In the present scenario, it is very difficult to streamline the reasons, why some business grow, while others remain small throughout their life. However, sometimes the attitude of the entrepreneurs towards business and sometimes their strategies to grow in their business seems to be improper, which create failure for them in future. But it is clear from the history of business failures, that a single factor cannot do anything in the success or failure of a business. The success or failure of a business is a collective efforts and series of steps, which are interlinked to each other in such a way that either they brings enormous success or massive collapse to the business. One of the important scenario is that major businesses remain small and there is only few percentage of business grow in each and every term… WHY?????

This is the biggest question in this corporate world and one more point which is important to mention here is that, some businesses fall after a big growth?????

Some point which are worth mentioning here, what are major reasons that some businesses remain small throughout their life..

1. Not Putting yourself out there:- Trying to be modest  is an admirable quality, but you have to push it a little in a business. If you downplay your business, others will too. You need to be singing the praises of what you do to anyone and everyone.  If you will respect what are you doing in your business then others will have a positive impact on everyone’s mind.

2. Not knowing where you want to go:– You need to have bigger picture of your business. Don’t just focus on the day to day running of your business. Where do you see your business in the future? You need to visualize what you want. Make your plan as clear as day. If you don’t have a vision , how you are even  going to change what are you doing? If you don’t have steps to take, you will be floundering around in the dark.

3. Wasting time on Trivial Tasks:- Now that you know where you’re headed, think about your day to day priorities. Many tasks getting flung in your direction as a business owner. The easy thing is to spend lot of time being  busy with tasks. But busy does not mean productive, it is crucial not to waste your time on tasks that are less important. Review your “ Bigger Picture”

4. Fear based pricing:– You may have started your business thinking you should keep charges low so people will buy. But when you declare the price of the product or service, that is the value people believe it has. Be open to up your prices. You have more experience now and know how to provide a good service. Why not reflect that in your prices? Don’t avoid change out of fear, in pricing or anything else. Lack of change is another reason why businesses stay small.

5. Working yourself to death:– The final reason why businesses stay small is that entrepreneurs often think they have to do it all. In the beginning , it’s a rush to be doing your own thing and you find yourself working all the time. But this is not sustainable. On an airplane, you are told to place oxygen mask over your face before helping others. In business, you have to look after yourself first, too. Only then will you maintain your health and sanity enough to push your business to the next level. Don’t forget about delegation. You should be thinking about outsourcing tasks or passing them on to your staff at all times.

6. Incorrect amount of risk:– There are two kind of risk in business. Both of them are dangerous for different reasons. There are business founders who take too little risk. They invest too little time or money, and they never quite reach their goals. Some entrepreneurs take too much risk. When you take on too much risk, it might impossible to recover.

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Qualification: CA in Practice
Company: ugs&co.
Location: Punjab, IN
Member Since: 10 Dec 2018 | Total Posts: 6
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March 2021