In order not to fail, always avoid

In order not to fail, always avoid

Small projects have recently gained great importance because they are considered a major supporter of economic development. This is due to their impact on the gross domestic product through their contribution to solving more than one problem that the entire world suffers from, namely poverty and unemployment, by providing new job opportunities and contributing to providing the goods and services that society needs, especially those with limited income. Since small projects do not require a large capital, many young men and women rush to open their own projects, but we notice that most small projects fail within a short period of their establishment, due to several reasons that cannot be limited.

§  Lack of interest in the project's business plan

§  Not listening to customer opinions

§  Weak management efficiency

§  Poor inventory management

§  Lack of interest in preparing reports and analyses on project performance

§  Managing the store and the online store separately

§  Inaccuracy in calculations

 One of the biggest reasons for failure is relying on the only method, there is a term called Single Point of Failure (SPOF), which is an abbreviation for the phrase Single Points Of Failure. From my experience with small business owners as a consultant, I can confirm that one of the most important reasons that lead to the failure of projects is their reliance on one thing in their dealings, and this thing may be.

·         Relying on selling or providing only one product or service. Relying on one customer in the project, such as the only source of revenue for your project.

·         Relying on one area as a market for your products.

·         Relying on a single supplier.

·         Relying on one employee in the work who has the skills and experience.

·         Relying on one means of marketing only (for example, social media sites only).

·         Relying on one bank in dealing, especially in the matter of sending and receiving transfers.

·         Relying on one machine or device for work (neglecting its maintenance leads to stopping your project).

·         Relying on one source of electrical energy (work stops when public electricity is cut off).

·         Relying on one source for storing data such as a hard drive, flash drive, or laptop.