According to the US Chamber of Commerce, more than half of small businesses are currently worrying about the possibility of having to permanently close their doors.

Their fears are well-founded, as the Washington Post reported this summer that 100,000 small businesses have already closed forever as a result of the pandemic.

These statistics are on top of the fact that 8 in every 10 entrepreneurs who start businesses fail within the first 18 months, even in prosperous times, according to Bloomberg Business.

Why do so many businesses fall short of the success they work so hard to achieve?

At the surface level, the reason so many businesses fail is pretty straightforward – they run out of money. These days, it’s not uncommon for brick and mortar businesses to get consumed by rent and other fixed expenses, even as they attempt to run on leaner budgets.

But often, there are cracks in the business’s foundation long before its financial footing crumbles. By identifying and learning from some of the common reasons businesses find the walls closing in around them, you can avoid putting your own business through hardship that too often leads to closure.

Reason #1: Not Putting in 100%

To succeed in sales – and in your business in general – you need to put in the hours. In my decades of sales experience, I’ve learned that you need to set milestones and hit them consistently – day in and day out – to achieve the outcomes you seek.

How many sales calls are you currently making every week? How many virtual networking events are you attending? Just because times are tough does not mean you can throw in the towel. You can’t expect to achieve outstanding results without implementing proven, effective systems and logging the necessary hours.

Reason #2: Not Following Up or Following Through

Whether you’re searching for powerful press exposure or trying to close a sale, your rule can never be “one strike and you’re out.” Even three strikes is not enough! Patience and persistence are critical to your success.

Too many entrepreneurs fail due to a lack of proper follow-up. When a prospective customer doesn’t sign up for your program the first time you present it to them, pick up the phone and personally follow up. If they still haven’t signed up next time you offer it, don’t forget to follow through by checking back in with them and letting them know the door is still open. Often, you need to hit potential clients in the right place at the right time, which requires a healthy dose of perseverance.

Reason #3: Not Setting Yourself Apart

It’s not easy to go against the grain. Breaking the mold – expecting more for yourself than average – requires uncomfortable action. But businesses don’t succeed by being common. You’re not doing what you do to blend in. If you were okay with average, you wouldn’t be reading this right now.

Find what makes you unique. The aspects of your business that stand out and make it different are where you can excel. Where other people are doing the bare minimum, you can go above and beyond everyone’s expectations.

Reason #4: Not Building a Team of Experts

You started an entrepreneurial venture because you’re passionate about the product or service you provide. But, as you well know, running a business requires you to delve into new areas you may have little to no expertise in. Newsflash: Even a highly driven and fully committed entrepreneur can’t do it all.

That age-old mantra “jack of all trades, master of none” couldn’t ring truer than it does for an entrepreneur. To succeed, you need to become a master at assigning responsibilities to a team of experts so that you can spend the bulk of your time doing what you do best.

Taking a business from its infancy to becoming a flourishing legacy business is not a straight or easy path. It can only be done by an entrepreneur with the right mindset, tools, and a system with a proven track record for success.

At Celeste Giordano Coaching, I work hand in hand with business owners to ensure they have a road map that avoids the obstacles that cause so many businesses to fail.

If you feel like you’ve fallen hopelessly off track to achieving your 2020 goals, I urge you not to despair. If you’re reading this message, you’re committed to becoming a person who can and will succeed. With the right support, consistent accountability, and a proven strategy, you can still achieve your goals and close out this year strong.

Make today the day you start thinking – and acting – in a way that will produce the results you deserve. Contact me today!

Celeste Giordano’s mission is to help business owners develop the skills, knowledge and attitude necessary to “DoublePlus^TM” their income and become effective and inspirational leaders in their fields. Whether it’s taking your successful business to the next level or starting a new venture, she will teach you the exact skills and strategies you need to enroll more quality prospects, build a rock-solid team, and break through obstacles to achieve real profit and lasting success. Celeste is a professional business growth specialist, a master sales strategist, and dynamic speaker with 40 years experience in direct sales and managing high-performing teams.

To learn more about Celeste, click here.

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At Celeste Giordano Coaching, I work with each client to implement the strategies they’ve been missing that will enable them to break through barriers preventing them from the success they know they are capable of. Contact me today to find your future clients who just don’t know what they’re missing.