Why Small Businesses Fail: And How to Make Sure Yours Doesn’t!
Want to know why small businesses fail? One of the biggest reasons has to do with a recent injury I was dealing with:
For 18 months, I was in critical debilitating pain. It wasn’t constant. But, when it came on, it was INTENSE. And, for someone with a high tolerance for pain, this was a BIG. DEAL. In those 18 months, I was seen by several specialists and countless tests were done that all came back normal. I was given a treatment plan for the symptoms that I was experiencing.
This got me thinking. I see something very similar in business. Entrepreneurs struggle for years. They bounce around from one course, or one coach to another and try every single tactic promised to get that end result they want. But they too are simply treating symptoms. The thing is, the symptoms are easy to spot, but the root causes go way deeper.'What if the problem you're treating isn't the REAL problem?' - Kathryn Binkley #scaletosevenClick To Tweet
Symptoms That Cause Small Businesses to Fail
“I don’t know how to grow my audience.”
“I don’t know what to talk about.”
“My sales calls aren’t converting.
“I don’t have enough time.”
Then they say:
“I tried a webinar, and it didn’t work.”
“I tried a challenge, Facebook ads, crafting a beautiful Instagram feed… but none of those worked.”
They didn’t work because you’re treating a symptom and not the cause. Treating symptoms doesn’t actually get rid of them permanently. They’re quick fixes. A band-aid, even. But in reality, it’s hard to know the difference. Sometimes, the same issue can be one person’s REAL problem and just symptoms for another person. You’ve got to figure out which it is for you: the root cause or a symptom?
What Causes the Symptoms of Failing Businesses?
What are your business struggles?
When you really think about it – does the problem need to be solved or is it a symptom? If it’s a symptom, what could be causing it? List it out. And then decide if your struggles reveal a need to work on your strategy or your mindset.
Let’s look at an example. If you decide to go live but you’re not sure what to talk about in your business, it could be strategy or mindset as the root cause.
Strategically, you may not know your audience well enough or aren’t sure what content works best on a specific platform. On the mindset side, you could be questioning the value that you provide and your self-worth. You may be afraid of success. Or, you have limiting beliefs like this common one: 👉 “Who am I to teach this topic?” Some people think they need a strategy when the mindset is really their missing piece.
I encourage you to look at the patterns when the symptoms remain and talk to someone. Talk to someone who is really going to listen, and dig deeper into the issue with you so you can achieve bigger results in your business.
Need some inspiration? Hit play and tune in to today’s episode to find out how determine the symptoms (and their root causes) that are causing your business to struggle.
P.S. I want to hear from you. So tell me: Are you treating the symptoms?
- Glean from our library of CEO resources at kathrynbinkley.com
- Connect more with Kathryn on Instagram!
Listen + Subscribe on Apple Podcasts or Stitcher!
We’d greatly appreciate a podcast rating and review so that we can reach more entrepreneurs like you!
- Search for the podcast in your podcast app (Scale to Seven®)
- Scroll down and click 5 stars
- Tap “Write a Review” & enter a brief review
- Press send