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Most popular reason for business failure
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[QUOTE="Yhubee, post: 219790, member: 69704"] There are many factors that can lead to the failure of a business. First, inadequate planning. Adequate planning is very important when starting up a business. A concise plan has to be drawn out concerning everything in the business ; your target audience,your customer satisfaction,the strategies you have to put in place, number of employees,the location of your business,how to promote your brand, how you will advertise your product and how you can be successful as a whole, so adequate planning is very important in a business. Most people do not plan adequately, they just rush into the business and feel they will be successful maybe due to their experience and then they go ahead and along the line they experience failure due to the losses that they get. Adequate planning will involve the source of your capital. planning covers every every area and so it is the most important reason why people fail in their business planning will cover the capital sources, other fundings for your business,how you handle your employees ,how you handle your customers, the strategies you will take to engage in healthy competitions with other people that are in the same line of your business, so adequate planning is the key to a successful business and without this,failure is inevitable. [/QUOTE]
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