I’m Rich and I welcome you on my personal space on the Internet. I created this blog with a single purpose – to inspire you to take charge of your money and help you become a financially successful and independent person.
If you feel as though your business is failing, then why are you letting it?! For a business to get to the point where it might be failing, or feeling like it is, a series of events will have had to have happened previously. A series of events that a lot of business owners tend to ignore, rather than tackling head on.
One of the reasons why so many seem to fail is because they’re so focused on success and winning back money, rather than considering what it might have been that caused the issue in the first place. So, before you come that type of business owner, we need to discuss a few things with you. We know what it takes to make a business fail, and we also know what it takes to to make a business succeed. If you’re feeling any type of stress about your business failing, have a read of this article and see if it can help you rise back up to success.
Better Employee Management
Your employees are the bread and butter of the company, whether you like to view them as that or not. They’re the ones slaving away behind the scenes essentially, but do you think they get enough credit? No, they most definitely don’t. Employees are so poorly managed, and don’t they just know it. From not being told what is expected of them throughout the day, to being moaned at when the slightest of things go wrong. We’re sure everyone reading this can admit that they’ve come to blows with an employee after they’ve made a mistake or two. But if you think back to the times that you were an employee, how did something like this make you feel? So many employees feel victimised by their employers, simply because their employees don’t know how to treat or deal with them. Always make sure you’re being respectful of their feelings, and if you live by the mantra of talking to them how you would wish to be spoken to, then the productivity you’ll be able to get out of them will be so much better. On your side, there’s one big things you can do to make managing your employees better. If you have to create shifts, we know how annoying it’s going to be to sort everyone into the shifts they’re able to work. There’s also the nightmare of having to remember to work around time that employees have booked off, and managing anyone who would like to book time off. So, the best solution we have for you is to schedule employees better using software rather than trying to do it all by yourself. Using the software will allow you to better track everything that is going on in terms of the shifts that you’re scheduling. It’ll keep it nice and fair, and save you a lot of money. If an employee ever has any issues with their shift, try and accommodate them as best as you possibly can. There’s nothing worse than an employee who is desperate to have a day off, but the day off not even be considered for whatever reason. Remain fair to your employees where possible, and they will always remain fair to you!
Better Money Management
There has been some huge companies fall due to poor money management over the last year or so, some of them were signing contracts worth millions of pounds. So if it’s so easy for such a big company to fall, how easy do you think it would be for your company to do the same? Well, the answer is very easy indeed. Just like with your personal finances, your business finances can take a turn for the worst quicker than the blink of an eye. It’s easy to ignore when a problem is arising with money however. A business should be about making money, and if done right, a lot of money will be made. However, a business also needs to loan a lot of money along the way to make the progression that it needs to make. This leads to mistakes being made, debt piling up, and stress bigger than you could imagine. One way of trying to make sure you keep your finances in check is to make sure you’ve got a good accountant on your side to track your money. If you feel as though you do, always make sure you’re taking the advice from them. So many business owners ignore the information they’re being given, and instead focus on the money making side of things. To have a steady cash flow coming in, you need to make sure you’re injecting some of your profits back into your business, particularly in your marketing and product development efforts. The more you market and develop, the more money you’re going to make. The people who fail in business are usually the ones who pocket the profits they’re making, rather than trying to reinvest them. Don’t be that sort of person. Invest in your business before you invest in yourself, and you should be able to make so much more money.
Better Product Management
You’re either going to be really good at this, or just really bad. Product management is a broad subject to cover, so we’ll just try and work with the basics. First of all, you need to be able to manage product development, or service development if that’s what type of business you run. Effectively knowing how many products need to be produced, or how many services are needed to be completed, means the difference between keeping customers happy and not. The last thing you want is to not fulfill an order on time. It’s just so frustrating for the customer, and is the main reason why they will lose faith in your company altogether. One solution to your problem if you’re having trouble managing your products or services, is to hire someone with professional experience to do it for you. Someone who can dedicate their entire time to making sure orders are fulfilled, and anything that could potentially go wrong is dealt with as soon as possible. They could also deal with any returns or complaints that your company is bound to eventually have. It’s hard to fully please every customer, so try not to take complaints to personally. However, at the end of the day the customer is always right, and the last thing you want to do is aggravate them into writing a bad review.
Better Logistics Management
Logistics management sort of ties in with the product management section. Logistics are hard to manage, and the logistics of your company could spread far and wide. We’re talking about the way in which you deliver your products or services. Right from the moment your order is placed, to the moment your customer receives the package that they want. If you’re delivery by trucks, then it’s better to outsource this service. Keeping that inhouse would just cost so much money, and take so much effort to navigate. A dedicated delivery company has a contract with you that they would need to fulfill, meaning all deliveries should be made on time. When an order is late or cancelled, it’s most likely going to fall down the your rather than the company you’ve employed. Poor management of the production line is nearly always to blame, but implementing the tactics that we listed in the previous section should help to control any problems you might have.
After reading this, we would hope that you have more chance of being successful with your business. It’s never going to be an easy road, but the reward in the end is always more than worth it.