Why Small Businesses Fail Reason #1 - Burnout
In previous video, Dr. Paul Borosky, MBA, founder of the Organize-Plan-Grow™ Strategy, revealed why he believes the #1 reason small businesses fail is burnout. Specifically, he highlights how constant multitasking and lack of strategy exhaust owners, reminding entrepreneurs to protect their energy to stay competitive and avoid collapse.
Transcript: Why Small Businesses Fail — Reason #1: Burnout
Introduction
So, why do so many small businesses fail? Hey all, Dr. Paul here, founder of Dr. Paul’s Organize-Plan-Grow Strategy. And the number one reason that I have found small businesses fail is because of burnout.
The Problem: Overload and Lack of Strategy
Operating a business from memory, with no clear strategy for your business, while being engulfed in day-to-day operations continuously—challenges with pricing products, hiring employees, training employees, recruiting employees, managing finances, managing employees, managing customers, marketing campaigns, managing marketing campaigns, managing marketing channels, creating new marketing campaigns—all of this is happening at the same time.
It’s no wonder burnout leads as a cause for small business failure.
The Lesson: Take Care of Yourself
So, I guess the moral of the story here is you need to take care of you. Business is brutal as well as ruthless, and it’s a never-ending cycle of challenges.
If you are not at your best always, I guarantee you your competitors will be.
Conclusion and Call to Action
Hopefully this information is helpful. Let’s go ahead and wrap it up.
Hey all, Dr. Paul here, business consultant and creator of the Organize-Plan-Grow™ Strategy. If y’all are interested in more reasons why small businesses fail, check out my short fable-style book Top 10 Reasons Small Businesses Fail: A Real-World Business Survival Guide. It’s available on Amazon.
Let me know what your thoughts are, and don’t forget to like, comment, and subscribe. Thanks.
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About the Author:
Hey all, Dr. Paul Borosky, MBA and DBA here. I am the founder of Quality Business Plan, creator of Dr. Paul's Organize-Plan-Grow Strategy, author of numerous published books on Amazon, such as Why Small Businesses Fail, and publisher of over 1,000 business focused videos on YouTube. For over 14 years, I have helped entrepreneurs and small business owners take business concepts and them into tangible businesses through my business plan writing services, in-person and virtual business consulting, as well as with my financial models.