Why Businesses Fail – 3 Things the USA Election Showed

Why Businesses Fail – 3 Things the USA Election Showed

As we have seen recently with our friends south of the border, change comes no matter how hard we might try to stop it. It is the same for small businesses and small business owners around the world.  That so many people on both sides of the border were completely taken aback by Donald Trump’s win was both troubling and disturbing.  As a small business coach I immediately drew comparisons between what happened in the election and how is can so closely reflect why many small businesses fail.

Firstly – You need to fully understand your audience, or your target market, and really understand their pain points.  What is it that they really want and how can you help them.  Too often we see business owners, and politicians, talking about what they want. What their process is going to be and how they are going to serve you, without really addressing the core issues that matter to their potential clients.  It should always be about what is in it for them. At the end of the day people want to feel that they are being heard, but more importantly that they are being understood. Losing sight of what your potential clients really want can be absolutely lethal to a small business.

Secondly – You must speak to your audience in a language that they understand.  Too often we see people speaking in terms that make perfect sense to them or their industry, but hold little or no meaning to their potential clients.  You have often heard me say not to speak Jargoneeze to your clients.  Keep the language simple and straight forward so that your benefits are clearly understood.  Donald Trump spoke in plain language, regardless of whether you liked his message or not.  Hillary represented the old guard of Washington. The benefits of what you have to offer need to be crystal clear.  Failure to do this can result in loss of sales and ultimately lead to the demise of your business.

Finally as we have seen across the globe, you must be able to accept and embrace change.  Failure to adapt in your business is the silent killer.  We see it all the time, a new piece of technology comes about and suddenly the old way becomes obsolete.  Uber completely disrupted and forever changed the way people perceive the taxi business.  These changes, of course, can be much more subtle when it comes to your own small business but you cannot deny that change is in fact taking place.  The results of the US election alone we a rap on the head to wake us up to that.  When running your business you must be adaptable to what your customers want and the best way to do this is to stay very connected to them. Ask questions constantly about what would make their life easier. Stay aware of what is happening in your industry and be vigilant about what is happening both in your world and your customers.

Wishing you and your small business much success in the future.

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