I have spent a great number of years working at so many top shop owners in the United States, and in this time, I have the opportunity to meet so many owners who are struggling with their business, and they fail unfortunately. Here are the top seven reasons responsible for the failure of majority of shops.

  1. Pride. It’s a sure thing that pride is extremely important in an owner’s success. All successful owners show pride in their business. But, soon enough, they lose it when they begin to admit their mistakes, compliment their workers as they have done better than the owner themselves and as a result, just like Henry Ford, they admit that they are unable to establish a business successfully single-handedly.
  2. Lack of systems. In all the successful shops, there are well-defined procedures for everything such as, answering people’s calls, noting down customers, recommending and providing services, deliveries, clients’ follow ups and so on.

Shops that failed usually lack such systems and the employees there do things in their own ways.

  1.  Trying to please everybody. Majority of the shop owners tend to be everything to everyone. In some cases, it is a good thing. However, top shop owners know that wrong customers are up to no good for them and they can affect their profits and erode morale. They only target their ideal clients and work on them.
  2.  Fearfulness. Just like pride, fear is also significant, which can come in a number of ways such as fear of not providing good service to clients, fear of new competitor, fear of a new investment. These fears are shared by all top shop owners. But the thing that distinguishes from the failures is that they take the fears head-on, make a plan and take necessary actions to prevent any fear becoming real.
  3.  Not aware of the essence of their jobs. All the successful shop owners out there; they are aware that the best ways of building their companies and customers’ trust are setting company goals, making plans, hiring best people, bringing the best out of them and ensuring the company’s success.
  4.  Not knowing the right time and way for investment. Most of the shop owners invest in new equipment, inventory, marketing programs etc. All these are certainly important. Other than these, top shop owners don’t forget to invest in the most important of all assets; themselves and their employees.
  5.  The lack of goals. Top shop owners are not lazy regarding their goals; they pursue them passionately, make good decisions, hire right people; as a result, their customers are happier and they invest more money over their main idea.

Long story short, if you want to succeed in your business in terms of profit and customers’ trust, you need to set your goals by putting your pride and fears aside. In this way, you can build your own unrivalled and unparalleled business.

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