To grow your business, you need to avoid some business-killing mistakes, which are common among business starters and some so called-business gurus.
- Business ideas are becoming numerous. Market places are toggling. New businesses are cropping up. But successful businesses are fading off.
Africans are talented, but the ability to monetize our resources is quite far from our reach, due to lack of entrepreneurial knowledge.
If you’re aspiring to go into a business of your dream, or you’re there already, and you don’t want to blow your capital, it’s fine, you just need to avoid some business-killing mistakes that can match you down.
If your business is not ascending as you’ve planned, or you’ve once blown your capital, and wanting to go in again, you can make it! Once beaten, twice shy.
Having studied different reasons attached to the downfall of many businesses, I was able to gather 15 business-killing mistakes that are disastrous commit.
The 15 Business-Killing Mistakes You Should Avoid
1. Inapplicable Business Plan
The common adage says ‘he, who fails to plan, plans to fail’. Before taking any step towards success, it’s compelling to not only plan but plan well.
Majority of businesses that fell in their early-stage had no good business plan. If a company’s business plan is not practicable, its chance to succeed is just a nightmare.
2. Sporadic Availability of Product or Service
Do it easily or hardly, your customers want to get what you sell or produce anytime they come. They don’t want excuses. Customers hate to hear the word ‘NO’ as an answer to their gentle request to use your service.
Majority of collapsed businesses run down due to irregularity in their production. This is a common and dangerous mistake that makes clients lose their upright trust in their favourite business or company.
It causes a hard-to-cope-with disappointment, which is usually connected to emotional pain. This habit is the best tool to chase your clients to find a satisfying alternative to your business.
3. Slow Implementation of New Plan
Even in science, the earth rotates around its own axis, so, why will you choose to be stagnant in your business?
Your business needs to move with new trends. Some collapsed businesses got crushed due to their inanimate nature. In other words, a business that’s not fast at adopting new strategies is making it easier for competitors to out scale it.
It’s imperative to constantly review your promotion plan, and apply fixes where needed.
4. Neglection of Customers’ Input
When you will not be the producer and still be the consumer, why will you count out your customers’ points of view?
This is very common to fallen businesses in our dear continent, Africa.
Customers are your only mirror to view the original position of your business, as they’re the only reason your business has been, and will still be existing.
Opinions given by clients should not be neglected, whatsoever.
5. Slow Response to Customer’s Problems
When a customer asks you about any channel of your business, he’s probably curious to get the answer as soon as possible, because he’s very sure that you have the answer to his problem.
Customers love to be treated as though they are the only patronage you’ve got; as a result, they hate to be ignored for a blink of an eye.
6. Neglection of Internet Reputation
The world is gradually diverting its survival to the internet. Many businesses still use the traditional mode of promotion and ignore the gracious importance that the internet has to offer.
Business recognition on the internet is no longer a choice; rather, it’s becoming a must.
“The internet is becoming the town square for the global village of tomorrow”.__Bill Gates
The main advantage of advertisement is to cover any possible audience that is capable of promoting your business, that’s why you’ll want to target a community with a large number of people, out of which many will turn to your active or sporadic clients.
If the internet is a country, it will probably be the most populated country in the whole world.
7. Lack of Thorough Security
Your business has two pillars that constitute its steadiness; they are data, tools.
Don’t be surprised that your company has bad enemies, who are managing to get the vulnerabilities through which they can devastate everything you’re working for. They surely will exist, if they’re not already at work.
These bad worms are after those things that project your company as the best to the crowd; as a result, they will target two things, which are your data and tools. Be security conscious!
8. Lack of Proper Supervision
The fact that your company has capable workers does not prevent you from checkmating your workforce from time to time.
Many business starters don’t care about checking the work level of their company once they’ve put it under the care of a manager; this is an expensive mistake that needs to be avoided.
9. Lack of Constant Advertisement
Advertisement is meant to do two main things, one is to bring new customers, and two is to retain the existing ones; meaning that your business cannot sustain without advertisement.
Human beings are born to forget things as quick as they stop hearing about it; as a result, it’s imperative for any business that wants to sustain and succeed to stay firm with advertisements.
Irrespective of your fame, popularity, success, or years in business, you need continual advert to remain in the industry.
10. Lack of Competitive Spirit
It’s clear to know that the industry is full of others that are chasing the same audience as you. Any failure to be in the same level as them, or be ahead of them, will land your business on the dusty ground.
A business owner who possesses a competitive spirit will find it cool to be in the industry, as he will use the competitors to determine his topmost ploy to lead the league.
It is good to stay away from the business league if you cannot join the race.
11. Instability of Labor
The rate that some companies change their staff is highly exasperating. People, who know how to manage a set of staff over a long period, are the ones running successful businesses.
They understand what it takes to be a founder; therefore, they spend their time and money to ascertain the originality of their labour, rather than making an unnecessary substitution.
Everyone has their purpose in life, so as in your business. A worker in your company may be the reason your company is driving accurate traffic, the moment you replace him, God forbid, you replace the reputation of your business.
12. Inability to Satisfy Working Agents
A company with sad staff has already prepared to embrace its downfall. Some business owners don’t care about looking deeply into the affairs of their staff, they only plan to move their business forward.
This is a common mistake by the self-centered bosses, who think that the only thing to promote their business is to spend on production, not knowing that production, run by unhappy staff, cannot make any positive meaning.
13. Lack of Financial Management
It’s a fatal mistake to earn and spend without a financial guide. Successful businesses are very concerned about their what, and when to spend, therefore, they employ financial experts, who know how to satisfy the requirements of a good cash flow.
14. Lack of Business – Customer Relation
The existence of customers in your business needs thorough acknowledgement.
Some business owners don’t know how to retain customers, that’s why they don’t have active ones. Your customers are like bones, on which that flesh of your business is wrapped, once the bone is broken, the end of that flesh is assured.
Your customers’ happiness is highly required, in order to make them always wanting to come.
Some industries make this a priority, that’s why your bank will still appreciate you (thank you for banking with us) after withdrawing the little amount you kept with them.
15. Implausible Retention of Bad Workers
A town with no rule is a pool of sin. Companies need to have their binding rules and regulations, which enable the staff to work and behave decently. Any violation to these rules should be dealt with accurately; this is what we call nemesis.
Many companies become dead because rule violators are running them.
Bad workers, who are not concerned about the progress of your company or business, have no right to remain in your company.
If your business isn’t growing, use these 5 Proven Ways To Grow Your Business Faster Than You Ever Imagined
Final Words: 15 Business-Killing Mistakes You Should Avoid
Avoid the business-killing mistakes.
Successful businesses around the world are strictly being run by those who know how to basically respect the simple etiquette of business. No magic attached!
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