Business failure is a serious problem in the United States where according to the U.S. Bureau of Labor, one business fails every minute. Within the business coaching industry and real estate industry, these small business owners appear to share similar failure rates. After working with small business owners including real estate agents and observing other business coaches, I believe these are the 7 reasons that they fail.

1. No Strategic Business Plan: Very few small businesses have a strategic plan. Real estate agents are independent contractors and many enter the profession for a few extra bucks. Even many of the serious realtors lack a comprehensive strategic plan or even a strategic action plan. Coaches are no different. I have talked to various coaches who offer strategic planning as a service, yet do not have their own strategic plan.
2. No Effective Marketing Skills: Build it and they will come is not a good business attitude. Exceptional marketing skills are needed to be that red jacket in a sea of gray suits.
3. No Sales Process : Selling is selling no matter what product or service you sell. A sales process allows for you to determine where you are losing sales and then improve those skills’ areas.
4. No Unique Selling Proposition: Since many real estate agents and business coaches have no strategic plan and no effective marketing skills, this usually translates into no unique selling proposition. The question to be answered is: What makes you different?
5. No to Few Strategic Partners: With the tremendous opportunity in the marketplace, establishing strategic partnerships is logical. Yet, this is not an embraced strategy by many business coaches or realtors.
6. No Measurements: From networking activities to actual sales, these small businesses consistently fail to measure their activities. If you cannot measure it, you cannot manage it.
7. Fear of the Competition: When the resources of time, energy and dollars are focused on the competition, the end result is that the business coach or real estate agent loses. Beginning with the strategic plan, the competition should not be feared but rather studied and leveraged to your competitive advantage

If you are a business coach or a real estate agent and do not wish to join the other business failures, then take the time to:

• Review your strategic plan
• Create a strategic action plan
• Hone your marketing sales<
• Adopt a proven sales process
• Create your unique selling proposition
• Assess your selling skills
• Look for strategic partners to establish long-term relationships
• Establish measurements to determine progress
• Create a competitive advantage

You may truly be surprised by the results in your efforts to get to where you want to be.

Do you want to increase your sales? Then, you might be interested “Simply Speaking, Increase Sales by…” a truly quality e-book combination workbook that focuses on helping you within the 3 key areas of Marketing, Selling and Planning. Learn more at http://www.processspecialist.com/sales-training-book.htm

Leanne Hoagland-Smith, M.S. is a speaker and national business coach who has written hundreds of articles with a focus on leveraging human capital for transformational change by developing results driven leadership in people, teams and organizations.

Tags: action plan, business coach, Business failure, real estate agent, realtor, small business, strategic plan

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