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BUSINESS SKILLS TIPS 7 – LEARN FROM BUSINESS FAILURE STORIES
Today Angela asks the question, why do businesses fail? Easy to find out, just read the financial pages and then ask yourself how you can learn from business failure stories.
Some businesses fail because they have not paid sufficient attention to their profit and loss figures and some, because they have neglected customers, clients and other important people that they rely on including their staff, outsourcers and others.
If you want to avoid your business failure then look to your own stories and compare them to other companies that fail. Do you have areas in your business that are neglected? Are your staff undertaking their tasks under excellent guidance, using informative and correct practice, taking care of your customer needs?
Most failures are due to poor delegation, under staffing, over spending, unrealistic projections and lack of knowledge about products, services, customer needs or lack of clear branding or unique selling point. Examine your business plan and check your story against those of the failed businesses. Better still, ensure you have a plan!