Want to know the top two reasons why businesses fail? Well, you're in luck as I am listing them below.
#1. Relying on a concept and not a product. I can’t tell you the number of times I speak to people, especially in the PR business, who want to be famous or gain their idea notoriety. The problem with this is one of sustainability. You can only skate by on talking big for so long. Don’t rely on concepts to grow your brand. Instead, rely on real products that can be sold before your company can grow. Know where you’re at when it comes to concept vs. actual product and then start taking steps to get to the actual product or services delivered portion.
#2. Cash. Yes, cash is the number two reasons businesses fail. It isn’t a lack of cash that holds a company back, either. It is how it is spent. Don’t throw millions or even thousands of dollars into an ad campaign when you don’t have your product or services perfected. Instead, use the money to perfect the products and/or services. Strategic spending is a big problem for many new business owners.
Need more advise? Of course you do! Please contact me so I can provide you with comprehensive consulting services and more.
Velma Trayham
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