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You’d hope that if you just have a good idea, work hard, and have a pinch of luck, then your business triumph is assured. Alas, this is not the case. While these things will guide you towards success, there’s no guarantee that you’ll experience long-term success. This is because there are many things that can derail your path towards glory. Some of them are within your control, while some are beyond your control. Below, we take a look at a number of somewhat unexpected aspects that can derail your company’s upward trajectory, as well as offer some advice on how you can prevent them from happening and handle them if they do.
They say you should keep your personal life and professional life separate, but it can’t always happen this way. It can be relatively straightforward to leave your working side at the office, but keeping home problems from interfering with your work? That’s easier said than done. If you’re going through a rough emotional time, then you won’t be able to push through and work extra hard; it’ll be a case of taking care of what needs to be done, and waiting for your energy to return before taking on more tasks. If you have a personal crisis, such as being arrested for a DUI or something, then there’s no way that won’t impact your business in one way or another. The trick is just to limit the damage it can do.
A New Competitor
Everything might be going swimmingly. Business is growing, demand is high, and things are all-around looking rosy. But there’ll soon be a problem if a competitor moves in on your turf. Your profits will take a hit, there’s no doubt about it; but will it be a significant dip, or a manageable one? When a competitor moves in, it’s important to carry on doing what you’ve always done. If people loved you before, they’ll be happy to carry on supporting you even though there’s another option for them. If it’s a giant corporation who has opened up nearby, play up your small local business credentials. People are more likely to support an independent business rather than a big business than they were in the past!
Hiring the Wrong Person
Your staff is the bedrock of your success. You’re an important figure, for sure, but you’re only one person: your staff is a team, and when they all work together well, your business runs smoothly. When they don’t, the good times can be hard to find. While it shouldn’t necessarily be this way, one bad employee can have a hugely detrimental effect on the team’s success. Morale can drop. Communication can break down. As such, it’s important that you’re hiring the right person always. Easier said than done? Maybe, but you can increase your chances of success by developing a robust hiring policy. If you follow the guidelines that you yourself have established, you’ll be less likely to end up with a dud of an employee who brings everyone down.
Staff Leaving Abruptly
Hiring the wrong person can be damaging; losing your best employees can be even worse. You’ll have created a system that depends on your employees delivering their best work. If one or more of them suddenly leave, then it’s going to be difficult to get back up to the standards you were operating at before. There are a few things you can do to reduce the chances of this happening, however. For starters, you can treat your employees well; that means offering them a platform to grow professionally, and paying them well. You can also ask them to give you plenty of notice if they want to leave, so you have time to find a suitable replacement.
It’s not just what happens inside your business premises that affects your success; what takes place outside has an impact too. Take the elements. After a heavy rainstorm, you could arrive at work only to discover that the place is flooded. On that day, you won’t be able to work, and you may have lost important documents and infrastructure that were critical to your success. Now, you can’t control the weather, but you can control how you prepare for severe weather. Start by working with waterproofing specialists so that your offices are unaffected by heavy rainfall. You can also keep any important documents and electrical equipment stored away in a waterproof container, especially when you know that there’s a lot of rain on the way.
Suppliers In Difficult
You’re not trying to succeed in business all on your own. You’ll be working with other businesses as you try to build your empire. If one of these companies falls into difficulties and has to stop trading, you could find yourself without the goods and services you need to operate.
The world is ever in flux. What is current and relevant today could be obsolete in years to come. There really are no guarantees! Your business may be popular now, but what is the world moves on? If some of the world’s biggest corporations can be left behind, then so can your small business. The best way to prepare is to keep an eye on trends, and to not take anything for granted. If it seems like the tide is beginning to turn, then refocus your energies. For this reason, it’s always a good idea to have an open mindset about where you’ll be taking your business, rather than having a clear, unalterable vision.
Life is full of surprises; that’s what makes it so exciting. Alas, not all of these surprises can be good. Sometimes, you’ll be hit by something that causes your operations to stutter, or perhaps pause altogether. If you’re unprepared for them and they occur, then don’t panic. It might not be an ideal situation, but keep the bigger picture in mind: this is just a blip on what will hopefully be a long and prosperous journey with your venture.