Millions of businesses are struggling today. According to Bloomberg, 20% of startups fail in the first 12 months. After five years, 50% of businesses will also go bankrupt.
Here are the top three reasons why most businesses fail.
Reason 1. Business owners are too busy running their businesses instead of focusing on marketing and selling.
With their nose on the grindstone of day-to-day operations, instead of putting 80% of their time and effort in marketing and selling, they are too focused instead on delivery of their service.
- A Dentist puts up a dental clinic.
- A Web Designer puts up a web design company.
- Or a Bookkeeper puts up an accounting firm.
Depending on what they do, their day can look like this.
- Preparing taxes or disbursing payroll.
- Designing a website or sending invoices.
- Doing patient consultation, root canal or oral prophylaxis.
Though these tasks are vital, not prioritizing marketing and selling in your do-list is bad for your business.
Reason 2. Marketing is constantly changing and business owners are too slow to adapt
Back in the day, if you needed a plumber or an ophthalmologist, people depended on yellow pages for listed businesses’ phone numbers.
We also didn’t have Google back then, so we checked out the white pages to find families and friends’ residential phone numbers.
Eventually, we had mobile phones. Starting with Nokia 5110 as the most popular model where you can simply call or text someone, mobile phones have further evolved with the advent of iPhone where you can now download apps for various purposes.
And with different social media apps coming up, (like FB, IG, Linkedin, and now TikTok, for example), it can definitely be overwhelming especially for business owners who don’t have time and bandwidth left to learn, much more to adapt to all the quick changes happening to our society.
Reason 3. No cash
Because there isn’t enough effort made on sales and marketing, bringing in clients or customers becomes more challenging and eventually, cash dries up.
And as a business owner, cash is necessary for your business to thrive and continue to survive.
This leads to my next point.
I personally believe that to be profitable and make good money, you must learn how to solve problems.
Thus, the opportunity I’m about to show you is all about how you can help business owners solve their problems.