The 5 Dangerous Business Trends

Many of the businesses I've worked with, usually have a singular issue that dominates their marketing woes. After a few years of doing this, I've figured out the most significant marketing areas that plague the majority of my clients. An overview of the situation. U.S. small businesses employ more than half of the private sector work force, produce more than half of private sector output, fill niche markets, innovate, and contribute to the competition in free markets. Small business drives the economy in most if not all of the developed countries in the world. Small businesses are overrepresented in business turnover; that is, they have relatively high rates of company startups and closures. The life span of the average small business is still three to five years. Small businesses give individuals the chance to achieve their own versions of the American Dream, and allow entry into employment by individuals and demographic groups who might otherwise be shut out of the labor market. Small businesses pay a disproportionate amount of the taxes while receiving less than equitable state and federal support than larger businesses in the U.S.. Call me biased, but I think we need to fix that problem in my country. Because the small business system is based on individual initiative, owners may not start with the right business education and experience. They most often start on a shoestring and do not market themselves adequately in the beginning.

When I tell startups that a good rule of thumb for them to follow is to invest up to 20) 2. Unbalanced Experience (30) 4. Lack of Experience (11) It makes sense to avoid the usual pitfalls before working on improving your income. Because the biggest challenge to small businesses today is Incompetence. That does not mean the business owner is stupid, just that they don't have the proper business education to keep them out of trouble. Hard on the heels of Incompetence (46), Complacency (12), in the specified field of business, and finally, Neglect, Fraud, or Disaster (1 of all business failures are caused by a basic misunderstanding about what it takes to run a business. Take a look at this list and burn it in your memory. These are the leading causes of failure in businesses today. Notice that being stupid is not on that list. The good news is that incompetence can be beaten out of you with knowledge and experience.

Unbalanced Experience The second major cause of failure is unbalanced experience. If you just got out of dental school and are extremely talented in your craft, that's great but if you don't have a head for business, then you may not be ready to take on that challenge at this time. Let's look at a few of the causes of unbalanced experience. These are usually caused by ad hoc business practices or inconsistent application of policies and procedures.

Complacency Complacency usually occurs during the mid phase of the business cycle when owners and mangers are doing well but not keeping up with current trends and competitive measures. They are simply coasting. Usually these businesses are doing a marginal job at marketing but relying on their credibility and history.