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Most popular reason for business failure
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[QUOTE="Kendy, post: 220160, member: 63869"] For me, I think of the reasons for business failure is a faulty business plan, lack of self-discipline, lack of customers satisfaction, inadequate funding, no strategic location and mismanagement of funds. When the business idea is gotten and no matter how profitable the plan might seem to be, if it is not structured on a good and professional plan, the business will dwindle at the slightest challenge ocurrence. It would not be surprising if I told you that some business owner do not even have a business plan, all they have is a ledger book to input the sales for the day and readily calculate the profits. Lack of self-discipline and mismanagement of funds goes hand in hand because the available funds coupled with the profits would-be squandered without recourse. Location matters a lot and holds the centre of a business. If the location of a business is not strategic such that it can have easy access to the target audience, then such business will face decline. The business location should be accessible as well. Finally, customers satisfaction is very crucial and can either lead to the success or failure of a business. Customers satisfaction should always be the first priority then followed by the profits but this is not the case in the business world and this is why failure is on the high side. [/QUOTE]
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