6 Reasons Your Business Will Fail If You Are Not Organized

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6 Reasons Your Business Will Fail If You Are Not Organized

O.Milton • Apr 09, 2021

Why Organization = Success

Running a business is not easy, it takes a lot of work to start one and run it successfully. So you cannot afford to be disorganized, it will be a total disaster as less than half of small businesses survive the first 10 years. Below are six reasons your business will fail if you are not organized.

1. Lack of Structure: Many new business owners do not have a structure. They do not have a specific time they deliver, they do not have a code of conduct or core values, they spend most of their profits and sometimes capital on personal needs, they give family and friends free products, and so on. They do not know where to draw the line. Then they run into heavy debt they cannot pay.

You need to have a policy that guides your business. You need to draw the line between your personal and professional life. Buy books that will educate you on building a structure or get a mentor who will guide you. It will make your business thrive.

2. Market Misunderstanding: When you do not understand your market, you will fail. Many businesses do not have an in-depth knowledge of their market, what their clients/customers want. They sell products at the wrong time, and are not hands-on with the work.

Study your clients and understand the times. Know when they need a certain product and make sure it is available. Learn from those that have gone ahead of you in that sector. Read their books and ask for their advice if you can. It will help your business grow.

3. Market Invisibility: Market invisibility causes poor sales, and this can lead to your business closing down. In this day of social media, starting a business and waiting for people to patronize you without being in their faces will only make your business close up. You will keep recording low sales till you change your strategy.

Take advantage of social media platforms and sell your products on it, use digital marketing to bring customers your way. Your sales as a startup should be lower than those of more established companies because you want to attract customers. This will greatly increase your sales.

4. Poor Financial Management: Having poor financial skills is like someone pouring water into a basket. No matter how much you invest, it will not yield its result. These business owners do not keep record of every dime that goes in and out of the company, they have not mastered the skill of cutting cost and increasing profit, and sometimes, they even go as far as solving their personal needs with company's money.

Take classes on this, keep track of the money going in and out of your business and read books to improve your financial management skills.

5. Team Failure: Every successful business has a very strong team. Businesses fail when the wrong people are handling it. They carry out their duty lackadaisically and do not care about the growth of the company.

Find people with like-mind who have the same values and will push your company. It will bring a turnaround to your business.

6. Lack of Uniqueness and Quality: Companies fail because there is nothing unique about the businesses, they do not offer quality products. They are just like the rest, nothing makes them different.

Do not compromise the quality of your products for anything. Focus more on solving customers problems, it will help you create worthwhile solutions.

It is important that you avoid these things so that your business will succeed.

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