Everyone knows that a business is equal parts trial and error. You cannot expect to get everything right, especially when you’re new and hoping to strike relevance on the scene. If you’re finding it difficult to get noticed, then it can be challenging to know where to turn. You may feel like taking on additional risks in order to potentially win big and gain maximum exposure or other forms of public positivity to transfer into revenue.
Usually, entrepreneurs utilize risks to become better and grow at an accelerated rate. The world of business is defined by people who are able to become trendsetters, those willing to try and reshape the society to their business idea, and not the other way around. It can be motivating to see such people in action, as the strength of their vision alludes to a much more positive end result. We all love a success story, so we idolize people who are able to make the most of this and strike gold.
However, being overzealous and reckless in your ambition can lead you to neglect the very things that make a firm work. Being too chancy with risk can bite you big time, and this can be completely painful to get wrong. One of the beauties of the free market is that bad ideas are usually priced out of business. If you haven’t the resources to recover after a bad decision or public offering, this can destroy young firms. So, while in general a positive, this free market behaviour can sometimes bite you pretty hard, especially after investing plenty of money trying to get your operation off of the ground.
No matter your need for risk, sometimes it’s best to get down the absolute essentials. Sometimes, you simply cannot afford business mistakes. What those are, and how to avoid them are listed below:
If you fail to record a paper trail from human resources, payroll, accountancy, insurance and innovation perspective, you can be sure that the identity of your firm will be lost. To know where you’re going, you need to know where you’ve been. Bad organization is the bitter poison which can take most firms down, and so a lack of keeping the books up to date can truly affect you in the worst way.
Not only that, but good records management is a legal requirement. If you need to prove your operations to an authority of some kind (which you will,) incorrect information or bad etiquette regarding your records can result in you being shut down. You simply cannot afford to neglect the record keeping you have, even if you’re a small firm with little manpower allocated to the task. Litigation demands it, your peace of mind demands it, and your firm’s identity demands it. This should always serve as the bedrock of your firm. Besides, past the considerations of being in legal trouble, losing records such as these can make the history and identity of your firm weaker. This is a tragedy in itself, so be sure you take care of all these information piles.
Bad Working Environments
Bad working environments are the number one reason that staff become demotivated. There are many reasons this happens. It could be through a case of social workplace bullying, a lack of quality human resources, a lack of hygiene in the office, expecting too much from your employees and the list goes on and on. It’s likely you’ve worked in at least one bad environment in your life too. If you have, you know just how draining they can be, and just how hard it is to get work done when you’re continually tense, worried or irritated about a situation that needs improving.
As a boss, you must never let your office or other place of work devolve to this point. You must set up channels of positive communication between you and your employees. You must always be willing to invest in making your business a great place to be. While businesses do exist to make money, if that money is at the cost of a tired, unmotivated and unhappy workforce, you have made your revenue as a tyrant rather than a great leader.
However, it’s likely that with a bad working environment, you won’t make much money. The staff are the most important people in your firm, as they interact with the public and organize the systems that make your entire operation function in the first place. If they are demotivated to the point where an interaction with a member of the public become aggressive or chaotic, your firm’s reputation will plummet. With a motivated and happy workforce, your firm seems like the main place to be, and the main place to buy from.
Great working environments will also attract talent. If you hope to have anyone of calibre working at your firm, you need to make it an enticing place to work. A great place to start is to view and study the practices of those companies who routinely rank high in the employee satisfaction indexes. These places often aren’t afraid to invest in their staff, because they know that long-term worker security is a happy and healthy workforce.
Darwin once said that “It is not the strongest of the species that survives, nor the most intelligent; it is the one most adaptable to change.” This is completely and totally true of your business in the same fell swoop. Your business must always move with the times, lest they become moved by them.
This can be easier said than done. Not only do your products maybe have a complete stock in the current timeline (such as an app that is sure to become outdated in a few years from now,) but trying to innovate can be a costly waste of time and resources when inconclusive.
However, not moving can be just as fatal as moving. You must expect mistakes and plan for them, but on the whole trying your best to innovate, continually upgrading your products or services for relevance, and generally trying to offer that cutting edge distinctive offering your firm is famous for requires a strong vision, and the will to pull it off.
Always keep in mind your R&D, even if that’s simply studying firms you admire as your three man team. Taking the best ideas sometimes requires further research. It could be that in your attempts to future proof, you find things which you could enact now for a huge and progressive leap in the relevance your firm offers people.
Never Making A Mistake
Here’s where this list doubles back on itself. Not making a mistake can be considered a mistake that must never happen. Businesses learn from mistakes. If they continue down a path of repeated success, they never temper themselves. Sure your firm might become the top of the fortune 500 stock market, but if it doesn’t balance this with societal awareness, an undercurrent of well-informed decisions and many other variables, it simply becomes a revenue gathering system. This is why firms such as massive supermarkets with incredible amounts of money always consider the next positive step they can take, to make their business that little more ethically viable, or that little more worthwhile.
Learning how to change comes from identifying flaws in your practice, and seeing them. If you believe your firm can do no wrong, and you never see it tempered and humbled by bad planning (within reason,) then you will never be getting better. It’s always best to have a business with a soul, one which learns and adapts, than one which fosters alienation.
With these tips, your business operations are sure to become that much more wholesome. Balancing acceptable mistakes with the unacceptable will serve as a positive guiding light for your future efforts. Good luck!