Surpassing $1 to $3 Million Revenue Threshold: Analyzing why Small Businesses Miss the Mark

Azukaego Chukwuelue ()

Journal of Technology and Systems, 2024, vol. 6, issue 4, 14 - 38

Abstract: Purpose: Despite the crucial role small businesses play in driving economic growth and innovation, a significant majority fail to surpass the $3,000,000 revenue mark. This article aims to examine the prevalent reasons behind this high failure rate. Methodology: The analysis focuses on five key areas: lack of strategic planning, insufficient financial management, inadequate marketing and sales strategies, poor time management and delegation, and an inability to adapt to change. The article uses real-world examples and data from reputable sources to explore these factors. Findings: The research identifies that small businesses often fail due to a lack of strategic direction, poor financial oversight, ineffective marketing efforts, inefficient time management, and resistance to change. Each of these elements contributes to business stagnation and eventual failure. Unique Contribution to Theory, Policy and Practice: This article provides valuable insights for small business owners, policymakers, and researchers by highlighting critical areas for improvement. By addressing these challenges, small businesses can improve their chances of achieving sustainable growth. The findings can inform policy decisions aimed at supporting small business development and provide a theoretical framework for further academic research.

Keywords: Business Failure; Strategic Planning; Financial Management; Marketing Strategies; Sales Strategies; Time Management; Delegation; Business Adaptability; Business Growth; Economic Impact (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:bhx:ojtjts:v:6:y:2024:i:4:p:14-38:id:2037

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