Great Ways to Make Your Business Flop - There are lots of articles and how-to books out there telling you what to do to succeed in business, but they are never very clear on what NOT to do. Very often we learn our lesson on what we shouldn't do when it is far too late to recover from it.
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There are lots of articles and how-to books out there telling you what to do to succeed in business, but they are never very clear on what NOT to do. Very often we learn our lesson on what we shouldn't do when it is far too late to recover from it.
Author: Chris Haycox
Date: Mar 16, 2011 - 1:56:18 PM
There are lots of articles and how-to books out there telling you what to do to succeed in business, but they are never very clear on what NOT to do. Very often we learn our lesson on what we shouldn't do when it is far too late to recover from it. Plus, running a business is not necessarily intuitive. Sometimes we see a potential problem arising, but more frequently we need someone to hit us over the head with a large frying pan before we see the light. Let's take a look at a few ways business owners can be sure to muck up their venture.
Do Not Have A Business Plan
This is an easy one. Do not set goals, do not assess your business operations or market share. Just drift along with the tide and hope you stay afloat. After all, you don't need to know your marketing plan right? Put a sign in your store window and viola! You have now marketed! Trends don’t change very often, so there is no need to monitor your clients buying habits, right? Technology? Bah! That doesn't impact your business. You use good old fashioned pencil and paper. Goals? To keep selling to my loyal customers. They won't leave me.
Do It Your Way
You have had your business for a few years now and made a bit of money, so you must be doing things right. There is no need to listen to what your customers want, after all they keep coming back so their needs must not be that important, right? Keep doing things your way because you know your business best.
Hire Based On Wage Expectations
Why would any business owner want to hire people with skills and education? They cost more and demand to have their ideas heard. No, you should always hire your staff based on their lack of skills. Then they will be cheaper, not want to takeover your business and you can teach them what you want them to know. Then their skills will be tailored to your business. That is much better than someone with a fancy-pants degree, thinking they know everything.
Do Not Trim The Fat
You do not need to trim your staff down or cut costs, you need all your people. Isn't it comforting to know that your business is always fully staffed even at historically slow times, just in case there is a rush? Yes, there is something to be said for loyalty, even if it does cost more. Of course your suppliers are probably giving you the best prices, there is no need to shop around for better deals. Your business runs efficiently with no redundancy, right? Your staff are not wasting time and money having to take inventory manually, instead of using bar code technology. Nope, everything is running just the way it should.
Keep Busy, Keep Control
No matter how good your workforce is, you have to micro manage every task. Do not delegate. Do as much as you can yourself - even if it means working evenings and weekends. Yes, the staff is there and perfectly capable of completing the work but they may not do it just right so you better not let them get involved. You don't have time to train them. It is very important as a leader to always look busy and stressed out.
Forget About Advertising
Word of mouth is the best kind of advertising, right? That is all you need. You don't need expensive media ads or fancy branding. If you have a catchy business name it will get out magically, on its own. That's all you need, plus a couple customers who will talk to their family and friends about all the staff available for help. Yes, the best kind of marketing is the natural kind.
Give Up
When it gets tough, close up shop and move on. There is no point in cutting expenditures and hanging in there for a bit. The economy is never going to get better, so why wait around for bankruptcy? Diversification is way too risky- plus it costs too much. No, it's better to just give up.
Ok, just kidding! If you find yourself agreeing with anything we have said here then it may be time to reassess your reasons for being in business. No matter the age or size of your business, there will always be ways to improve it.
Begin With A New Business Plan
Just going through the motions of drawing up a proper plan may lead you to see the changes needed. When you do, do not stop the process. Continue on until the end so that you get a complete picture. Chances are you will see solutions to problems you thought were unsolvable.
Listen To Your Clients
Ask for their honesty and be prepared for criticism. It may be a little hard to hear but it is valuable information.
Asses Your Staff
Are they the people you want to represent the face of your business and do they perform their tasks efficiently. Is more training required? Do you have more staff than is necessary? Delegate tasks to individuals who have the skills to complete them well.
Know Your Business
Look at how your business operates, in respect to time and money. Are regular tasks being completed in an efficient manner? Are your operations out of date? How much time, money and manpower would be saved by an upgrade?
Know When To Give Up
Finally, know when to stick with it and when to give up. Be creative when thinking of how to diversify. Consult family and friends, ask for help. The economy will always improve, it is just a matter of surviving until then. That being said, it is also important to know when the end is near. When all options have been exhausted and there is no other alternative, know when to say stop. It does not have to be forever, you can start up again when things are more stable. Never say never and don't give in to the gloom mongers.
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