Greetings Leaders!

I spoke at a Chamber of Commerce breakfast meeting this morning… and was shocked by some of the comments I got. My topic was “Unsticking Your Business – Overcoming the Top 10 Reasons for Business Failure.” As I began to speak, I was interrupted with a question in the middle of my introduction. I listed the Top 10 reasons for business failure, and “the economy” wasn’t on my list. Someone asked, “don’t you think that maintaining (surviving) is a good thing in this economy?” My answer was no, and some people took offense to it. Find out why…

I understand the economy is bad. I understand that business is down. I understand that businesses are closing. But… to take the stance… “wow – you survived”, is not a good way to grow confidence in the business community, and certainly should not be the way you approach your business. As a business owner, or even in your personal life, you should be asking – how can I grow in this economy. Not how can I survive. There are businesses that are growing out there. I guarantee that these businesses are not trying to survive. No. They are trying to smash the competition by growing.

If you aim for surviving and miss the mark, you will end up closing your doors. If you aim for growth (with a carefully thought out plan) and miss the mark, odds are that you’ll survive. There is also a chance that you may actually grow. It’s all in your mindset.

Stop blaming the economy for your lack of growth.

I know… business is down. So what? People are still spending money out there. Why shouldn’t they buy from you? Now… there are some markets that I wouldn’t want to be in. Real Estate being one of them. But, that is all part of business! If you are a careful planner… if you are thoughtful about what you do… you would have foreseen the crash in 2008. This is part of being in business. Planning.

Here are my Top 10 Reasons For Business Failure

  1. Starting a business for the wrong reason
  2. Wrong product or service
  3. Wrong location
  4. Lack of planning
  5. Insufficient funding
  6. Expanding too fast
  7. Lack of organization
  8. Lack of marketing skills/plan
  9. Lack of a sales plan
  10. Lack of leadership

Notice that “the economy” isn’t on the list. Take ownership of your business and stop blaming the economy.

All the best!
All the time

JT