Businesses are started with the objective of accomplishing some purpose and of making profits. But not all businesses become successful in the blinking of an eye – it takes time, it takes hard work, it takes patience and it takes tough decisions and sacrifices. Some do well and make it big. Others find the going difficult and cannot make it to the finishing line. So what is it that marks out those who fail or who show very average results?
An absence of focus, a lack of clear vision for the business, low level of commitment to business objectives, inept and unwise business decisions, poor financial management, insufficient funds, mediocre time management, lack of competitor knowledge, poor monitoring of market performance, weak personnel practices and policies, over-confidence, failure to delegate, lack of trust and weak leadership, all make for bad business. Quitting when the going is rough, feeling demoralized and defeated, slowing down on action and effort also work towards sending the business on a downward spiral.
Becoming stagnant, not thinking of change
One critical factor that hinders the progress of a business is to become stagnant, not think of change, even less plan to do it. Strategies that you plan for your business may not work once they are in the field – there could be many reasons for this. So your option then is to ascertain the reasons and find a path out of the pit you are in danger of falling into. You have to persevere with your original plan of building the business – it is okay to discard ideas and approaches that backfire or which do not move your plans head. You need to move. You need to abandon what does not work and find a way that does. Sitting and wishing things will get better cannot and definitely will not work in your favour. You need to take action, and take action now.
Change the scenario, or change business
If the current scenario is not right for your business, change the scenario if you can, otherwise change your business – change your priorities, change your finishing line, change your product-mix, change your advertising, change your people, change your HR policies – basically change whatever needs to be changed so that you are on-track to become the next big thing in the world of business. You cannot afford to stand still, you have to move and adapt yourself to the changing environment around you. If not, then the environment gets the better of you, you cannot face the challenges out there in the fiercely competitive world all round you and the end result is that your business withers away and dies.
Change to fortify your business
Do not change just because somebody has told you it is a good thing to do. Change because it is necessary for your business to survive, change to fortify your business, change to protect your business interests and if the move and change has to be brutal, so be it. You are a problem solver, so you may have to be slightly irrational, slightly whimsical, slightly illogical, slightly insensitive – but do not let that hold you back. There is no reason to allow fear and uncertainty to become in your path as you move forward. Create uncertainty, worry your competition, be the force that moves your business ahead of the pack. Or be prepared to die in inglorious death.