Article
It is never easy to run a business
because you have to give up a lot of things to ensure its smooth running. There
will be times when it may seem everything is going fine but unknown to you are
not achieving your business's mission and objectives. Therefore, it is
important for you to looking for warning signs that your business is going off
tangent or is failing. Jumia travel shared some of them.
You have not spoken interacted with any customer
After your amazing effort ensuring
the smooth management of your business for over a month and you have not spoken
to any customer or a customer have not patronized you, there must be something
wrong. Perhaps, you should rethink your marketing strategy. For this, you can
use social media. You don't need to break the bank.
You always repeat the same mistakes
Mistakes are acceptable in
business. You may have spent money on employing more people or purchased more
machines against the advice of your business consultant. You should learn from
these mistakes. But if you repeat this same mistake again and again, you will
soon run the business aground.
You recruit new employees weekly or monthly
Your employees cannot work with you
for more than two or three months before they leave. This means there is
something fundamentally wrong. It may be your relationship or your management
skills that may be prompting them to leave.
Your business is indebted
This sign is very obvious. If your
business is heavily indebted, it is a warning sign you will soon be unable to
service your debts and you have no choice than to liquidate. Before it gets to
that level, you should do something about the debts.
Significant drop in turnover
The economic outlook of Nigeria is
not encouraging. The naira is fluctuating and it has just recently stable at
N497 at the parallel market and even the government is not helping matters with
its unclear monetary and economic policies. Notwithstanding, it doesn’t spell
doom for your business. Your business should still run normally even with the
recession. If this is
the case, it may be time to overhaul your business strategy.
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