Tuesday, April 29, 2014, PM | Leave Comment
No one starts a legitimate business venture and hopes to fail along the way. Yet, every year, hard working business owners do precisely that. For whatever reason, their business just flops. Not only do these entrepreneurs get hurt in the process, but so do all their employees.
In many cases, these companies could have experienced massive success instead, if they had made a few simple, yet key changes to the way they do business.
Here are a few examples of changes that often need to be made to get a company back on the track to success.
Many companies play favorites. Instead of promoting qualified people into key positions, they fill these positions with friends and family instead, or even just people that have been with company longer.
Unfortunately, there is no principle in the world of business that says that friends and family are the most qualified people for the jobs you promote them into. This is especially important with small businesses that are mostly family-run. There are times when an outside expert is a better choice.
One of the keys to the massive success of Melaleuca is that the company works extra hard to overcome adversity. When obstacles in the road hinder a companies success, such obstacles have to be identified and dealt with sooner than later.
Refusing to take the bull by the horns and allowing adversity to drive a company into the ground is not good for business.
Multiple Revenue Streams
A lot of companies get hooked on making money only one way. If that one revenue generating avenue runs dry, the company simply has no other revenue streams in place to fund its continued existence.
Having multiple revenue streams that are all making money is a far better strategy to employ for success, because it allows for the other revenue streams to keep you a float if one revenue stream temporarily dries up or is no longer viable at all.
Just because an employee works for your company does not mean you should ignore them or make them feel unimportant. When employees are made to believe the owner is self serving and does not care about their employees, the company, especially the employees, shut down and you will not get sustained quality work out of them. It’s crucial to make your employees feel important and valued.
Acknowledge And Reward Success
Nothing encourages employees to give 110% more than getting acknowledged and rewarded for their hard work. At a psychological level, this principle of reward is well established, especially if the reward in question is something the employee truly desires to acquire. This could be a raise, monthly bonuses, free lunch and more.
Even if a company wins a lawsuit, the whole process of getting sued can be expensive. It is best to avoid any practice that might get you sued, because the judge might not rule in your favor and drain your resources in an attempt to compensate the other party. Every dollar lost in litigation is profit lost that a company will have to make up sooner or later.
The road to a successful business is paved with common sense and perhaps a little uncommon sense too.
If a person truly wants their company to succeed, then they must take the time to honestly evaluate where the company is weak and fix those inherent weaknesses.
Sometimes it is hard for a boss or an owner to be objective, which means that they might require some outside help.
Whatever it takes to identify and address key problems is critical to genuine success in the business world.Facebook.com/doable.finance