HUSTLE: How to Prevent your Business from Failing

by - Thursday, November 17, 2016
Hi lovely people.
how is the going?
I hope good.
Today's post is all about business!
Are you a business owner or intending to start one? This post is for you.

how to prevent your business from failing


Everyone can start a business but not everyone can successfully run one. We are not born businessmen or managers but we become managers. Thus management is a bundle of skills that can be learnt by everyone.

In order to prevent your business from failing, it is necessary to have the attitudes of patience, perseverance and determination. Aside these, you need to take certain actions such as the following.

Educate yourself about your domain of activity

Keep updating yourself about the products, market, technology that concerns the domain of activity of your business. Take a general or specific training, search the internet, read books, carry out a market study in order to increase your management and leadership competence. This will enable you better understand your business environment, your customers and employees. Want to start a fashion business? Read my post on How to learn when starting a fashion business for newbies.


Motivate yourself and staff 

Find ways to motivate yourself and the people you work with. Make your objectives clear and known in order to feel motivated to work towards them.


Collaborate 

Share ideas, interact and ask for clarification from people in the same domain as you. Sharing your experiences will help you avoid the same errors.

Develop a convenient strategy 

Strategize and restrategize. Start with a home business if you do not have enough money to open a physical store. Sell to friends and family. Use cheap methods of publicity for your business like opening a Facebook page, Twitter account, and even start a blog to talk about your products. Take baby steps and change strategy as the business grows. You will be proud of your achievements with time.

Make good plans

Choose a good location and raw material for your business. Employ the right employees and make sure your equipment and resources can produce the expected results. 

Know your competitors 

Don't get obsessed with them but develop interest and consume their products in order to know their strengths and weaknesses. This will help you better plan your marketing strategy and branding. 

Be the manager 

Make sure there is a relationship between human resource, financial resource, equipment and output. Make all factors of production to produce their best. Sell at the best prices, don't overpay or underpay workers and create a relationship between the quality and the price of your products. Things don't just happen, you make them happen. You are in charge! 

Evaluate and follow up your business 

It's not enough to put everything in place in the hands of others. Be there to verify their work, evaluate their progress and follow-up their output so that quality is maintained. Find out if you are meeting your objectives and if not adjust.

Avoid conflicts with family and loved ones 

Being an entrepreneur can take you away from family and those who care about you. This may bring about conflict and misunderstanding which can affect you psychologically and may lead to a transfer of anger to your personnel. So do your best to have a good relationship with your family and friends.

Stay healthy 

Last but not the least and very important. Every business needs a healthy manager. Eat well, sleep enough, take walks, play and spend time with family. Take little breaks from work to refresh your mind. 

Photo: pixabay.com

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14 comments

  1. Great tips, thnak you so much dear for sharing
    It gives much more idea to manage its business
    Have a very nice day
    Kisses

    ReplyDelete
    Replies
    1. Thanks my dear. Im glad it helped.
      xoxo

      Delete
  2. These are great and useful tips. Thanks for sharing!

    www.zinnyfactor.com

    ReplyDelete
  3. Great tips, dear. Staying healthy jumps at me. You must take care of your health above all else so your body doesn't force you to take a break.
    Thanks for sharing!

    PreciousCore.com

    ReplyDelete
    Replies
    1. Thanks my dear and You are welcome!
      xoxo

      Delete
  4. awesome post!
    xx
    http://thedemeler.com

    ReplyDelete
  5. So much wisdom in this post. Thanks for sharing, Ngumabi. :)

    ReplyDelete
    Replies
    1. You are welcome my dear. Thanks for coming around and reading
      xoxo

      Delete
  6. love this Ngumabi.
    It's absolutely great to come by and meet you.
    Thanks so much for stopping by.
    Cheers,

    www.barbara1923.com

    ReplyDelete
    Replies
    1. It's my pleasure to have you here Barbara.
      Thanks for stopping too!
      xoxo

      Delete

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