Human is to err! No one is perfect; mistakes to do make mistakes. Here are the ways to completely ruin your business.
Yes, it’s true mistakes are part of learning but some mistakes cost you the business. One needs to be careful when operating a business.
It is essential when running any business. Without customers, there are no sales; no cash flow! Without the right team also sales fall.
The business is dependent on all factors surrounding it. It needs to be nurtured well to produce well.
Many who fail at businesses start the business and assume that all will be well; a business needs constant inputs and efforts before profits come flowing.
What counts as a business?
A business is simply an entity engaged in commercial, industrial, or professional activities and transactions between two or more people.
Can also be defined as a collection of efforts or activities for individuals or groups to produce or sell goods and services for profit.
A business serves as a bridge between a producer and a consumer. It also serves to maximize profits for the owner while maintaining social responsibility.
When to start a business?
Now is the right time. However, you need a good plan and more than determination to keep moving.
Here is why you should start now!
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How do you start a business?
Before starting a business one needs to know what product or service they will be offering. This is the first step.
Once one has the product or service; the next step is research. Get to know who your competition is and how to be better than them.
Well with the information now you need to find funding. This is the driving force for all businesses. Savings and money from friends can come in handy; investors can later come in.
Here is a detailed read on how to start a business.
How much does it cost to start a business?
Well, it depends on which venture. Some are free! How surprising is that? A while ago one needed lots of cash before starting a business. However, all this has changed.
You don’t need money to start a business. Some businesses like; affiliate marketing, blogging, and freelance writing require no cash to startup.
However, these also need one who is skilled because they are competitive and everyone wants to earn without spending.
Well, it’s always up to you to find your venture and utilize it for maximum profits.
Here are ways to completely ruin your business
1. Treating every customer the same
This is the worst mistake to ruin your business. Every customer has different preferences and tastes.
One product will not work for all customers. You must always know what each customer wants.
Avoiding this mistake will save you cost and keep bringing more customers as well maintaining the old ones.
2. Ignoring complains
Complaints mean there is something wrong. Whether it’s from the customers or staff all complaints need to be listened to.
Ignoring doesn’t make the problem go away! It means the problem keeps on becoming big which is risky; you can lose both customers and employees.
Give them a chance to provide feedback and know where to improve on. This shows that you value them which builds trust.
The trust built helps the business grow and it makes it easy to customers to refer other customers to the business.
3. Hiring the wrong team
The hired team is responsible for customer handling, product sale, business management, and operations.
It’s important to hire the right people; they will help the business grow and increase productivity.
The right team will save your business all hassle and costs incurred with the wrong team. Have criteria to assess everyone before hiring them.
4. Operating unethically
This is a common mistake many people make. They just start a business and start transacting without considering even the laws governing transactions.
At times people make mistakes of using the wrong licenses to perform and conduct unlawful business transactions.
Before running any business it’s essential that you register it first, obtain the right licenses, and follow all laid regulations.
Save your business unnecessary trouble from the authority. Make it productive and keep growing with the right business practices.
5. Choosing quantity over quality
It’s better to sell 4 best products than bringing 20 products which will not sell at the price of the 4 best.
Quality is the mark that all customers seek. No one needs a product that doesn’t accomplish the tasks it was meant for before time.
Have the best even when it means it’s expensive.
6. Shunning responsibilities and disappearing
Simply because you own the business; don’t just leave and wait for all tasks to be done. This proves you are lazy.
Everyone loves a good working environment, besides everyone has different tasks and goals to achieve.
Working together simplifies work! It also improves employees’ morale thus making them more productive.
Don’t be bossy! Work with your employees, engage with them to help you know where you as the boss need improvements.
7. Insulting colleagues
Insulting others means you lack respect! How will your employees respect you when you can’t respect your peers.
Make a habit of always reasoning before letting your tongue slip. No matter how bad the situation is don’t let your tongue slip.
Always listen, never judge and respect each member.
8. Keeping all credit to yourself
The business is a team. And when it’s winning it’s a team effort. Don’t take that away by always crediting yourself.
It’s crucial to recognize all that made it successful. Also, make a habit of rewarding all signs of progress without favoritism.
Recognize the good work and allow them to enjoy their success.
9. Micromanaging staff
Staff needs to be treated well. Don’t just boss them around because you run the business; without them, your business wouldn’t be in that place.
Build a rapport with them, always ask for feedback. Trust them with more responsibilities to keep them working.
The above are just 9 ways to completely ruin your business. It’s essential to treat everyone right because they help in running the business.
Running a business can be hard, one ought to be more than determined to keep moving forward. It has many uncertainties but with good planning, one succeeds.
Don’t be afraid to start, when you do make sure to have all you need to help you boom the venture and prevent ruin your business. Planning and timing are key for every business.