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Some reasons why businesses fail

by Weladama Sri Lanka Website Manager
Some reasons why businesses fail

Starting a business is not a big deal as long as you find the necessary capital and other required resources but doing business is a challenging task. So let's look at why some badly fail when doing business.

1) Poor Management of funds- If you do not manage your capital to achieve the final goal properly, you will fail.

2) Poor management of resources - If you use your resources without a plan, the whole process will fail.  

3) Choosing the wrong people - If you do not get the most suitable talent for your business, you will not get the best results. For example, if you hire a less experienced designer with less creativity, you may not get an eye-catchy brochure or promo materials  

4) Lack of competitor data - You need to have enough information about your competitors; otherwise, you will find it hard to take your business among the people.

5) Poor Marketing plan - This is one of the critical things. You have to use modern marketing methods to be successful other than traditional methods. ( Here are some useful tips to improve your business locally in Sri Lanka which can be adapted to your country too https://weladama.com/what-are-the-best-ways-to-advertise-market-and-promote-your-small-business-in-sri-lanka/ )

6) Failure to Adapt - It is a modernising world at a rapid rate. So you have to adapt, or you will lose your market share unexpectedly. The best example is the Nokia company that failed at that time when smartphones started to dominate the market.

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About Weladama Sri Lanka Junior   Website Manager

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Joined APSense since, September 19th, 2020, From Colombo, Sri Lanka.

Created on Sep 19th 2020 23:11. Viewed 186 times.

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