Monday, January 14, 2013

What's Killing Your Business?

A business owner’s goal is to own a successful business that creates a profit over a long period of time. Sometimes businesses struggle to stay afloat which leads owners to consider alternative options for every aspect of their company. It is important to consider that there may be detrimental roadblocks preventing companies from succeeding. Fear, confusion, faith, and resignation are all responsible for killing businesses.
Many business owners experience fear: fear of change or fear of commitment to change. Because of this, many businesses stay on the same path, which may be a detrimental loss to their companies. Instead of focusing on your fear, take a leap of faith. Change could be the component that fixes a business for the better. In the off chance that things do not improve or get worse, you can always go back to what you’re comfortable with. Be brave and take the plunge.
The second thing killing businesses is confusion. Sometimes business owners do not know exactly what they are doing, but instead try and “wing it”. Instead, educate yourself with good information.  Attend classes or read up on information that would be useful for your business. The more you know, the better position you are in.
The third is faith. Assuming that things will work out in the end isn’t the most responsible perspective. Yes, luck might come into play in certain aspects of your business, but you should not rely on it solely.  To fix this, be proactive and be responsible for your own success. Do the necessary research to make your business run the way you would like it to.
The final business killer is resignation. Although your business may not be as successful or even as profitable as you imagined, do not throw in the towel just yet. Turn to work peers for support and work with them to try and resolve any issues. You will be surprised to find that even the most frustrated or unsettled employees would be willing to help give suggestions to improve the business. Listen to their ideas and work with them to try and correct outstanding issues. This could ultimately lead to the success of your business as well as the support of your staff.

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