Bad Practice Contributes to Failure

Bad Practice Contribute to Most Failures
Statistics suggest that over 70% of small businesses close up within the first 5 years of operation. Not all closures are failures because some close for perfectly legitimate reasons.There are also a number of bad practices that seem to raise themselves again and again in business failures. These need to be identified so you can increase the chance of success by your business.

Some of these include:

  • Ignoring the competition.
    You must never ignore the competition. You need to find how loyal consumers are to your competitors and whether you are able to drag them away to buy your products or services. This means at all times you should monitor your competitors and do not be scared to imitate their ideas if they are operating successfully. A better option is to look at their ideas, and if they are bringing results, copy or improve on them by developing your own methods.

  • Do not procrastinate.
    If you are in business you must not sit around and plan things without putting them into action. I...

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