top of page

Why Small Businesses Fail and How You Can Succeed: The Power of Implementation

Small businesses are going under. Contractors are shutting their doors. Even niche stores that offer rare art are closing down. Why is this? It's a question that's been asked time and time again. However, the answer might be simpler than you think. It’s not the lack of ideas or resources. It’s the failure to implement what they already know.

Driving down any commercial street, it's not uncommon to see closed shops, "For Sale" signs, or empty buildings that once housed bustling businesses. This sight is disheartening, especially when you think about the dreams, aspirations, and hard work that went into creating these enterprises. It's even more devastating when you realize that a large number of these are contractors – individuals who put their all into their work, yet still couldn't keep their businesses afloat.

Let's take an example. There's a certain store that used to sell rare art. The owner put in the effort to paint and decorate the place, making it appealing to potential customers. Yet, the doors of this store are now permanently shut. What went wrong? The chances are high that they failed to implement the strategies they already knew would work.

Every day, business owners and contractors are seeking advice. They want to know what the "flavor of the month" is, the new trend that could potentially boost their business, or the next quick-fix solution to their problems. They're hoping to find a magic button that will instantly make their business successful. But here's the hard truth – there is no such button.

In fact, you don’t need to keep scouring the internet for new sales techniques, marketing strategies, or the latest business books. The truth is, you already know what to do. You just need to implement it. This might seem like an oversimplification, but it's akin to the basic principle of weight loss. People spend millions on weight loss programs, searching for the special diet or workout that will magically transform their bodies. But at the end of the day, everyone knows the formula: consume fewer calories and burn more. It's simple, but the challenge is in the implementation.

The same principle applies to business, especially in the contracting world. To prevent your business from going under, consider what you already know. You understand the importance of selling your product or service every day. You know the significance of spending less than what you earn to generate profit. And you are aware that treating people—your customers, their neighbors, industry partners, employees, and influencers—with respect is crucial for building a positive business reputation.

Implementing these three elements could drastically change the trajectory of your business. Selling every day ensures a steady stream of revenue. Controlling your expenses guarantees your financial stability. Treating everyone with respect fosters good relationships, which are the backbone of any successful business.

However, there's a fourth element that's equally important – marketing. You can't sell your product or service effectively without proper marketing. It's through marketing that potential customers learn about your business and what you offer. Ignoring marketing is akin to winking in the dark. You know what you're doing, but nobody else does.

So, if you're a business owner, ask yourself: What do you already know that you should be doing for your business? Maybe it's making prospecting calls, or perhaps it's posting on social media daily. Perhaps you've realized that your pricing is too low, or that your business needs more marketing. Maybe you've been procrastinating about building a website.

Whatever it is, the fact remains that you already know what you need to do. Now, the challenge is to implement these strategies. Running a business isn't rocket science, nor is it as complicated as launching a space shuttle. It's about taking what you know and putting it into action.

The biggest pitfall for many small businesses and contractors isn't a lack of knowledge or resources; it's a failure to implement what they already know. It's easy to become distracted by new trends or quick-fix solutions, but these can often lead to a neglect of the basic principles of business management.

In conclusion, the most vital step you can take to ensure the success of your business is to implement what you already know. You don’t need another podcast, book, or seminar. You need to take action. You know what your business needs, so start there. Implement. Take one step at a time. Start with the tasks that you can accomplish now. It could be as simple as making a few prospecting calls, increasing your marketing efforts, or even just treating your customers with a little more respect.

Remember, it's not about hoarding information or constantly seeking the next big thing. It's about taking what you already know and putting it into action. That's the secret to business success. It's time to get off the sidelines, stop watching and waiting, and start doing. It's time to implement.

So, as you reflect on this, share this message with someone who needs it. Help them get off their backside and implement what they know. This simple action could be the catalyst that turns their business around.

In a world full of information and advice, the real game-changer is implementation. Don't become another failed business statistic. Stand up, take what you know, and turn it into action. That's the real secret to business success.

1,066 views0 comments


Recent posts
bottom of page