The truth is that the amount of new businesses that fail exceed the number that succeed. That’s why it’s more important than ever to create a unique product or service that helps you stand out from the rest.
Here are some reasons why small business fail. You should remember that there are so many ways to fail, but there are just as many ways to succeed.
1. No market for your products or services
2. Are outcompeted
3. Poor financial management
4. Ignoring the customers or failing to listen to them
5. Lack training and education
6. Failure to market online
7. Failure to adapt when the market changes
8. Poor choice of business location and business choice
9. Lack Capital or Financial assistance
10. Poor business model/business plan
If you are a small business, look at how you can tackle these problems. We encourage you to attend necessary training and education on how to draft documents such as a business proposal or take a course on financial literacy. It might just help you save your business.
By Launch Namibia