There is never one concrete reason why a business fails. Often times, there are several potential factors that can lead to the downfall of an organization. Or, worse yet…a combination of those factors will spell doom for businesses of any shape, size, and time in operation. To be successful, it’s important to understand critical points that can cause a business to derail and work efficiently to ensure you and your business do not become part of that end of the statistics.
In Episode 3 of The Business Equation Podcast, host Nick Bogacz takes a deeper look at why businesses fail. Could businesses that have failed shifted course and saved themselves? Can businesses on the brink of failure this very second rebound and point themselves in the right direction? What decisions led to a business being in a critical state? All this and more will be identified throughout this episode.
Episode 3 of The Business Equation Podcast covers:
- Having the right attitude to ensure your business doesn’t fail
- Doing research to determine what businesses in your industry are doing right, then mirroring them
- Determining the best location based on past success of said location
- Taking small, safe bets the most and big risks only when you need to
- Creating realistic cash flow solutions
- Being picky about where and when you spend big money
- How failing to meet deadlines will sink you
- How effective decision-making will help you evolve instead of dissolve
Nick is also a published author! Click here to check out his book, The Pizza Equation: Slicing Up How to Run a Successful Pizza Enterprise.
MUSIC CREDIT: Theme music for The Business Equation Podcast – Never Forget by Gareth Johnson & Chris Bussey, via www.audionetwork.com