As an entrepreneur, surely you want to do everything to make your business successful. The more successful it is, the more money you are making. Therefore, you will protect it from the possible threats that could harm it like bad reputation, poor quality complaint, and many others. However, sometimes you may not notice that the threat is coming from the inside—or from you.
Aside from competitors and quality, you should also check for harmful factors that can ruin your business. You may not know it, but there could be bad habits that either you or your employees are engaged in that are affecting your business. You must carefully watch out for these habits to keep your business from the bottom:
This is the opposite of excellence or best quality. Complacency is the attitude of being content with mediocre outputs. This is more seen in employees than employers. If the workers do not feel that they are part of the company, or they just come to get paid, they will not work hard enough to come up with the best output or performance. However, even business owners can have this bad habit too, especially if they are too busy with other engagements or they have other priorities. Complacency in the business can result to poor quality of services or products; lesser effort in marketing; and faulty management.
- Traditional mindset
Business owners have to accept the fact that this world is dynamic, and we are in a mobile revolution now. If you are not investing even a little in digital marketing now, like setting up a website or a Facebook page, then your business is left behind. Most people are now on the Internet and social media. Wise companies know this, so they are using digital marketing as an advantage over traditional businesses. Step out of traditional business mindset. You have to be open-minded to the changes in your market to keep your strategies updated.
- Ignoring complaints
Some entrepreneurs have been immune to criticisms that whenever they receive complaints, they just take them lightly. If you want to keep and get more customers, then do not be deaf to what people say about your business. Yes, it is not comfortable to be hearing criticisms, and they can hurt and discourage you if you are an emotional person. However, it is part of the business world. Therefore, consider the complaints seriously, act on them, and show the complainants that you have a customer service that really values customers.
It is okay to have an informal setting in your business for the comfortable atmosphere especially for your employees. However, too much of this could be a setback to your company. Most costumers, if not all, consider professionalism as a factor of a business’ reliability. If a prospect client suddenly comes into your office and that person finds some of your employees wearing shorts and slippers, then do not wonder if you see hesitation on his or her face. If you believe you are providing the best service in town, set standards of formality and excellence in your company to reflect it. You should at least implement formal dress codes and work standards in your office.
- Lack of planning and strategies
Your business would not move forward if your company has no sense of direction, and if it does not know how. For your business to grow, you need to think of its long-term goal. Do not just wait for customers to come in, count money at the end of the day, and go home. Make an effort to plan the success of your business. Study the flow of your market, come up with effective strategies to reach more consumers and be at the top, and carefully plan these strategies out.
This happens in many ways, and you may not even be aware of them. One of the examples is overpricing. It may seem to benefit you, but in the end it will discourage your customers from coming back. Another is dishonesty when it comes to time. This is usually true with many employees. They could be coming to work on time, but whenever the boss is not around, some sneak to get on Facebook or chitchat with their colleagues. Taking supplies from the office to be used personally is another form of corruption as they are stealing from the company. Small things like these when ignored by the management can harm the business.
Proper management of a business includes eliminating bad habits like these. Internal threats could do more harm to your company than external ones. Therefore, start evaluating yourself. What do you need to change in yourself as an entrepreneur to improve your management ways? Next, you should evaluate your team and the entire system of your company. With their cooperation, set standards in your business for a greater chance at success.