Monday, July 22, 2024

Avoiding The Downward Curve: Fixing Your Business Where It Is Going Wrong.

March 31, 2020 by  
Filed under Money/Business, Weekly Columns

( There can be times when our business hits roadblock after roadblock and we don’t know what we are doing wrong. You may feel that in order to stay competitive you need to lower your prices but this can be to the detriment of the company. At the same time when you find yourself struggling due to a handful of components, whether it’s a bad strategy or poor management, these desperate times don’t necessarily call for desperate measures but it’s far more important to turn the mirror on to yourselves and put yourself on the right track.

Bringing Someone From The Outside In

In order to start again, you may need to bring external forces into the company. There are suppliers of tactical business development approaches like to help get back on track. Bringing somebody from the outside can incorporate a whole new perspective but it also allows you to take on board criticism, no matter how harsh that may be. This could very well be what you need to hear.

Focusing On The People, Not The Process

When we are attempting to look at what is going wrong we may very well decide that the processes need reinvigorating. But the fact of the matter is that it’s the people behind the processes that determine the results. One of the cardinal sins that many businesses make is that they judge employees too harshly. If they’re not able to be successful in every single area this is to the detriment of the entire company. It’s far better for us to use our chess pieces to their strengths and we can only do this by focusing on the people. If someone isn’t able to get a process right away, do we get rid of them? We do, but we shouldn’t.

Managing Your Anxieties Manages Your Employees’ Anxieties

If your business is going through a difficult time your employees may lose faith in your ability. They could very well be looking to jump ship as soon as possible. But during these difficult times, you’ve got to manage your anxieties as best as possible and steer the ship. If you are stressed throughout this process you’ve got to make sure that you keep calm and carry on. There is a guide on that provide some suitable stress-busting tips for entrepreneurs. Because if your employees are talking behind your back or are already planning their escape it’s not going to help you survive.

Act With Purpose

During difficult times the temptation is to act quickly and this is something that can yield a few mistakes. When we make decisions we have to act fast but we’ve got to make sure they are wise. Many entrepreneurs feel that in order to turn a failing company around that they need to cut as many lifelines as possible to ensure survival. But instead, this could be the equivalent of cutting your nose off to spite your face. 

When you start to figure out where your business is going wrong and you endeavor to turn it around it becomes the steepest of learning curves. But it is something that you can do.

Staff Writer; Larry Shaw

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