Surefire Ways To Kill Your Business Before It’s Begun.
February 6, 2017 by Staff
Filed under Money/Business, Tech/Internet, Weekly Columns
(Akiit.com) Businesses start every day but around ninety-seven percent of new companies fail. Why is this? Well, it’s quite simply because business owners make certain mistakes during the setup process. One of the biggest errors that you want to avoid is growing too quickly. You have to remember that a business is always going to be vulnerable to market changes. So, you might start with some of best profit numbers in years. But that could easily change to a point where you are struggling to break even with your company. If that happens, you’ll only have one option. You will need to cut costs, but this is more difficult when your business was too big to begin with. Thus, setting your sights too far ahead is definitely going to bring your company crashing down. Here are a few other problems you need to be prepared for.
No Knowledge
Do you have knowledge of how to run a business? You don’t have to
if you want your company to be a success. You do, on the other hand, need to fill that gap. So, if you don’t have the skill or the knowledge, hire someone who does. It’s always worth getting someone in the room with a little experience and a few years in your chosen industry. This also helps you demonstrate to investors that you do have a recipe for success. Consultants can be hired by business owners on a full-time basis or part time. It depends on what type of model you’re running and how much capital you have for hires.
No Backup
One of the worst mistakes you can make when setting up your company is not bothering to provide a backup. You could lose everything without even thinking about it. You might think that digital files are safe as soon as they are created. Nothing is ever truly gone, even if it’s deleted right? While this is true, any failure with software could leave you needing disaster recovery. This will involve finding missing files and retrieving lost data. Neither of which are usually easy, so what’s the answer? Well, you can get enterprise-level data disaster protection and recovery. This will allow you to safely store backups of all the files that you might need to run your company. If they are ever lost, you’ll always have a plan B.
No Confidence
While it doesn’t pay to be cocky, you still need to be willing to take risks. You need to make sure that you can take chances that could lead to success or failure for your company. This isn’t about being willing to gamble with the stakes. Instead, it’s about weighing up the chances of winning and knowing whether it’s worth the cost that you might have to pay. To do that, you need confidence.
No Support
If your business is going to be a hit you need the support of your business team. Employees need to be ready to get behind you as a leader and respect you enough. They should be able to see you as someone they can trust without any questions.
If you dodge these errors, you will already be better off than most other new business owners on the market.
Staff Writer; George Poole