15 Signs that your Business is in Danger
Maybe you have wondered if your business is going to succeed or not. You still "put" heart and soul into your business, but for some reason, you are not making a lot of money.
Well, the sad part is, there is no sure way to know if your business is going to fail or succeed. But these warning signs should help determine your chances of success.
You Are Not Making A Profit
It is easy to say that you have to make money, but in reality, that is not true. You need to make a profit. Getting a million dollars a month is useless if you are investing 100 million. That means you would be losing 99 million dollars every month.
Signs that your business is in danger
Successful companies achieve profit. And although it cannot be profitable at this time, we must work to make it.
According to the Small Business Administration, most companies go bankrupt in the first five years because they cannot make a profit.
You Haven't Talked To A Potential Customer
Do you think your business is excellent? Who cares what he thinks! The only thing that matters is what your customers feel because they are the ones that pay you.
If you have not spoken with a client, it is time to do so. And most importantly, not only talk to one but also talk to some.
You Don't Love What You Do
If you like your business, you will spend more time on it. And if you spend more time in your business, you are more likely to succeed. If you are in the market to make money, there is a higher chance that your business will generate benefits.
Do not excuse yourself that you are the business owner to work less. The average employer spends 61.1 hours of work each week.
You Cannot Accept Criticism
When a friend or family member tells you something about your business, you should not be angry. Listen and try to understand what they are telling you.
Now, this does not mean that you have to do everything they are telling you to do, but you have to listen at least. Who knows, one day they can give you advice that will change your business.
Do Not Worry About Your Customer's Customer
service, and support is something that can make or break your business. If you don't have to worry about your customers, they won't come back and repurchase you.
An excellent example of customer support and appreciation is Zappos. They have different return policies, and sometimes they give you free shipping.
And if you don't believe that customer service is so essential, Zappos was so good at it that it ranked number 7 in customer satisfaction across the US.
People Don't Talk About Your Company
Voice-to-voice advertising is the best way to grow your business. If nobody is talking about your company, then you are not doing a great job.
Advertising and paid marketing are good, but organic matter is what helps a company grow. For example, people use Google because they heard about someone else. When Google came to light, they never paid to advertise.
Of all forms of marketing out, voice to voice advertising is considered the most effective.
You Are Not Agile Enough
Customer demands change over time; of course, they have to adapt to them. If you are agile, you will not be able to adapt quickly enough, which means that your customers will move towards the competition that is adapting to their needs.
If you want to be agile, you have to learn about the three types of agility: strategic, operational, and portfolio.
There Is No Money
Lack of capital is the number one reason most companies go bankrupt. That's why you have to be belligerent. Do whatever it takes to save a ball . as long as it doesn't cost you more than it keeps you.
Keep in mind that in the business world, there are always ups and downs. So if you don't save while you're making a reasonable amount, you won't have the cash to help you get through difficult times like now.
There are some things like recessions that are not in control. To save money when you can.
You Don't Know When To Spend Money
It is good to be cautious, but sometimes you have to spend money. For example, paying more money for talented employees is much smarter than paying little for mediocre employees. Mediocre employees can make you lose millions of dollars by making the wrong decisions for your business. If you don't believe me, just look at how Zappos lost $ 100 million.
You Don't Have A Good Lawyer
A lawyer is worth every penny. A good lawyer can save your business from a lawsuit or protect it when a client refuses to pay.
Never skimp on legal expenses and make sure you are working with a partner in a law firm. If you cannot pay your fees, you can always negotiate with them or propose a payment plan.
You Hate To Delegate
If you try to do everything yourself, the true potential of your business will be limited. If you can't trust your team, things will never be done quickly.
Besides, I don't care how smart you are. You're not a cat of all traits. So delegate tasks to people who are better at doing them than you.
You Keep Making The Same Mistakes
There's nothing wrong with making mistakes, and you just can't keep making them again. If you learn from your mistakes, you will save a ton of money and time.
And if you want to learn from mistakes, you must learn from other people's mistakes. Everyone does them, so you could well learn from them and try to avoid them.
You Hate Taking Risks
Sometimes you just have to throw the dice and take risks. Doing things conservatively sometimes works, but it doesn't always work.
Changing business models, to fire an entire department, or even moving the location of businesses are just some forms of risks that you may have to do. It is challenging to predict the consequences of these risks, but when the time comes, you have to be willing to take them.
If you hate taking risks, I recommend you read this.
You Are In Your First Business
If this is your primary business, the ball will likely be released a lot. I hate to say it, but 78% of entrepreneurs fail in their first time.
And even if you are in your other business, your chances will not increase dramatically. Instead of having a 22% chance of success, you will have a 34% chance of success.
You Can't Focus
It's better to do one thing well instead of doing 100 words at an average level. Google, Amazon, Microsoft, Skype, and 37Signals are just a few examples of companies that did one job very well.
Yes, later, he took the exit to expand his business, but at the beginning, I just did an excellent thing.
You also need to focus on your business and finish doing something well. Do not expand until you are very good at doing one thing. If you lose the laser focus, you can jeopardize your business.
Conclusion
I wish I could tell you that everything will be fine and you will do it well, but I can't. You have to look for the previous warning signs and avoid such practices. And remember that the success or failure of a business is in your hands. Also Tax Submission and Taking care of accounting is also the essential part for that If you are from United States & want to Outsource Such Things Then You Can Hire BLACK INK The Best and Affordable Accounting Bookkeeping payroll services Providers in United States Specially in New York as Physical Option Also. So You Should Hire Them To Get The Sort of Your Business for Accounting & Tax Type Options.