How to Turn Around a Struggling Business: Tips and Real-Life Examples - Deepstash

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This article allows us to understand why businesses dry up so easily and how we'll be able to get back on the path to success. It is important to keep optimistic so think about it this way: A business down turning is not the end, instead, it is a learning opportunity to start new and rebuild.

How to Turn Around a Struggling Business: Tips and Real-Life Examples

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The First Reason Why Small Businesses Fail

The data on the survival rate of businesses showed that 22% of small businesses fail within the first year, 32% for the first two years, and 40% for the first three years of business.

But why?

The lack of funding or capital is usually the main reason why small busines...

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The Second Reason Why Small Businesses Fail

Another mistake that many entrepreneurs make is that they don't have good business plans. A business plan must include the following: business summary, competitor and market analysis, business model and operations plan, marketing and financial plan, and product and service offeri...

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The Third Reason Why Small Businesses Fail

Weak management.

Many enter into the business world because they're passionate about something but rarely do they get into business with a passion for human resource management and operations.

A survey showed that 52% of small businesses have labor quality problems...

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The Fourth Reason Why Small Businesses Fail

Small businesses lack the ability to understand their customers because they are often not prepared to meet the marketing demands of their company.

Poor marketing can result in difficulty in determining costs and the inability to reach a target audience and conversion goals...

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How To Fix A Struggling Business

  1. Develop a growth mindset
  2. Set doable goals
  3. Learn why customers are leaving your business and establish a feedback system
  4. Identify your target audience
  5. Perform a SWOT analysis to get bac...

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