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[Brain]

I don't think anyone will get into a business to fail. But sometimes it always beyond our control and before you know a business we started with some huge capital collapses. What are there ways and things we can do to prevent business failure. I know taking feasible study is very important. What are the others things we should do to arrest failure.

 

[Blessed15]

Financial discipline is key. Be vigilant, have knowledge and systems to track where every penny is going

 

[Ewogboka]

When you are able to identify the likely threats of the business and you profer solutions to them, such business won't have problem of collapsing.

 

[Ewogboka]

A new start up should not give out goods or render services on credit rather get commission agents to help you boost your business. If you are able to build a customer base you can them give loans or goods to reliable customers.

 

[Wisdom01]

I think before starting a business you have to set a target for yourself ? and write down your goals and objectives then make actions and invest to make them come true ,all you need is to profer action

 

[Humbu]

Most people fail in business because they don't create multiple income streams. People expect to open a big business and also depend on the new business to eat. A business needs to be sustainable before you can start using the money from it as an income, so creating multiple income streams is the best.

 

[microunit]

though having multiple income is a good strategy you should think about where that extra income will come from, if you want to have some other small business besides from your big business you have to ask yourself if you can still manage all of them

 

[tray59]

though having multiple income is a good strategy you should think about where that extra income will come from, if you want to have some other small business besides from your big business you have to ask yourself if you can still manage all of them

There is no issue with managing the business you can hire someone and placed him on salary to manage your business,the issue is that how much do you have to expand the business?make your budget.failure can occure in any business but with good planing and proper capital management you can overcome failure.

 

[Bushbaby7]

One of the biggest mistakes some business owners make is becoming complacent and failing to remain relevant. I recently watched a documentary on how Blockbuster did just that until it was brought down to its knees by Netflix, and ultimately crashed out of business. That documentary is one huge lesson on the relevance of always staying abreast of trends in order for any business to not only retain its client base but also continue to acquire more and stay in business regardless of new, younger competitors bursting onto the scene.

 

[Ewogboka]

@Bushbaby7 , good points, if every business owner is aware of his competitors he will surely update and inclined with new developmental strategy of the business.

 

[tray59]

@Bushbaby7 , good points, if every business owner is aware of his competitors he will surely update and inclined with new developmental strategy of the business.

Then what are the new developmental strategy you are talking about?well maybe that was what you experience in your business field am not doubting,but to prevent business from failing you must know how to spend the money that come into the business,proper planing is one of the best option this can help keep your business at a stable state you can also seek advice from others business personel that is in the same business filed with you.

 

[Bushbaby7]

Then what are the new developmental strategy you are talking about?well maybe that was what you experience in your business field am not doubting,but to prevent business from failing you must know how to spend the money that come into the business,proper planing is one of the best option this can help keep your business at a stable state you can also seek advice from others business personel that is in the same business filed with you.

@tray59, please learn to quote properly - I don't get why you've attached my name to a statement made by @Ewogboka?!? If you want to know what my views are on this thread and engage me based on what I said, please go ahead and read my comment, will you?! And also, observe all the errors highlighted before posting - it reads better that way.

 

[Brain]

Some of the ways to avoid business failure includes, avoiding going into debt, taking cognisance to the business cash flow, solid business plan, maintaining good customer service reputation, learn from business competitors possible business downfall.

You are so on point especially when the issue of competition. This is one area that should be tackled with determination to succeed. It can really be tasking sometimes

 

[Bushbaby7]

@Bushbaby7 , good points, if every business owner is aware of his competitors he will surely update and inclined with new developmental strategy of the business.

Thanks, mate! Absolutely, competition is healthy and a good gauge as to how well our businesses are doing. Without competition, we run the risk of sitting on our laurels and becoming complacent.

 

[Ewogboka]

Competition is a tool that will not make business to fail because everyone will be up and running just to meet up with customers demand this in turn leads to improvement.

 

[a_jerobon]

I think before starting a business you have to set a target for yourself ? and write down your goals and objectives then make actions and invest to make them come true ,all you need is to profer action

That is true. Planning ahead and acting on that plan is very essential in avoiding failure. Also, you must have an emergency response plan for those failures that are expected to occur in the business.

 

[Wisdom01]

That is true. Planning ahead and acting on that plan is very essential in avoiding failure. Also, you must have an emergency response plan for those failures that are expected to occur in the business.

Yeah it should be added as well since most business fails due to the low emergency response thats in effect and low back up plan when needed also

 

[a_jerobon]

Yeah it should be added as well since most business fails due to the low emergency response thats in effect and low back up plan when needed also

Yeah, I back up plan is really necessary. A good example is the scenario of what happened this year when the pandemic struck. Many businesses were affected. Those who had an emergency response and a backup plan in place were lucky, unlike those who were hit and did not know what to do.

 

[Bushbaby7]

No matter the type of business,there are bounds to be challenges and what makes business more successful is how well challenges are tackled.

That's true, I totally agree! All business owners should really embrace challenges because it's not how you fall but rather how you recover. If you can weather the storms, chances are you'll succeed.

 

[infinitytech]

Maintaining a business is really a hard job and you should keep in mind,never losing hope,don't take too much loan that you cant afford to pay back and give your fullest!

 

[Normal_me]

If you want to prevail a business from failure you need to have a great risk management and visikn to the future and a great psychology