So what happens? Well, unfortunately, most businesses fail. According to the Inc.com, 90 percent of start-up businesses will fail within 5-7 years. So, we thought it might help to put together some signs that you should look for ways to improve your business. Thus... the top five signs your business is doomed.
- You're not investing in your business... now, I'm not saying you re-invest every penny you make, but it's probably not a great idea to run out and buy a new Range Rover with a $1000 note when your only raking in $1500 per month from your business. Be patient and manage your money wisely. Be committed to investing in your business to achieve profitable growth. Use your revenue to market wisely and grow your customer base to create a loyal customer base. Without customers, there is no money. And, without money, you won't be in business long.
- You Don't Like to Work... seriously. You have to put in the work to get your business off the ground. When the deals start flowing, it doesn't signify the time to start having fun. It shows that you need to start working harder. You won't be an overnight success. It will take time. It will take energy. It will take money. But, done wisely, you will be richly rewarded in the long run.
- You Get Too Emotional... now I'm not saying to be a emotionless cyborg, mindlessly roaming around town talking about nothing but business. However, you need to control your drama. If you want to succeed in business, you need to start making logical decisions. It won't always be easy, but you will be a better person for it. If you're having trouble making a decision, get a mentor or a business coach. Think through important decisions. Does it make business sense? Is there a justified return on investment? How will this make my business better?
- You Don't Communicate... do your clients or customers know what you offer? Today's generation loves technology. They're users of smartphones, live by text message, and check their social media constantly. If they have a question, they "Google" it. Where do you fit in? Do they see your latest offerings on Facebook? Can they go to your website and schedule an appointment? Are you where your customers need you to be?
- You Limit Yourself... not too long ago, I was having a conversation with a friend who owns a lawncare business. He was swamped. Overwhelmed with business. He was even turning away new clients. I asked him if he was crazy. His reason: there wasn't enough of him to go around. People. People. People... do not kill your own business. Having too much business is always a good problem because you never know when that can change. Your time is limited, but your resources are not. Hire more crews. Outsource timely administrative and marketing functions. But, NEVER turn away valuable new business.
Are you guilty of any of these items? Maybe, just a little? If so, you're not alone. Acknowleding the problem is the first step, and NOW you can take charge. Little changes can mean big results. Whether you're looking for advice or help with reaching more markets, or just need to find time for more important business, our team is here to support you. Keep pushing forward to continue living the dream!