The number one reason businesses fail

For years and years, some of the top reasons that led to business failure have been pretty dang on consistent. Some fail due to the lack of money, some fail because of too much debt, some fail because of poor management and organization, but the most common reason that businesses fail — in today’s high-tech digital age — is because of a lack of online presence.

The most common reason that business fail today is because of a lack of online presence.

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Really think about it. Companies that we’ve grown up loving and frequenting are no longer here. ToysRUs (literally everyone wanted to be a ToysRUs kid), Blockbuster, Circuit City, Kodak, Payless Shoes and so many more. The common string between these businesses is that they failed to innovate when the world transitioned online.

People spend more time online than they do doing anything else. A study recently showed that the average American adult spends 11 hours per day on their phone — this includes surfing social media. If you’re not putting yourself or your business where people are hanging out (which is online if you haven’t figured out yet), you’re sabotaging your business. If it can happen to these companies who have hundreds to thousands of retail locations and employees, it can surely happen with your business.

The takeaway from this post is to invest your time into making your online presence pop! Get a website or blog, set up social media accounts, start a youtube, do something — even if you’re only able to invest 3 minutes a day — to put yourself in front of your audience. It’s literally that simple.

Investing 3 minutes per day posting about your business online can be difference between your business failing or it succeeding.

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Bryant Tyson