Believe it or not – you can do more damage to your business than anyone else. One wrong move and you are out of the game.
Literally, there are hundreds of things that could go wrong. For today’s sake, I’ll talk about only 5 of the worst mistakes that you make.
1. Compromising with quality & not improving
Okay, never forget this – “Never compromise with quality”.
No matter what position you are in or your business is in, never compromise with the product or service quality. Your customers will never forgive you if you don’t keep improving and match your competitors.
This constant improvement of quality can also be named as adaptation, which is crucial to any business.
If you are more than 20, you would know about this early 2000s Mobile giant who almost went extinct due to the lack of adaptability. It was not like Nokia phones were bad. Their hardware was top-notch. But their inability to adapt to newer platforms like Android took their ground from under their feet.
Similarly, if you think what you are serving to your customers is enough and it will get your through, you are wrong. There will always be competitors who will be better than you in your field. So, before you fall behind, get up and run alongside the advancements and technologies being developed every day. Maintain your product and quality while at the same time, trying to improve them even further.
2. Keeping your employees at a distance
Employees are the ones who represent your business, not you, at least not to your customers.
Your customers see your company as your employees show them. So, if the distance between you and your employees start to increase, there will come a time when the company will divert to a phase that you hadn’t planned. So, before that happens, talk to your employees. Tell them your goals and the milestones you want to hit. In short, make sure you and your employees are on the same page.
3. Not building a good network of contacts
Having good contact in the industry can pull you through a lot of hardships. You never know who you might need. That’s why it’s important to have connections to people in the same industry.
Best way to do this is joining gatherings, meetings, events, and seminars relevant to your industry.
4. Not giving your employees something to look forward to
Without any acknowledgment or reward for exceptional contribution, your employees will start feeling unnoticed. So, reward your employees for their sincerity and hard work. This will give them something to look forward to.
Also, if one employee is rewarded for their contribution to the business, others will soon try to surpass them, hoping for the reward or bonus. This is a very effective way to motivate your employees.
5. Not having an exit plan
Just like having a killer entry, it is important to have an exit plan if things don’t pan out the way you hoped or if they do. You need to know when to pull the plug or sell. If you don’t, the business may end up becoming the financial disaster of your life.
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