5 Alarming Signs That Your Business Is Failing
Mike Patterson Profit Improvement Specialist
Helping Accountant Business Owners break through from Stagnation to Exponential Growth | Assisting them Identify & Implement different proven, guaranteed strategies that explode Monthly Recurring Revenues
Starting a business with a great idea does not necessarily mean success.
Launching a start-up is surprisingly simple, but no one wants a bad start.
When a business fails, entrepreneurs sometimes feel that the failure came out of nowhere.
The truth is that very few businesses fail without warning.
Here are five signs that your business is in serious trouble.
1. Low Sales
The first and most obvious sign that your business is floundering is low sales.
For companies to succeed, they need to be making sales.
If you are not making sales or if sales drop off suddenly, then you have a problem.
Solution, The Business Mastery Program.
www.businessmastery.me
2. No Differentiation.
For a business to find success in a noisy global market, it needs to be doing something different from the competition.
What does your company do differently?
If you cannot give a passionate, cohesive answer in a few sentences, you have missed the mark.
3. No One is Talking.
There’s nothing worse for a business than silence.
If your customers are not talking or leaving reviews.
Are not engaged on social media, then you have a communication problem.
After all, if they are not talking to you.
They are probably talking to your competition.
Solution, The Business Mastery Program.
www.businessmastery.me
4. Cash Flow.
Even though on your company’s profit and loss sheet you’re doing well, you struggle to pay your bills on time.
You may find you have too much inventory on hand and have to engage in extreme promotions to make room for new products.
Properly managing your cash flow is the single most important thing you can do for your business.
Solution, The Business Mastery Program.
www.businessmastery.me
5. Saying Failure Is Not an Option.
Here’s the truth of the matter.
Failure is an Option.
When statistics say that 8 out of 10 businesses fail.
It is the worst sort of arrogance to assume that your business could not possibly be one of them.
Entrepreneurs and CEOs make mistakes all the time.
What make you think, you are exempt?
Often new business owners plan step-by-step how to start a company.
But later on they look up and realize that their business is headed in the wrong direction.
They may manage to correct course, and steer off in a new and smoother direction.
But sometimes.
It is too little, too late.
Your customers trust is gone.
Your cash is depleted.
Or your employees have lost faith.
Then, it is all just over.
The way to turn this around before things get out of hand is.
Solution, The Business Mastery Program.
www.businessmastery.me?
Connector, Community Accelerator, Sacred Storyteller???? Speaker ?? Author?? Podcast Host // Podcast Guest ??Home Educator??Beginner Beekeeper
2 年"FAILURE IS AN OPTION." This quote alone is both a warning and liberating as a truth. We can give ourselves permission to fail, be realistic while being flexible, playful, opportunities to learn as a business owner.
Connector, Community Accelerator, Sacred Storyteller???? Speaker ?? Author?? Podcast Host // Podcast Guest ??Home Educator??Beginner Beekeeper
2 年"When a business fails, entrepreneurs sometimes feel that the failure came out of nowhere." See, you wrote "feel." I hear that from my "special needs" child. And the "feel" he's talking about is actually not the inner knowing or real perception of something. For him and for the business people in the situation you mention sometimes the feeling is an assumption without basis in data from the field. I know as a business owner it's easy to be caught in leading, creating, taking action, moving forward and not make space for pause, reflection, feedback from others. Tgat's what a mastermind does - it grounds you and saves you from losing more.