By now, you’ve probably heard that the vast majority of new companies, including those in the medical field, fail in less than two years. People gasp at this bleak reality, but they seldom take the time to find out what causes it in the first place. Often, the decisions made by leaders are to blame for the sudden demise of their companies. Here are three of the worst mistakes you can make as an entrepreneur.
Poor marketing strategies
How solid is your marketing campaign? Do you pause and take a look at the numbers to find out whether there’s good ROI? If you don’t, then it could be that your efforts are achieving the opposite of what you intended. If you haven’t already found an agency experienced with SEO services in Illinois to work with, now’s the time to do so. And if you are making promises in your ads that you never keep, you’re headed for an inevitable crash.
Some companies with good business ideas fail as a result of the poor environment workers are subjected to. If your leaders are unenthusiastic, then workers will lack the motivation they need to be productive. Soon you start experiencing high staff turnover rates, and before long, star performers in the industry shun you like the plague. So take your time to establish a great culture in your company if you want to succeed.
An unrealistic vision
So you have a business idea that you are convinced is awesome and can’t wait to start providing a solution. There’s just one problem. You still haven’t conducted enough research to find out whether there’s sufficient market for your product. If you go ahead with an idea and it turns out that it’s not relevant to the masses, you’ll fold up in no time.
There are instances when a company’s death could neither have been predicted nor prevented. But often, the decisions you make as a business leader play a great role in condemning your company.