17 min
Five reasons most businesses fail... So you don't make these mistakes! Now, that’s what I call Business.
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- Entrepreneurship
Failure.
Yes, the beloved F word, well it’s not my beloved f word, I think we all know I have another favourite F word. Most businesses fail though, in fact it’s a common statistic that 65% of businesses
will collapse in their first decade. While that may seem grim but I do think that failure to try something is a far greater failure than trying and failing.
But there are 5 very specific reasons behind why most businesses fail, and if you don’t know what they are, today we’ll be covering them and also how to combat them.
In this episode I share:
- The many different ways that money and money mindset can cause a business to fail
- My personal example of how starting Ethique was hard when money wasn’t my focus
- The options for those who need money for the business
- Why poor financial management is worst for business than insufficient capital
- Why a business can fail just because no one wants what you are selling
- The reason customer service is so important even if it costs more
- The importance of setting customer service expectations with your team
- How bad customer service creates 'switchers' customers who drive your costs down
- Why having the wrong team and ineffective leadership can cause a business to fail
- The importance of having a strategy
- Why sticking to a strategy at all times is also a bad idea
Key Quotes
“Having a plan does not mean riding that plan all the way down to the ground.”
“You're not selling a product, you're solving a problem.”
“We all know the customer is not right all the time or even half the time but suck it up buttercup.”
“Yes as the leader you can learn from those people you are leading.”
“15 years ago I hated planning and I loved the fact I was also spontaneous, I thought it made me fun. What it did was make me unproductive.”
More information:
I mentioned a few resources around business plans that you can find through business, but better:
https://www.businessbutbetter.com/
You can get involved with the podcast online
Find our full podcast plus our sister podcast via the website here: https://www.nowthatswhaticall.com/
Or follow the podcasts on our socials: https://www.instagram.com/nowthatswhaticallpodcasts/
You can follow me on socials on the below accounts.
Instagram: https://www.instagram.com/briannemwest/
Tiktok: https://www.tiktok.com/@briannemwest
Linkedin: https://www.linkedin.com/in/briannemwest/
For our latest big project, find out more about Incrediballs here: https://incrediballs.com.
Failure.
Yes, the beloved F word, well it’s not my beloved f word, I think we all know I have another favourite F word. Most businesses fail though, in fact it’s a common statistic that 65% of businesses
will collapse in their first decade. While that may seem grim but I do think that failure to try something is a far greater failure than trying and failing.
But there are 5 very specific reasons behind why most businesses fail, and if you don’t know what they are, today we’ll be covering them and also how to combat them.
In this episode I share:
- The many different ways that money and money mindset can cause a business to fail
- My personal example of how starting Ethique was hard when money wasn’t my focus
- The options for those who need money for the business
- Why poor financial management is worst for business than insufficient capital
- Why a business can fail just because no one wants what you are selling
- The reason customer service is so important even if it costs more
- The importance of setting customer service expectations with your team
- How bad customer service creates 'switchers' customers who drive your costs down
- Why having the wrong team and ineffective leadership can cause a business to fail
- The importance of having a strategy
- Why sticking to a strategy at all times is also a bad idea
Key Quotes
“Having a plan does not mean riding that plan all the way down to the ground.”
“You're not selling a product, you're solving a problem.”
“We all know the customer is not right all the time or even half the time but suck it up buttercup.”
“Yes as the leader you can learn from those people you are leading.”
“15 years ago I hated planning and I loved the fact I was also spontaneous, I thought it made me fun. What it did was make me unproductive.”
More information:
I mentioned a few resources around business plans that you can find through business, but better:
https://www.businessbutbetter.com/
You can get involved with the podcast online
Find our full podcast plus our sister podcast via the website here: https://www.nowthatswhaticall.com/
Or follow the podcasts on our socials: https://www.instagram.com/nowthatswhaticallpodcasts/
You can follow me on socials on the below accounts.
Instagram: https://www.instagram.com/briannemwest/
Tiktok: https://www.tiktok.com/@briannemwest
Linkedin: https://www.linkedin.com/in/briannemwest/
For our latest big project, find out more about Incrediballs here: https://incrediballs.com.
17 min