3 Reasons Why Businesses Fail (And How To Avoid Them!)
By Jordan Mederich
You always dreamed of starting a business... a flourishing, successful machine that gives you the time and financial freedom you always wanted. Maybe your parents handed down the business to you, and you get to truly own something of massive value. It's Exciting!

But one day... "reality" sinks in. 

You don't know what you're doing. The numbers don't add up. This passion business of yours, well, you're not so passionate anymore. 

Most of the time, it isn't your fault. 

But...

It IS your responsibility. 

Luckily, there's a way up, a way out, or a way back to the top. 

You can continually work "hard", or you can choose to work "smart". That's exactly why I want to share with you the 3 Biggest Reasons Why Businesses Fail, and how you can avoid that fate. 
#1 - No Customer-Generating Machine
The quickest way to sink a ship, is to put a bunch of holes in it. 

Without a method of continually generating new customers (PAYING customers), your overhead and hard-costs will quickly swallow up your resources. 

Your job as the CEO of your business and life, is to be continually pursuing new initiatives, new business, and new opportunities. 

You might be working so hard IN your business, that you can't work ON your business. It's a subtle shift that can make a massive difference in your bottom line. 

How can you fix it?

Begin shifting your focus, time, and resources towards finding and monetizing new customers. If you don't have a dedicated marketing department (and a REALLY good one), it's best to rely on marketing professionals that can focus entirely on getting people in your doors. Once you get a new lead, it's your job to make their experience fantastic and get them to purchase. Make it so good that they refer friends, and are excited to buy from you. Run a secret shopper to test your workflow and processes. How do your employees treat your customers? How does your pricing affect their purchasing habits?

Running Facebook ads direct to a high-converting offer is the quickest and most powerful way to get locals to recognize and get excited over your services. Even if you have to cut the price to get them in the door, your upsell and continuity process can monetize it for years to come!
#2 - No Repeat Business
If someone buys from you once, they'll buy from you again.

That is... UNLESS you ruin the customer experience. 

It could be overvalued pricing, poor customer service, or late performance / delays. This is the opportunity for you to 10X your business and results. Work to make every step of the process near-perfect. Go above and beyond to overwhelm your customer with value. 

Imagine they're your parents or a close friend. How would you treat them? You'd be on-time, offer tremendous value, and you'd focus on maintaining your relationship over the business transaction. Your customers are humans, and they're buying from you to solve a problem. If it becomes MORE painful to work with you than their original state, of course they won't come back. 

If your customers like you, they'll proactively find opportunities to buy from you. You'll be on the top of their mind whenever they need that itch scratched. 
#3 - No Marketing Budget (Unwillingness To Spend)
I'm not talking about managing an Instagram page, or writing blogs. And I'm definitely not talking about paying someone to simply post stock images to your social media presences. 

The "Marketing Machine" is extremely generous when it's taken care of, but it's also extremely hungry.

If you feed and nurture your client acquisition process, you can very easily justify growing your marketing budget, because it's taking care of you! 

You wouldn't believe the amount of businesses I work with that have zero marketing budget. It's insanity to think you can run a business with no outreach. 

Plan on having a $1000/month budget MINIMUM. It's very difficult to scale a marketing machine on very low ad spend, and it's even harder to sustain a business on organic methods only (Facebook posts, signage, business cards, etc). 

Begin with a proof of concept (your product and offering), then scale up by adding more and more to your budget. You should know down to the dollar how much your CPA (customer acquisition cost) is. A good marketing machine will not only feed you and help you stay taken care of, but will reward you with a growing business that operates like a well oiled machine!

If you'd like to discuss ideas how we can help turn up your marketing efforts, CLICK HERE to schedule a strategy session with me. We'll get you moving towards your own well-oiled machine!
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