The number one cause of business failure

Fareed Khimani

There are many reasons that a business can and will fail.  Many times we blame the economy, competition in the market and even the clients themselves. 

I am not going to give advice on how to ensure a business doesn’t fail, but rather the things to do to make sure you succeed.

We must always remember that the way to stand out above the rest is to make yourself indispensable.  What makes you different?  Why should someone use your product and not your competitor’s? 

The first Apple Macintosh computer was a computer, like may computers.  However, it was different, it stood out from the rest. The first true smartphone made its debut in 1992. It was called the Simon Personal Communicator, from IBM.  The term “smartphone” wasn’t used in those days. We however, attribute the first smartphone to apple, 15 years later, simply because Apple’s products have an edge, they stand out.  

Do your research

To create a business model that stands out and is sustainable, it is vital to do research on the competition.  Know your competition better than they know themselves.  That’s not to say, infiltrate enemy lines and get classified information, but rather, see what they do for their clients and then ensure you offer more.

This is true for any business, in any area.  It doesn’t have to be a newly invented, must have product that makes you stand out, but rather how your product and service offered makes a cut above anyone else’s.

Be available

I can draw on my own experience here and that is, I am always available, day or night, in person or on the phone to deal with a client.  I rarely miss a meeting and always go to the meetings prepared. I won’t sleep until, I have thought out any and every possible question that can be asked and any and every possible scenario that may arise.

Have a winning team

I have also created a team that will raise a red flag if something is wrong, so that we are not sending sub-standard ‘products’ to clients. It is better to say; “I am sorry, it will be late because I noticed something wasn’t right and wanted to fix it first”; than to send a substandard product in the hopes it will pass.

Show up and show up early

Finally, I am always 30 minutes early to every single meeting.  I am not saying this will stop a business from failing, but it is something that all my clients remember. 

In a day and age when traffic jam is a good fall back excuse and people are late for things for a myriad of reasons, I am always the first one there. 

When clients are thinking of asking for pitches and ideas, the guy who is never late somehow pops up in their mind quite a lot.