It’s not rare that we hear or see companies closing, it’s a regular thing that not all of us is aware of. It’s not what they did but what they “didn’t” do.
1. They didn’t persevere - The moment they encounter a few hardships, mistakes or walls they instantly look for a much easier way instead of exhausting every option possible to overcome the present hurdle making the road even more long and complicated. The path to success will always be hindered it wouldn’t be full of sunshine and rainbows. Sure sometimes giving up is much easier than losing but failing and making mistakes gives you more than just money, it teaches you something that will benefit you more in the long run. Stay consistent set a goal and an approach if your approach fails change it but not the goal, persevere to get what you laid your eyes on.
That’s just the first step there are a lot more things to do to make sure that your business goes forward, now let’s move on.
2. They didn’t improve their service/product - Just staying consistent, motivated and driven isn’t really enough, your business’s product or service will always be the selling point. You might convert your efforts to a sale but if your product isn’t good enough it will only be limited to a one time purchase and would not be able to maintain the operation of the business leading to bankruptcy. This is a no brainer at all, you have to make sure that your product or service is actually good that consumers will likely buy and get it consistently.
3. They didn’t take the time to pick and value their employees or they didn’t do it enough - Now you have an unyielding will, a great product so what’s next? That would be your employees. For the most part you need to find an employee who’s willing to put in the same effort as you towards the business, to be the driving force towards success. So taking your sweet time to be picky with your candidates will come a long way, sure you might be in a hurry to fill those vacancies but think of what will happen if due to rushing mistakenly picked the wrong person? Yes you can fire them but what if it’s too late and your business already took a huge hit. Make sure that the one you’re considering capable but also very trust worthy, trustworthy enough that you the owner and everyone else around is willing to put their trust on the person. Another thing is “keeping your employees”, yeah it sounds easy but not every business is doing it right. The culture and feel of their workspace is the major factor at play, are they eager to work or are they just showing up because they have to? How your employees feel about work greatly affects their productivity, happy employees results to a very profitable business not only are they dedicated they are also driven because they like working for you it’s that simple.
Aside from the subjects mentioned above there are still a lot more of things to be wary about externally in a business, here a couple you need to watch out for.
1. Prepare for cash crunches – What are cash crunches? These are the instances that a business will not have sufficient money to operate properly or in a normal way, having a good grasp of your business’s finance in addition to focusing on your financial status will lessen the likelihood of this happening.
2. Be paranoid – yes, you heard it right be paranoid. When you’re paranoid you will over think of several bad instances that your business might encounter urging you to come up of several contingency plans, you’ll never know when one might come true nobody can say and even if it didn’t being prepared will make it easier for your company to manoeuver thru difficult times.
3. Keep record – Keeping good record of everything will save you from lawsuit and cases. In addition it well be much easier for you to track anything when everything is well documented.
Having someone handle, monitor and report the most important parts of your business make everything much easier and safe for example your company’s financial status or the people that you let into your company. These thing are just some of the things that you should never look over.
Now for the most obvious and forgotten part.
Don’t forget to dream - We know as a business owner you’re very busy dealing with your personal life and entrepreneur life but you should make it a point that you still have time to dream because when you dream further that’s where you discover that things that you aren’t doing and the things that you need to do in order for you to achieve that goal that you want.