Reasons Why Many Small Businesses Fail

Becky

Starting a small business seems simple, but you need to know that it’s not easy. That’s why many small companies face failure in the middle of the road. Failure can indeed happen to anyone. Small businesses or large businesses can end up failing for various reasons. There are common mistakes that cause small businesses to fail. Therefore, novice business people must be more careful in starting a business. Well, here are some of the causes of small business failure. Difficult Competition Severe competition among small businesses is inevitable. You may have many competitors who have a product far superior to the product you have. Especially if your competitor is running a much better marketing strategy. It must be difficult for you to capture market share. To capture market share, all you have to do is use the services of a business consultant from CQ Consulting. As one of Business Coach Bangkok with more than 35 years of experience, CQ Consulting is ready to help you to overcome all business problems you are experiencing. CQ Consulting offers executive training, executive development, and cultural orientation to business leaders to develop their business. To consult further about CQ Consulting, you can contact them at + 6695-578-4153 No Business Planning Some business beginners face failure because they underestimate business planning. Even though your business is classified as a small business, you still need to prepare before starting. Do not rush to start a business if there are still many things that you have not anticipated. Poor Financial Management Funds drive every business. You must monitor the financial condition of your business, or you can hire the accounting employees to manage finances. Make sure your income is always higher than expenses every month. Avoid excessive and uncontrolled debt. Do not let your business lack the […]

Starting a small business seems simple, but you need to know that it’s not easy. That’s why many small companies face failure in the middle of the road. Failure can indeed happen to anyone. Small businesses or large businesses can end up failing for various reasons.

There are common mistakes that cause small businesses to fail. Therefore, novice business people must be more careful in starting a business.

Well, here are some of the causes of small business failure.

Difficult Competition

Severe competition among small businesses is inevitable. You may have many competitors who have a product far superior to the product you have. Especially if your competitor is running a much better marketing strategy. It must be difficult for you to capture market share.

To capture market share, all you have to do is use the services of a business consultant from CQ Consulting. As one of Business Coach Bangkok with more than 35 years of experience, CQ Consulting is ready to help you to overcome all business problems you are experiencing.

CQ Consulting offers executive training, executive development, and cultural orientation to business leaders to develop their business. To consult further about CQ Consulting, you can contact them at + 6695-578-4153

No Business Planning

Some business beginners face failure because they underestimate business planning. Even though your business is classified as a small business, you still need to prepare before starting. Do not rush to start a business if there are still many things that you have not anticipated.

Poor Financial Management

Funds drive every business. You must monitor the financial condition of your business, or you can hire the accounting employees to manage finances.

Make sure your income is always higher than expenses every month. Avoid excessive and uncontrolled debt. Do not let your business lack the fund for business operations.

Incorrect Business Location

Especially for those who run an offline business, make sure you choose the right business location. Note whether the place you want is noticeable and close enough to your target market.

Next Post

Benefits of Using Health Insurance

Prevention is better than cure. This slogan has a point considering health is very expensive, and even irreplaceable. Due to the importance of health, one thing you can do to protect yourself is in the form of health insurance. What are the benefits of having health insurance? Here are some things you need to know. 1. Room Facilities If You Get Hospitalized Patients suffering from any disease are entitled to get inpatient care at the partner hospital of the insurance company. Facilities during hospitalization, such as medicine, infusion, food, and laboratory checks, will be provided for patients as health insurance customers. 2. Inpatient Costs Coverage The insurance company also facilitates customers with outpatient services, where patients are allowed to treat themselves at home during the healing process. Costs incurred, such as costs for calling doctors, consulting fees, laboratory check fees, and medical expenses, will be fully covered by the insurance. 3. Dental Care Cost Coverage Not all insurance companies provide dental care benefits for customers. The reason is that the insurance costs are quite high, so customers need to pay a higher premium. The benefits of dental care customers are also very limited. It only covers patching cavities, toothbrushing, and regular consultation. 4. Delivery Cost Coverage This is a special benefit for pregnant mothers. Customers are required to choose an insurance program that provides these benefits with higher premium fee payments. This benefit is not mandatory. Customers are allowed to choose not to take this benefit, depending on needs. Delivery cost coverage is suitable for those who are expecting to have babies. Pay Attention to Insurance Claim Mechanisms After reading the four benefits above, you need to pay attention to the mechanism of submitting insurance claims. There are claims filed with the reimbursement system. There is also a cashless system. […]

Subscribe US Now