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Why businesses fail


We have all read the statistics that state that 80% of new businesses fail in the first 5 years and that of this 80%, most fail not because they don’t have a great product or service but because they have been started by entrepreneurs who lack the experience in running a business.

These businesses generally fail because of one of the following:

they do not have a comprehensive marketing plan coupled with a strong marketing system that ensures that the plan is met;

they have not defined their target market which means that their marketing is unclear and lacks focus so they cannot attract the clients they want;

they are not leveraging their time, money and resources to their advantage;

they lack persistence and are focusing on negatives rather than any successes, no matter how small;

they are applying traditional marketing methods which just don’t work in the current economy, instead of knowing and talking about the key features, benefits and values of the product or service.

In order to make sure that your business does not become a part of this statistic in 2012, start taking steps today to avoid making any of these mistakes.

If you have the drive and desire coupled with the right marketing system, your business can survive and flourish – feel free to contact me if you’d like to discuss any of the above in relation to your own business or add your comments below.

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