In any business environment, there are constant challenges that can see you fail or can be tools for success. Channelling these challenges and turning them into strengths is necessary.
Consider the following failures business owners commonly make and reflect on how these apply to your business:
For a lengthy period, the ability to multitask has been seen as a sort after skill. With the growth of technology and its emergence into every aspect of our lives, research is now suggesting that the ability to single task is becoming more and more important. The ability to focus in on one project at a time, without being distracted by things such as emails, phones or social media is extremely valuable. Being present and not being distracted means you are more likely to perform any one task better.
Most businesses start out small and with strong core values. However, as the business grows, many owners become too focused on profit and growth, rather than remaining true to these values. This attitude will see you lose your core, loyal customers, who have been with your from the start. You may not care, as you are bringing in lots of new customers at great numbers, but if your customers are not loyal to the business, you will lose them just as quickly as you gained them with the fast-paced consumer environment that has been developed over the past couple of decades.
Poor management of money will see any business plummet. Most businesses will experience periods of negative cash flow, particularly seasonal businesses. It is not the issue of negative cash flow that will see a business fail, but rather the inability to prepare for these lulls.
The team you hire should be seen as an extension of yourself. They should share your vision for the business and should be passionate about supporting the business grow. Hiring people with the best skills and a great attitude is the first step, but keeping them long term involves nurturing their professional growth and continued respect for the value they bring to the business.