Corporate Learning Institute RAPID LEARNING
Avoid Business Failure by Avoiding These Mistakes
By Dr. Susan Cain & Kathryn Murphy, Corporate Learning Institute, www.corplearning.com
Some common reasons businesses fail are all avoidable. Starting a business can be setting yourself up for failure if you do not avoid these common mistakes.
The first avoidable mistake is poor leadership. If you are the business creator, it is important to learn about leadership styles and leading various learning styles. Setting your leadership team up for success is important in long term business success.
Another avoidable mistake many new businesses face are not being unique enough. This occurs when the product or service being brought to market has not enough distinguishable factors. It is important to make sure your brand has a point of difference—it stands out against the competition.
Along the lines you must know your consumer. Many businesses fail because they are not in touch with the wants and needs they should be providing solutions for. Knowing what the customers want is the most effective way to make profit.
Some businesses may excel at customer relationships, but without a business plan that may not be enough to keep your business alive. Planning for your business must encompass short term and long term aspects. With your planning there should also be strategic and extensive long term financial planning. No money, no business. Plan your finances to last you and be realistic with your projected profits.
One tip on avoiding failure is a strong mission statement. This mission statement sets a standard for how things will run and what can be expected for the employees as well as the customers. This also helps create a cohesive work environment, because everyone will know the goals of the company.
Businesses can fail for a variety of reasons. Following these basic guidelines will help reduce the risk of your business failure. Having a strong plan with strong leadership support will help ensure business success.
If this interests you and you would like to learn more, check out our Rapid Learning Session, Business Planning and Financial Success. Learn more on the event page HERE. This session will including learning about business planning and ensuring financial success.
CLI provides coaching, training, and strategic planning services to help your business grow. Our expert, research-based design and facilitation skills will help develop more effective individual contributors, leaders, managers and supervisors, or strengthen teams and collaborative groups. We bring in the best content expertise and blend it with your culture and specific needs.
For more information, go to www.corplearning.com. Contact us at email@example.com or at 800.203.6734.