Why Your Small Business Will Fail-and How To Avoid These Tragic Mistake: Part 2:

Because; as a seasoned entrepreneur and business consultant, I've seen firsthand the common pitfalls that lead to small business failures.

Understanding these key reasons and learning practical tips can help you avoid these pitfalls, ensuring your business thrives.

Have you read the previous post, if not, please check out here: {https://www.dhirubhai.net/posts/cpajameskimanigachiri_questionchallenge-entrepreneur-solopreneur-activity-7221376324882341888-Ctl4?utm_source=share&utm_medium=member_android }

Now Let's Continue:

4: You think a good service or product is enough.

Having a great product is not enough, to succeed it takes so much more. Here are a few more things it takes;

(i) Visibility: So you have to be able to establish a presence, both physically and virtually through brand awareness, or your existence.

(ii) Authorities: You need to establish a reason to believe you can deliver what you said you could deliver. Stay by our words through actions.

(iii) Credibility: That is, you need social proof, testimonials, case studies, and even physical presence that you can deliver what you can, and that you can do it for other people.

(iv) Marketing strategy: So you need promotion and attraction through ads and possibly content marketing strategy and not forgetting word of mouth.

(v) It takes customer experience: Remember, you have to pay attention to the customer purchase experience that your customers have, and you also have to deliver incredible customer service, before, during, and also after, and more on that later as well.

5: You didn’t create a "brand", you created a "company":

Anyone can register an LLC, but a company is not a brand, a brand is created with a specific intention to build a brand, you have to undertake a series of strategic processes some agencies can guide you through those steps, and there are specific methodologies that are used to codify and define a brand.

So from the very start, everyone follows the same set of rules, in everything they do, in everything they produce, and there is a saying, which I am sure you might have come across that goes “If you don't create a brand, your customers will create it for you” and it's true.

Yes the aggregation of your customer's experience will overtime define what your brand is but if you don't actually in the beginning to architect those experiences, with a really specific intention, every step of the way, you’re leaving so much of this upto to chance.

6: You don't have to think you have to change or innovate;

Histories are littered with companies that didn't want to change, for example, Nokia didn't see the value in the touch screen, XEROX invented the pc, and didn't do anything with it, then they showed it to Steve Jobs at Xerox Park, and he took that concept and birthed apple, out of it, Sony invented the Walkman, they owned the mobile music market but they ignored the move to digital music files.

Remember That "culture doesn't stand still", even now, environmental concerns and market demands are moving deeply and quickly into electric vehicles, and "technology also doesn't stand still" Kodak didn't realize they were moving to digital and thought the film would always be preferred and look where they are now.

7: Inside the business is as important as outside the business;

Developing a very strong company culture can mean the difference between the success and failure of a small business, and toxic cultures can kill a business quickly, but a great company culture can propel a business to success just as quickly.

Business is a team sport, a successful business must develop the ability to train, delegate, and trust their employees, and the inability to encourage loyalty by compensating your employees fairly and recognizing and also rewarding performance and not just punishing mistakes is a must-have for a small business.

Starting and maintaining a vibrant and successful small business is one of the most rewarding things you can have in your working life.

It gives you a sense of agency and control, over your own destiny, and if you go into it with your eyes wide open, and stay open to learning to grow, and adjusting as you go along, your small business has higher chances of succeeding, just put into practice this 7 watch out and you will be out on way to succeed.

That's it, so I hope you like this information. Just make sure to like to share/repost, and if you need help with consulting or having challenges with your business make sure to reach out to me at [email protected] and make sure to leave a comment to mark your presence.