Every business owner worries about whether their company is primed for success, and whether all the hard work they have been doing will pay off eventually. But when you are seeking success so badly, it is possible to take your eye off the ball and end up staring disaster and failure in the face.
There is, of course, no way of knowing whether a business will enjoy success or suffer failure until either happens. But with regards to the latter, there are certainly some warning signs. In today’s guide, we’re going to go through some of the danger signs that might be signaling your business is about to go down the tubes. Read on to find out more.
You are making a loss
Many new businesses run at a loss for the first year or so. But make no mistake about it, when you are in this particular stage, your company is at incredible risk. Turnover isn’t good enough; unfortunately – it’s profit you need to survive. And your focus is to try your damnedest to work towards taking money home and banking it for reinvestment at a later stage. Every day that goes by and you are losing money means your business is, ultimately, at risk.
You aren’t paying attention
Be honest – how much attention are you paying to the intricacies of your business right now? If you are spending all your time working for your business and not attending to the development side of things, there will be trouble ahead. At best your profits and growth will both be taking hits. At worst, you could be being negligent, which could end up with a dead company – or even a nasty trip to court to defend a lawsuit. The point is, none of these factors are positives – and you need to pay adequate attention to the ins and outs of your company sooner rather than later.
You are getting stale
When was the last time your business did something new? If you are doing the same old things day after day, you aren’t spending any time innovating – and you are dooming your company to failure. Not only does developing new products or services result in a healthier business, but it’s also useful for introducing variety and change – which is something the modern consumer desires more and more these days. So, stop resting on your laurels and relying on past glories to keep your name in lights. Change and doing things differently can be scary – but they are also essential to your business’s survival.
Your website is terrible
It’s hard to state enough how important a website is to the vast majority of modern businesses. Sure, some companies can survive quite well without one, but if you have taken the steps to creating an online presence and are getting it wrong, it is worse than not having one at all. Poor quality design, a bad user experience, a complete lack of transparency – all these problems and a lot more besides could be dooming the online branch of your business to complete and utter failure. It is salvageable, however. Find a reputable web development company to help you make things right, and that can turn your amateur-looking mess into something far more professional. Invest in some SEO, to improve your search rankings and make you appear like an authority in your industry. A complete website redesign can take some time – and a fair amount of investment – but ultimately if it makes you sales it might just start saving your business.
Your employees aren’t loving life
Low morale amongst employees is one of the biggest signs you are failing – and you need to sit up and take notice. Don’t forget, successful businesses don’t just focus on customer relationships, they also ensure their staff is in a happy place. Your employees contribute a lot to the success of your company, so pay attention to them, communicate with them, and find out what is going on in their eyes. It could be one or more of a multitude of reasons, from too much pressure to fear of failure. It might be because you have some bad eggs working for you that are causing friction – and you’ll need to take action.
Nobody talks about you
Great businesses are discussed on a regular basis whatever industry they are in or whichever market they serve. And if no one is ever mentioning you, it means no one is buying your products or using our services. Referrals, testimonials, and a presence on social media are all essential to help you start being noticed.
You are the same as all the rest
What differentiates you from every other business in your industry? If you can’t answer that question in an instant, you might as well pack everything in tomorrow. Differentiation and uniqueness give you your reasons for existing, and there is no room in the business world for copycats. In simple terms, if you are just doing what everyone else is doing, it’s guaranteed that others are doing it better. So, find your difference. Are you cheaper than the rest, or do you provide better services? Ask yourself why people should come to you rather than the competition, and you will be on your way towards finding a unique edge – and helping your business survive and thrive.
You are taking on too much
Our final point is a vital one – make sure you are not overdoing it. This problem is common amongst business owners, who like things done the way they have always been doing it. They are unwilling to relinquish any responsibilities and try to control everything that goes on in the company to the nth degree. Micromanagement is the next step, and it just increases your workload unnecessarily. Instead of going down this route, try some different tactics. Embrace the art of delegation. Hire people you can trust to get on with the job. And start taking a top-down view of your company rather than the bottom-up view you currently engage in. You will find you free up a lot of your time, which you can then use to improve your business. Good luck!