Will your business make it and succeed long-term?
We don’t have the answer to that question — we don’t have a crystal ball, and neither do we have a time machine — but there is one thing we can say with almost guaranteed certainty.
There are certain ‘f’ words that will make or break your business.
What are we talking about? Well, consider the following and apply them to your business.
#1: Finance
Okay, so this will be of little surprise to any business owner reading this article. If you don’t have financial stability in your company, you won’t be able to grow. Your business might even cease to operate because, as is evidenced within these UK bankruptcy statistics, your business might become one of a rising number of companies that have been forced into insolvency.
Still, let’s be a little more optimistic. If you can do whatever it takes to improve your financial position, you will be in better form to grow. You will have the opportunity to take on new staff, increase your product and service level, and enter new markets that will profit your business further.
So, to ensure this ‘f’ word doesn’t break your business, operate financial wisdom within your company. Show frugality where you need to, and spend when you know you should. And if you don’t know how to do either of these things, consider the services of an online accountant, so you don’t veer onto the wrong path with your decision-making.
Use these financial tips to further bolster your profit line.
#2: Fear
While the word appears negative, it can actually have a positive effect on your business. Still, let’s dwell on the downsides of the word first, so we can end this point on a high note.
If you let fear overtake you, your decision-making will be compromised. You might let the fear of failure prevent you from taking calculated risks within your business. You might let the fear of change prevent you from entering new marketplaces or offering new services. And you might let the fear of looking inadequate prevent you from asking for help from the very people who could help you save your business. Fear: it’s an ugly word, and one that will become increasingly less attractive the more you let it rule your mind.
However, rather than letting fear rule over you, you might counter it instead. If you are afraid of failure, you can let your fear spur you onto decisions that will help you sidestep the prospect of business defeat. So, you might work harder to beat your nearest competitors, for example, and you might take extra steps to market your business. Take this approach with any of your fears, and rather than succumb to them, rise up instead and face your fears head-on. And then smash them into the stratosphere with your all-conquering attitude.
#3: Facebook
Facebook is the social media behemoth, and as a business owner, you would be foolish to dismiss the benefits available to you.
However, it’s not all sunshine and rainbows in this world of virtual networking. Despite the advantages Mark Zuckerburg has allowed for you, Facebook has the power to break your business.
Facebook can be damaging in two ways. Firstly, we are thinking about your business reputation. If you do anything to upset your customers, you can but guarantee that they will vent their venomous fury onto their social media pages. Word will quickly get around once their posts gain traction, and this could well sound the death knell for your business. You can make posted apologies and promises to do better of course, but this might be too little too late if you have already broken the trust of your customers.
Your reputation can also come under scrutiny because of your employees. As with your customers, the people you employ might decide to write something about you on their social media pages if you upset them. They might also post statements and pictures that are more reflective of their personal lives, but if what they post is less than moral, then this might later come back to hurt your business if others take notice. Take steps against this issue then by enforcing strict policies about social media use amongst your employees, or, at the very least, remind them to amend their privacy settings, so your customers are less likely to hear about their drunken parties and other escapades!
And our final negative word about Facebook is this: It’s distracting. If it gets in the way of your to-do list, then you will never get work done. And if you don’t get work done, you will either run the risk of upsetting your clients and customers if you are unable to deliver on time, or you will burn yourself out if you are then forced to work overtime. Use a website blocker if this point applies to you.
Before you delete Facebook for good, you still need to remember that it also has the power to affect your business for the better. It’s a free marketing tool, so you don’t have to blow your budget. You can spread the word to thousands if not millions of people, so encourage staff and customers to post good things about your business. And you can communicate with your customers easily, not only to promote your services to them but to respond to feedback and to answer any questions they might have about your business.
We appreciate this paragraph is very small when compared to the negatives we mentioned, but despite this, know that the benefits of Facebook do outweigh the negatives. Click on the following link to learn more about the benefits of Facebook for your business.
Finally
Despite spending longer on Facebook than our other two points (how ironic), know that each of them has equal power to make or break your business. So, our advice is this. Focus on the negatives of each and take steps to remove your business from them. And then look to the positives, and use our suggestions to help you better your business.
We wish you every success going forward.
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