Businesses going bust is a common occurrence but in most cases this can be avoided simply by taking sensible and objective actions to prevent it. Unfortunately these are not taken until it is to late for a recovery plan. Therefore if you find yourself beginning to follow the route of your business going bust then now is the time to take note and make sure a u-turn is made.
I have given areas that should be addressed which should form an action plane to steer you on the route to success again. You will wonder why this wasn't done before if implemented and put into place
- Not having a business plan seems like a fundamental error in any business, do you have one? If not it is no wonder you are heading along the road to failure. Get on up and running straight away. Who knows, your business may not be a goer if you make one. You may as well quite now before building up too many debts. On the other hand, you will see the way forward to profit if a viable plan is made.
- Technology is essential in any business. Ff you are not up there keeping pace with it your competitor are and you are again on the road to failure by not. This is the 21st Century the age of new technology, if you don't use it you will end up like the dinosaurs.
- A one man business is never going to work. If you are a go it alone to develop your business and to grow means that yo will certainly have to consider staff. Who will deal with the work, advertising, canvassing, paperwork, promotion, cover for well earned holidays you will need, advertising and of course look after you and consult for a second opinion on business decisions. If you got it alone you are doomed to fail.
- Do you underestimating the skills and requirements to starting and running a business. Self analysis should have been made before any business is started up. Do yo have what it takes? Passion, hard work, drive, expertise in your field of business, experience and existing network of customers lined up, marketing and operational plans. And lastly but by all means not least that 'turning up for work come what may' factor?
- Successful entrepreneurs are often charismatic extrovert and tell a good story. You need an extrovert Sales Director or employee in order to complement you if you are an introvert. Keeping good employees is difficult and are head hunted. Always consider second best for loyalty, but never cut your head off employing inefficiency in your work staff.
- Promotion and marketing is expected as the most important part of any business. Know who and where your customers are and join up or create Trade Associations for your business genre. This is vitally important and overlooked by many businesses.
- Finally get off your backside and network your business. Success is guaranteed if this is done effectively Let me quote the well verse saying "It's not what you know, but who you know". This is, so true! Join up with networking organizations there are hundreds that will help your business get seen.
If you ignore all these points the chances are that your business will go bust before very long. Business is a science and science has hard and fast rules that need to be applied. Take heed.