In my opinion, most of the statistics and reasons stated about why businesses fail are wrong.
Poor financial control, lack of capital, poor leadership, poor location, and poor economy are common reasons cited for business failure.
Statistics usually benchmark business failure on whether they are still in business and how long they operated before closing. However, struggling to survive or performing below an owner’s expectations also constitutes failure of some sort.
While there can be more than one contributing factor to failure, by far and away the number one reason for businesses failing, from what I’ve witnessed, has to do with the quality of their marketing.
Here are 7 of the most common mistakes small businesses make:
1) Treating marketing like an expense rather than the business you are in. Marketing should be the driving force of your business because you are NOT in the business of being butcher, baker or candlestick maker…you are in the business of marketing your business. When you look at your marketing as a line item expense instead of a necessary investment, you’re looking to fail.
Marketing your business well is your path to becoming the dominant business in your community or category. And when you become the dominant business, you’ll be more profitable, secure and have more freedom.
The top 7 marketing mistakes that could cause your business to fail…
