13 Reasons of Why Most Business Fail (Part 3)

Final part of Rick Sloboda’s “13 Reasons of Why Most Business Fail”

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9. Fighting change

Accept change, insists Jack Welch, former GE CEO and best-selling author. “Business leaders who treat change like the enemy will fail…” he stated. “Change is the one constant, and successful business leaders must be able to read the ever-changing business environment.” Accordingly, it’s important to promote an openness to change by teaching colleagues to see change as an opportunity — “a challenge that can be met through hard work and smarts.”

10. Neglecting points of contact

Consider every point at which your company makes contact with a prospect: your office, receptionist, website, business card, sales call and so on. Business advisor and bestselling author Harry Beckwith stresses the need to study each point of contact, and improve each one significantly. Otherwise, it may be your only one — or even your last.

11. Wrong packaging

Author Robert G. Allen, who is credited with making many millionaires in the U.S., cited an “info-preneur” who spent years and tens of thousands of dollars creating a product called Compact Classics, which condensed all the great classic fiction and non-fiction books into a two-page format. No one bought it until it was re-titled to The Great American Bathroom Book. Allen reported: “The idea caught on and millions dollars later, the idea is still pumping out cash.”

12. Culture of bureaucracy

Good to Great and Built to Last author Jim Collins warns businesses to avoid bureaucracy, which he calls “the cancer of mediocrity.” He explained: “Most companies build their bureaucratic rules to manage the small percentage of wrong people on the bus, which in turn drives away the right people on the bus, which then increases the percentage of wrong people on the bus, which increases the need for more bureaucracy…” The solution? Build a culture of discipline with an ethic of entrepreneurship to get a “magical alchemy of superior performance and sustained results.”

13. Narrow-mindedness

The late Napoleon Hill, credited for influencing more people into success than any other person in history, wrote: “The person with a ‘closed’ mind on any subject seldom gets ahead.” In fact, he noted, intolerance means that one has stopped acquiring knowledge. “The most damaging forms of intolerance,” he documented, “are those connected with religious, racial and political differences of opinion.”