the advertising/marketing professionals in our membership that are available to help you!

Lack Of Interest

It’s normal to have a sluggish day when running a business, however, if this day becomes a habit then you must ask yourself why. Why are you showing no interest in your business? Is it because you don’t understand something about it? Is it a family-based business you never wanted to be a part of in the first place? Whatever your case is during this business evaluation do yourself justice by being honest and true to yourself. Find out what you can do to avoid failure from slipping into your business.