Are you happy about the running of your business? Are you still wondering if you need to know something more? Don't you know how ruinous is it to do some things? OK, let me light your darkened path.
Owning a business you know it's beyond the talk of registering your business, funding it and appreciating the profit thereafter.
Businesses in this twenty-one century aren't the likes of the 80s, where you can rake in money from the dullest or deadliest unit trust. One need to understand the best strategy and model of implementing things that would profit the business.
There are hundred of thousands business that had folded and losses their brand to the upcoming one. Nike, Puma and many other businesses have input the scope, that why they are making it much.
Sir Leuan commented that owning a business is one's pride but letting loose its keys, ruins everything.
Without many bonds, here are intelligently parked habits that would ruin your business if probability made you progressed them.
1. No set goal:
Everyone expects a traveler to miss the way when his blueprint or road map aren't with him.
That's exactly what you are going to face, you would not only miss the true way but also use someone else business strategy and wander off into the risks, causing your failure. Set no goal, then bear the risk.
2. Let your relationship dominate:
I've looked into the part of what made some businesses fail in this era and I've made a notable confirmation that, when most of your business activities are led and-and shaped by your friends and families, you tend to loose your integrity as well as your business power.
Familiarity breeds contempt and that's exactly what you would face if the conversation and opinions are dominated by your relations. Take heed!
3. Underrate your business, cut the chain:
There is no pride in running a business if you have no superior thought towards that windfall or winning point of your business. Just belittle your business and you would fail soonest.
4. Create no time schedule:
You can't just be in your office for the whole 24 hours, yet you can't just spend an hour in your office and be expecting to reach your gross margin. You would ruin your business if you never learn how to plan you working time.
5. Overlook others' businesses:
You need to learn the tactics of superseding your competitors. Do you know why? The reason is to gain the competitive advantages, meaning, your brand wins while they follow you. Track their model and you'll win the customers' pull.
6. Spend much time on online marketing:
Oh! Aren't you conscious enough that your business is offline, albeit! Most of your marketing strategies should be offline.
Many people take their business for granted by spending hours reviewing and publicizing their products and services online while leaving the prospect of a one-to-one form of marketing- offline advertisement. With these many people lose their trust for the brand and keep in mind that, they are only cajoled to like such product.
To solve this, maximize offline selling and minimize online marketing. This is just too few among numbers of habits that could ruin your business. Implement this and win the match. Beware!