Why Small Businesses Fail Reason #6 - Failure to Adapt
In the video above, Dr. Paul Borosky, MBA, explains Reason #6 why small businesses fail—failure to adapt. He highlights that both internal and external environments are constantly changing, from staffing shifts to AI-driven disruption. Businesses that resist change will lose, while those that accept or embrace it can survive and thrive.
Transcript: Why Small Businesses Fail Reason #6
Introduction – Why Small Businesses Fail
Hey all, Dr. Paul here. So, why are so many small businesses failing? Here's reason number six: Failure to adapt.
The Problem – Resistance to Change
Small business owners have a hard time adapting to change internally. Our business environment is changing constantly. We have new employees we're taking on. We're terminating old employees. They might be leaving. We are maybe taking on new products. We are ending products that are not selling. Our internal environment, which we control, is constantly changing.
The External Challenge – Unpredictable Markets
Let's not even talk about our external environment. We have new competitors entering the marketplace. Artificial intelligence is changing the game, and we don't even know what to do with it. Most small businesses, no matter what we look at, where we go, and how we get there, we are inundated with change.
The Choice – Accept, Embrace, or Fight
Now, from that, business owners have a choice. You can go ahead and accept change, and then you might survive. You can go ahead and embrace it, and you can go ahead and possibly thrive. Or you can fight it—and let me promise you this, you're going to lose.
Conclusion – Final Thoughts
So hopefully this information is helpful. Let's wrap it up.
About Dr. Paul and His Strategy
Hey all, Dr. Paul here, business consultant and creator of the Organize-Plan-Grow™ Strategy. If y’all are interested in more reasons small businesses fail, check out my short fable-based book. It's called Top 10 Reasons Small Businesses Fail: A Real-World Business Survival Guide.
Closing – Call to Action
It's located on Amazon both in Kindle as well as paperback. And then as always, go out, make a little bit of money, and don't forget to share your thoughts, like, and subscribe.
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About Dr. Paul Borosky, MBA, DBA.
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 turn business concepts and dreams into tangible businesses through my business plan writing services, in-person and virtual business consulting, as well as with my financial models. My newest service, and one I am most excited about, is my part-time or fraction CFO/COO services, using my Organize-Plan-Grow™ Strategy. Regardless of your current business needs, whether you are just starting up or looking to grow, consider letting me help my your business a success!
