Top 12 Reasons Why SME Businesses Fail – Part 1

Hi. I’m Niall Strickland – CEO of GrowthOracle Dot Com, HowsMyBusinessDoing Dot Com, and Niall Strickland Dot Com.

For anyone that does not know me yet, I am a management expert who has developed a range of automated business assessment tools for business consultants and advisors as well as for Small & Medium business owners.

This video is about the Top 12 Reasons Why SME Businesses Fail – Part 1

As business consultants, we all see the same mistakes being made by clients again and again. I have referenced the top one dozen reasons for business failure of small and medium businesses in another article. In fact between 80% and 90% of start-up businesses fail.

Today, I am delving into the root causes of business failure a little bit further. In this article, I feature the first 6 reasons for business failure and next week I will delve into the other 6.

The top one dozen reasons for failure are shown below:
• Poor management
• Lack of market need for a product
• Insufficient capital from the outset
• Poor planning
• Not hiring the right people
• Poor business processes
• Lacking the cash to grow the business to reach critical mass
• Lack of scalability of the business model
• Insufficient awareness of competition
• Not talking to customers enough
• Poor marketing
• Pricing or cost issues that make the business uncompetitive

Click on the link on your screen to view the full article on this topic and to get more details on the specific mistakes that put SME businesses in jeopardy…

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