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Four Ways To Prevent Business Failure - Business - Nairaland

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The Number One Cause Of Business Failure And How To Avoid It / Top 5 Causes Of Business Failure And How To Avoid Them / Four Ways To Be A Modern Entrepreneur (2) (3) (4)

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Four Ways To Prevent Business Failure by magazineguy(m): 7:48am On Aug 14, 2017
Business requires winning strategies to succeed, and it is a fact that thousands of businesses fold daily at both start-up and growth stages. Many business owners have found themselves at a crossroad where the most tempting option is to throw in the towel but few are able to wade through the problems and come out victorious. Business failure is avoidable if the business is well executed.

The business sphere is a delicate space that can easily swallow one’s confidence and self esteem in the event of failures and in order to prevent these at all the stages of a business, an entrepreneur has to adopt the following methods:

This is the first major decision in the execution of a business plan. Locate a business where there is ample need for its offerings and also ascertain the purchasing power of the inhabitants of the business location before sitting the business. And in addition to this, ensure quality at all times. A bad location can cripple a great business dream as a result of low or no patronage at all leading to business failure.

Make sure you have a team that is ready to work assiduously towards success all the time. It should contain people with the right drive, confidence, innovative drive and creativity to keep things going smoothly at all times. A team that is motivated well enough internally with focus on success can always overcome the challenges of doing business.

Effective Marketing
At every stage in a business, success is only guaranteed through effective marketing. Your marketing efforts should be coordinated in a manner that it should bring forth positive results.

Decisions Making
This is one of the most vital aspects of doing business; your decisions should be prompt, accurate and positive. Business that does not decide early on technological advancement, modern business trends etc tends to lose out easily to other competing firms.

source; http://tushmagazine.com.ng/four-ways-prevent-business-failure/

lalasticala, mynd44, dominique
Re: Four Ways To Prevent Business Failure by NaijaPress: 3:44pm On Feb 17, 2020
Avoiding business failure has a whole lot of steps required...
Re: Four Ways To Prevent Business Failure by NaijaPress: 8:35pm On Nov 03, 2020
How To Avoid Business Failure In Nigeria
On over a hundred articles we have discussed different business in Nigeria, how you can set them up, how you can even raise money for you businesses, how you can access fund using a business plan, we have even discussed the 10 top most lucrative business in Nigeria. However, on these articles the focus will be on how to avoid business failure. Just like we have discussed on Why business fail in Nigeria and we also touch a few of those factors that causes failure in business as well as success, we highlighted that and emphasized that those factors that causes failure in business are the same factors that will that will enhance business success if the opposite  is done. https://www.nigeriabusinessplan.com.ng/how-to-avoid-business-failure-in-nigeria/

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