5 Reasons Your Business is Failing

Nobody likes to fail. That’s a given. But sometimes when you are in business you struggle and things feel like they are never going to turn around. If you keep doing what you have always been doing, then it’s true: things won’t turn around. However, if you can discover your weakness and eliminate it, then you can thrive again. Your accountant in Billings, Montana explains 5 of the most common reasons that businesses fail.

Your Business is Failing Due to No Website Optimization

Just a couple decades ago people would open up the phone book to find a company that they needed. A large print ad would do wonders for your business. Now those same people (and the subsequent generation) will open up Google and type in what they need (for instance, people search for “Accountant Billings, Montana”). Your business may be struggling because you have yet to optimize your website so that you show up at the top of the search results.

Your Business is Failing Because you Charge too Little

Pricing your product or service is tough to do. On the one hand you want to price it competitively because you want people to come to you rather than your competitor. But on the other hand you want to charge enough so that people take you seriously: too cheap and you may be seen as fly-by-night or that you don’t know what you’re doing. Here’s something to consider: would you rather have 100 clients that pay $5 each, or 5 clients that pay $100 each? The clients willing to pay more are generally easier to deal with.

Your Business is Failing Because You are Selling the Wrong Product

I’m not saying that instead of selling widgets you should be selling gadgets. Nor am I saying that instead of providing accounting services you should be providing computer repair services. I’m saying that you are selling to what you want instead of what your customer wants. Bad: We are the best accountant around and we can do your taxes quickly! Good: Your time is valuable, we will prepare your taxes while you are out golfing; all you do is sign the documents! Focus on the customer and they will focus on you.

Your Business is Failing Because You’re Bad at Marketing

There is a common misconception that says as a startup business you have to do it all: tech repairs, website optimization, marketing, accounting, payroll, etc. People seem to think that doing it themselves means that they will save money. And they do, but they waste time. Instead of trying to be an expert at marketing, hire that out. You can then focus on serving the new customers that come in.

Your Business is Failing Because You are Trying to do it All

Tying in with the bad marketing idea, the same applies for all areas of your business. You went into business because you were good at what you did. Now you are trying to be a business owner and you are neglecting the activities that got you into business in the first place. Instead of trying to do it all, you need to hire out things that sap your time (like computer repair, marketing, and bookkeeping) so that you can hone your skills and bring in more money.

Practical Taxes Can Help

If your business is struggling, you likely need some outside help. Here at Practical Taxes we have a deep network of individuals that can provide services so that you can focus on what you do best. Let us worry about the accounting, and we can bring in people to help with other aspects of your business.

Practical Taxes is a full service accounting firm here in Billings, MT. We offer everything from tax preparation, to payroll services, to bookkeeping. We can take the burden off you so you can run your business.