If a meteor was going to strike Earth, it would be best if we knew about it years in advance.
And I think the same goes for the plunge-off of your business. As a small business owner, do you know what’s going to cause your company to fail before it happens?
I get this question quite a bit from readers. What’s the top thing that I should do to prevent my business from failing?
By now, you’ve already probably read all of those articles that say it’s marketing or social media or cash flow. They’re all great points, for sure. But they don’t always keep your company from going belly up. So today, let’s talk about the top 5 things that you can do to protect your business against future failure.
1. Delegate Services
There are multiple situations where this would apply. But I think the easiest example is when you outsource your IT services so you can focus on growing other areas of your company instead. This makes it so that you don’t have to stress yourself out about fixing your computer.
Delegating can take a lot off your plate. Trust your team with the tasks you cant seem to find time to take care of. You’ll have more time, more freedom, and less stress.
2. Have the Right Team Members
You might think this is a no-brainer, but it isn’t always so cut and dry. Sometimes, if you aren’t paying people enough or if you aren’t training them properly, they’ll leave and take all of their knowledge with them.
Your employees will make or break your business. Junkie work from employees, leads to junkie reviews and feedback from clients. And eventually clients that will kiss you goodbye. So make sure your employees are here for the win, that they will always try their best, and take care of the people around them.
3. Cultivate a Positive Culture
Let’s say you have the right team, but your company culture isn’t positive. That will not work either. You need to be willing to laugh with your employees and also take criticism well when it comes to making decisions together as a team.
4. Authentically CARE for Your Clients
You don’t have to love your clients, but without them you wouldn’t have a company. So you should do whatever it takes to make sure that they are happy with the work that you do for them. And this includes listening to their feedback and then taking action on what they’ve said.
5. Have an Honest Service or Product
This is the kind of honesty that we need in this day and age. It’s amazing how many companies aren’t completely honest about what they do (or don’t do). You should always spell out exactly what you can and can not do for your customers.
And when it comes down to it, if you’re doing all of these things already, then you’re in good shape. If you aren’t, don’t worry—just start now! The more time that goes by, the harder it will be to implement these changes into your company.