Why Do Small Businesses Fail?

October 14, 2022

Small businesses are the backbone of the American economy. They create two out of every three jobs in this country and account for more than half of all sales. However, small businesses also have a high failure rate.

About 50% of small businesses fail within their first five years. So, what can you do to avoid becoming one of these statistics?

There are many reasons why small businesses fail, but there are five that are particularly common:

Poor planning

Many small businesses don't take the time to develop a solid business plan. They may have a great product or service, but without a well-thought-out plan for how to market and sell it, they'll struggle to succeed.

Poor Management

Small businesses are often started by great people who do what they do but don't have much experience running a business. As the company grows, it may be unable to manage its finances, personnel, or operations effectively.

Poor marketing

Even the best products and services will struggle to find customers if they're not adequately marketed. Small businesses may not have the budget for an extensive marketing campaign, but there are many cost-effective ways to get the word out.

Now, I believe that good marketing is the backbone of any business, no matter its size. To help you out, I need you to check this ebook I've created about the ten things that I'VE WISHED I had known when I started marketing. If you are or are even not in the same place, you need to read this. Get the ebook here. 

Avoiding these common mistakes will put your small business on the path to success. Plan carefully, invest wisely, focus on your customers, and market smart, and you'll be well on your way to achieving your small business goals.
If you want more marketing strategies, advice, or an overhaul of your marketing structure, email us at zack@roimf.com or schedule a call with Zack now.

Also check our latest blogs : 
December 2, 2022
The Do's and Don'ts of Mobile Push Notifications

As a business owner, staying ahead of the curve is essential. To remain competitive, you must use your industry's latest technology and trends. One such trend is mobile push notifications. These notifications allow businesses to communicate with their customers through their mobile devices. However, there are some do's and don'ts when using mobile push notifications […]

Read More
December 2, 2022
How Push Notifications Can Help You Boost Your Digital Marketing Efforts

Did you know that push notifications can help you boost your digital marketing efforts? If used correctly, push notifications can be a powerful tool for reaching and engaging customers. In this blog post, we will discuss how push notifications work and how you can use them to improve your digital marketing strategy. We will also […]

Read More
December 2, 2022
Social Media Channels that Consumers Trust the Most

Which social media channels do consumers trust the most? This is a question that businesses need to be asking themselves as they develop their social media marketing strategy. To create effective campaigns, you need to know where your target audience spends their time online. In this blog post, we will discuss the social media channels […]

Read More
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram