Poll - The Number One Reason Why Businesses Don't Succeed

Social Media is filled with coaching advice.  Most of the time it is about someone selling something to grow your business and it is, for the most part, a marketing funnel or a sales proposal. 

Subconsciously people believe they need to spend more money on their sales and marketing or try a new sales program, reduce processes or increase prices, but that is a far cry from the truth. 

We took to LinkedIn and ran a poll where we asked: ‘What do you think the number one reason is why businesses don't succeed?

 The poll shares some really valuable feedback and these were the results of the four options.

People and Teams

The results are not surprising. At the centre of everything we do – business or otherwise are people. No matter if you are an intrapreneur, Solopreneur, SME or Enterprise – PEOPLE MATTER.

People BUY from PEOPLE.

We are the story, we are the product so let’s begin with who we are and why we do what we do. Investing in you, and your team upfront is a critical part of every business.

The right people at the right time, doing the right tasks toward an intended goal, will enable faster success. 

Sales and Marketing together with Cashflow

The second most important area identified, reflects a joint contribution. You need to know what you are selling and how you will sell it just as much as being able to understand how you will make money and how that money will indeed start to flow into the business.  

These need to not only align but are interdependent on one another.  There is no “us and them” in business it is always a collaboration and therefore you need to have people in your business that work in their place of genius. There are different skills for Marketers and Accountants, Financial Advisors or Bookkeepers. 

Strategy drives the intent of the business and helps each team or person to better understand their role to achieve company success. 

Nothing and nobody can work in a silo and no one person's agenda is more valuable than the other.

Price

“Price” places little value on the poll.  

You can have the cheapest product or service in the market but that does not mean you will get more sales. 

You need to know the strategy and have a framework around how you manage this and what your objectives are knowing full well what your margins are and your break-even points.

In conclusion

No matter what stage you are at in business, there are key fundaments that are needed. 

We all benefit from placing priority and managing across all areas strategically and with structure knowing well the importance of each.