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Why Small Businesses Fail... The Power of Opinion Surveys - A Recorded Audio Interview  with Small Business Expert Meredith Bell

why small businesses fail

There are three reasons why small businesses fail. There are five things most successful small businesses do really well.

Find out what they are, and more, in this interview I did with one of my most-trusted colleagues, Small Business Expert Meredith Bell.

Meredith is the President and Co-Founder of Performance Support Systems.  In my interview with she shares:

  • 3 reasons why small businesses fail.
  • 5 things most successful small businesses do well.
  • 1 thing all small businesses can start doing immediately.
  • Great stories and specific examples from the 1,000's of small businesses she's worked with for more than 30 years.

Audio Interview:

Click on the arrow below listen to this 42 minute 'Why Small Businesses Fail' interview, now:

Listen to this 'Why Small Businesses Fail' Audio Interview Later:
Download a copy to listen to later, here.


360 Feedback

Need 360 Feedback Assistance?  If you are starting or considering a 360 feedback project consider 20/20 Insight software SYSTEM that makes possible for you to easily measure the performance of a person, a team or the entire organization with customized surveys and done-for-you-survey-templates. 

If you would like to talk through your project with in a complimentary consulting call, or you think you want survey administration and facilitation assistance, contact Suzie Price.


Summary of Key Ideas Shared  In This 'Why Small Businesses Fail' Audio Interview:

why small businesses fail

Three Main Reasons WHY Small Businesses Fail:  Meredith shares three key areas that are INTERNAL to the business because those are things a business owner can actually do something about.

  • #1: Don’t have a comprehensive marketing strategy.
  • #2: Don’t ASK their customers and employees about what they want and need. Instead, make assumptions that may or may not be true.
  • #3: Don’t closely monitor the performance of their managers and employees. Make assumptions about how these folks are doing their jobs.

What most Successful Small Businesses That Are Thriving Do Really Well: Meredith shared 5 KEY THINGS small businesses that are thriving do well.

  • 1. Know how to market – to get new customers and learn what potential customers want
    EXAMPLES:
    -Know who your ideal customers are and how to find more of them
    -Create compelling messages targeted to them
    -Use the right combination of media to reach prospects – both online and offline
    -Collect testimonials from customers who love your products or services
  • 2. Systems in place to automate operations and ensure quality. They don’t leave things to chance.
    EXAMPLE:
    - Of the customer’s experience when visiting the loan company’s office: greeting, testimonials, videos, etc.
  • 3. Make time to interact with peers and learn from them.
    EXAMPLES:
    - Trade association meetings and conferences
    - Group coaching program with people from different types of businesses
    - One to one coaching with an executive coach
  • 4. Have a customer retention plan.
    EXAMPLES:
    - Communicate with them often, like a newsletter, and even feature customers in the newsletter.
    - Rewards program for referrals or frequency of purchase.
    - Get feedback from them on a regular basis to find ways to improve their operation, products and services.
  • 5.Have an employee retention plan. Low turnover can save you a ton of time and money.
    EXAMPLES:
    - Get feedback through discussions and employee opinion surveys.
    - Create a great work environment so people enjoy coming to work.
why small businesses fail

360 Feedback

Need 360 Feedback Assistance?  If you are starting or considering a 360 feedback project consider 20/20 Insight software SYSTEM that makes possible for you to easily measure the performance of a person, a team or the entire organization with customized surveys and done-for-you-survey-templates. 

If you would like to talk through your project with in a complimentary consulting call, or you think you want survey administration and facilitation assistance, contact Suzie Price.


Why Getting Feedback from Customers and Employee is So Important:

  • 1.We have strengths we could leverage more. Do you know why your regular customers keep doing business with you? If you find out, you can use that information in your marketing to attract new customers.
  • 2.We all have blind spots and areas we need to improve. Feedback helps us discover those areas so we can change, so our customers and employees have a more positive experience with us and with the business.

Why So Many Small Businesses DON’T Take Advantage of the Power of Feedback:  The BIG 3 reasons are:

  • 1. Just haven’t thought about it. They don’t realize how important it is to ASK – and they don't realize how much they will learn.
  • 2. Others may be afraid of what they’ll find out if they DO ask. That’s understandable. The only kind of feedback many of them have ever gotten is when customers complain, so they may be afraid that’s all they’ll hear.

    But if they don’t get at the truth, they risk losing customers and employees, both of which are very costly to a business. Research shows that for every customer who bothers to complain, there are 26 others who say nothing.

    The good news is that if you make an effort to remedy a customer’s complaints, between 82 and 95% will stay with you. Think about that for a minute. What money is a business losing by NOT finding out what the problems are and fixing them?
  • 3. They may think doing surveys is too hard and complicated. Maybe they don’t know what kinds of questions to ask or how to set one up.

    But it can be easy, fast and automated. It’s a no-brainer because we’ve got done-for-you templates for surveys like customer feedback, employee opinion and even individual performance.

What One Thing Do You Want Small Business Owners to Remember from this Why SMall Business Fail Interview? The success of any business depends on having customers who pay you money for your products or services. And you need employees to be motivated and eager to strengthen your business, whatever their role.

So it’s critical to know what your customers and employees need and want from you. The question I’d encourage every business owner to answer is: What systems and support do you have in place to make sure you’re doing the right things the right way?  

Meredith believes in their Survey software, 20/20 Insight, (and I - Wake Up Eager Suzie - do too, As I've used it for 7+ years) and can see all small businesses using it as both a customer retention and employee retention tool that can lead to: More sales; Amore stable cash flow; and  less turnover.


360 Feedback

Need 360 Feedback Assistance?  If you are starting or considering a 360 feedback project consider 20/20 Insight software SYSTEM that makes possible for you to easily measure the performance of a person, a team or the entire organization with customized surveys and done-for-you-survey-templates. 

If you would like to talk through your project with in a complimentary consulting call, or you think you want survey administration and facilitation assistance, contact Suzie Price.




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