FAQ

Frequently Asked Questions

Businesses can fail for many reasons, including:  

  • Poor planning: A lack of planning and research can have a catastrophic effect on a business, especially before it's even started. Always have a business plan first.  
  • Cash flow problems: Insufficient cash flow is a leading cause of small business failure.  
  • Ineffective leadership: When the most senior person in a company doesn't take ownership of their role, it can be detrimental to the business's success.  
  • Lack of market research: Businesses that don't identify what new consumers want and need may struggle to succeed.  
  • Inadequate target audience understanding: A poor understanding of customers can lead to marketing failures.  
  • Competition: If a business can't compete effectively with other players in the industry, it may struggle to attract and retain customers.  
  • Financial mismanagement: A company can fail if it can't generate more returns than its fixed costs.  

Other reasons businesses fail include: 

  • Bad business model 
  • Pricing and cost issues 
  • Not the right team 
  • Being unprepared for changes in the market 
  • Failure to learn from mistakes 
  • Inability to raise capital 
  • Bad timing 
  • Ignoring cash burn 
  • Lack of core skills 
  • Burnout and lack of passion  

A business plan is a key tool for starting and growing a business, and it can help you in many ways, including:  

  • Guiding your business  
    A business plan can help you structure, run, and grow your business by providing a roadmap for your actions and progress.  
  • Getting funding
    A business plan can help you convince investors and lenders that your business is financially and economically feasible, and that they'll see a return on their investment.  
  • Attracting new business partners
    A business plan can help you attract new business partners by showing them that working with you is a smart choice.  
  • Attracting employees
    A business plan can help you attract employees by showing them your business strategy and growth plans.  
  • Identifying problems and making decisions
    A business plan can help you solve problems and make key business decisions, such as marketing, customer analysis, and logistics.  
  • Understanding your competition
    A business plan can help you understand your competition by describing their price point, market positioning, and products or services.  
  • Identifying cash flow issues
    A business plan can help you identify future cash flow issues.  
  • Allocating resources
    A business plan can help you allocate resources.  

A business plan is a living project that can project 3–5 years ahead. It's a key point of reference for investors, partners, employees, and management to gauge progress against objectives.  

A business advisor can help you in many ways, including:  

  • Accountability 

A business advisor can help you stay on track to achieve your goals by holding you accountable and helping you set benchmarks.  

  • Strategic planning 

A business advisor can help you keep up with changes and plan for future growth.  

  • Management 

A business advisor can help you improve your business routine's efficiency.  

  • Financial management 

A financial advisor can help you manage your finances, especially if you're running a business or have made investments.  

  • Business marketing 

A business advisor can help you stay on track with your marketing strategy.  

  • Business performance management 

A business advisor can help you identify areas where your business is performing well or needs improvement by comparing it against others in your industry.  

  • Business compliance 

A business advisor can help you avoid legal problems that can result from not following compliance.  

Here are some ways to prepare for a new job transition:  

  • Research: Learn about the industry, the company, new business start up, and the role you'll be taking on.  
  • Develop skills: Identify your transferable skills and any new skills you need to learn.  
  • If starting a business, create a business and life plan. 1-3-5 Year plan.  
  • Invest in your skillset: Before leaving your current employer develop an exit strategy and invest yourself.  
  • Network: Connect with professionals in the industry through events, LinkedIn, and former colleagues.  
  • Update your resume: Add new skills and qualifications to your resume as you gain them.  
  • Prepare for interviews: Practice your answers, dress appropriately, and be punctual.  
  • Budget: Plan for the transition period by cutting back on expenses and exploring health insurance options.  
  • Resign professionally: Leave your current job on good terms.  
  • Consider life changes: Think about how your new career might affect your personal life.  
  • Set goals: Set goals and deadlines for yourself.  
  • Develop meta skills: Develop skills that help you adapt to change and create new opportunities.  
  • Ask for feedback: Regularly ask for feedback to assess how you're doing in your new role.  

Register