Why local Business Fail Reasons in April 2018 by Business Acharya

Why local Business Fail

POOR LOCATION

 Why local business fail the main reason is the location where they are doing business as majority  of customers always do shopping in main marketplace and  they are able to identify  your shop if you don’t want to fail in the business then always do business in main markets only

NO UNIQUE PRODUCT

second reason is that all the firms in the market sell similar products in respect of all factors so every business owner is left with the choice of making only normal profit and that why local business fail  if they wanted to earn super profit then they should  sell unique and exclusive products or service to customers

IGNORING CUSTOMER NEEDS

A retained customer is the greatest asset for any  business every business owner should keep in mind the changing requirement of customers for example suppose there is a jewelry store selling ornaments they should provide customer repairing service as well so this will create a positive impact in the mind of customers

 

MISMANAGEMENT OF INVENTORY AND THINGS

 Every business must have a proper inventory management system most of the firms use manual accounting system but on the other hand bar code software are available in the market at reasonable prices and they can be used by small businessmen if this factor is not kept in mind so it can be a cause of why local business fail

LACK OF FINANCE 

 

It is a great statement “funds should be available when they are needed but they should not over utilized (effectively)”and every business owner should understand to block money by not investing it they are creating hurdle for the success of business and finance is also very the deciding factor why local business fail as money is the blood for any enterprise so always use wealth properly as possible

LESS AMOUNT OF MARKETING EFFORTS

As most the business owners think that the customers will come automatically without  investing money at all but in terms of reality the level of competition have increased and every seller do many methods of marketing and it is the main part of their expense or investment so you should not hesitate to make marketing efforts

LACK OF COORDINATION

As a company grows in size the number of department also increase and as a single company they have a main primary objective to be fulfilled to survive in the market and gain at least minimum profit within a period of time and all departments should work as a team to survive in this market

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