These 3 Things Will Ruin Your Business.
July 25, 2016 by Staff
Filed under Money/Business, Weekly Columns
(Akiit.com) There are many things that can damage the company you built from the ground up. All of your hard work will be for nothing if you let that happen. Below are three things that will ruin your business, if you’re not careful:
Poor Business Plan
A business plan can make or break a business. A good one will set you on the right path and ensure you know where your company is going. It will have everything mapped out for you, including a solid marketing strategy to gain customers. But, a bad one will send you in the opposite direction. It won’t help you out; it will ruin you. Poor business plans give you no sense of direction, and your business will slowly decline. You won’t have a good marketing strategy, and you’ll struggle to gain customers. I strongly advise that you spend lots of hours developing a solid plan for your company. Set yourself up for success by planning things meticulously. You’ll be amazed at how much a business plan can dictate the life of your company.
White Collar Crime
If you want your business to succeed, then you have to be wary of white collar crime. You may be unaware of this, but it’s everywhere in the business world. There are people committing crimes that are killing companies up and down the country. As a business owner, you need to be aware of a few things. Firstly, you need to ensure that you know what white-collar crime is. If you don’t, then click here to find out more. Secondly, you must make sure you don’t commit any crimes like this. Otherwise, it can put your life and business at risk. Finally, you have to be vigilant and ensure your employees don’t commit white collar crimes. My advice is to have extensive screenings and background checks before hiring someone. Take a look at their criminal record to make sure they haven’t had any past issues with this type of crime. Also, monitor everyone closely so you notice someone does something out of the ordinary. Don’t let white collar crime ruin all the hard work you put into starting your business.
Bad Hiring
As mentioned above, I believe that background checks and screening are important. This is because it helps you hire the best employees possible. And, with the best staff on board your ship, it won’t sink. However, if you make some bad hires, then it can drag you down to the bottom of the ocean. Hiring bad employees is highly common because some companies rush the process. Or, they don’t have a very good HR team to help with hiring. I suggest you outsource to an HR network that can hire people for you. They’ll have all the tools to do checks and ensure only the best candidates get sent for interviews. This way, you’ll hire the best and your employees will help you rather than hinder you.
You must ensure none of these things ruins your company. Take my advice on board to prevent them from becoming a problem.
Staff Writer; Jim Dean