Top 17 Actions that End Any Business…
Great Companies continue to fail and end its existence in the business world due to actions that drive failure in its various forms like bankruptcy, selling business , divestiture , spin-off …
As a Turnaround Professional and because business owners mostly come to me at late stages, I have seen many of those cases and I even can project who are on that same road of getting out of business.
Let me share with you 17 actions that will lead any business not just to under perform but to get into a crisis mode that would probably end its existence unless quickly corrective actions are undertaken to turnaround the collapsing business to a successful one.
Here are the actions :-
1- Not creating products and services from the customer perspective.
2- Operating within the constraints of the industry without giving a deep thought of possible hidden opportunities beyond these constraints or borders.
3- Being always reactive instead of being insightful , researcher and speculating what might happen and prepare your business accordingly ( proactive mode).
4- Blaming rules, regulations, governments for losses instead of trying to take advantage or trying to figure out solutions to overcome obstacles.
5- Giving Credits.
6- Late to act .
8-Trading-off quality with price.
9- Wrong Targeting .
10- Relying on previous success stories this will help you in gaining strong market position for some time , but it doesn’t guarantee business sustainability.
11- Not being updated with the trends and taking necessary actions to move your business in the right direction.
12- Not available in the right time and place , so customers can’t reach out to you or they may even not aware of your business existence.
13- Not closely monitoring the market so as to be aware of changes that might affect your business like a breakthrough or a new entrant.
14- Sticking to old mechanisms .
15- Being Fearful which will make you settle for the status quo and will also end your business life especially in our current dynamic era.
16- Employees Dissatisfaction.
17- Settling down enjoying current success and exaggerating your rate of optimism .
These are some critical actions that caused businesses to get into hardship and then a shutdown. So, let’s be aware , be attentive and keep moving , changing taking smart well calculated risks and dedicating all the effort needed towards thriving our businesses.
And its my job to thrive your businesses despite any hardship that your business are suffering from, just don’t hesitate to contact me to save, boost and thrive your business.
Contact me via email : Dr.firstname.lastname@example.org or Skype : Dr.Salam Amin .