Why Small Businesses Fail

by Lisa Ballinger
Why Businesses Fail

Small Businesses are failing at an alarming rate. With the advent of the GFC larger companies are collapsing as well and we all want to know what the reasons are. The question is how can we stop ourselves from joining the ever growing list. The problem is there are so many people out there promising easy answers but the reality is, there isn't one. And this isn't news we like to hear. We would like someone to take a magic wand and make all our troubles go away. But it's not happening..

So what should we do? Pretend like we can avoid it. We can't. Anyone who avoids trouble or challenges in this economy is dead. What we should do is simply make a list of pros and cons of our business. Take that list and look at the pros and start brainstorming of how we can make these strengths stronger? How we can we make ourselves even better? Now out of your list of brain storming ideas take one and make it your number one priority to follow through and implement it. The reason for this is we usually have so many things to do, if we just have one extra tasks it is much more likely to get done than if we go and try to do ten new things at once.

Next take one from the cons list and have another brainstorming session as to how it can be improved. Take the best idea and implement that. Then go through the pro and the cons until you finish. At the start of each new year do up a new list of pros and cons. Some may stay the same and some will change but every year you should see some improvement.

Even though this is very simple it is very effective. It has two elements analysis and implementation. Sometimes we can get so bogged down in analysis there isn't time for implementation and vice versa. And change is needed so we can keep up with the competition, customers, the market and the global economy. So go on, get started and start rebuilding today.

Article submitted Sunday, May 08, 2011 & read 6 times.

Lisa has worked as an accountant in both large and small businesses for many years and as such has a unique perspective on what makes businesses work and what doesn't. She knows why businesses fail and how to be successful in business . Check out her Small Business Course for more information on small business management and how to be better equipped in small business.

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