Often in business there will be something wrong, but it will take an awfully long time to see what it is. When this happens, it usually means that you need to take a step back and look at your business afresh, and even just doing that can be incredibly difficult. Fortunately, there are a few key common problems and factors which you can look to first, as these are things which routinely bring businesses down subtly and invisibly. As long as you look to these first, you can either rule them out or ensure that you fix them, and that will mean that you can then turn your business into a much better and well-oiled machine on the whole. Let’s take a look at three factors which you might be suffering from the effects of without even knowing it.
When you set up your business, you might well have not put all that much thought into the location of it. Most people will just set up a business wherever they are, which seems to make sense in the first instance. The problem here is that it is often true that the location of the business actually negatively affects its performance. This can be evidenced by many circumstances in the past and the present, such as the way in which many tech companies on the move to Ireland and away from Dublin. Think carefully about the location your business is in. is it conducive to the business as a whole, or is it draining it somewhat? This might be hard to answer at first, but in time you should come to see how it is.
One of the most common mistakes in all business is to hire too many or too few people in the beginning. It’s easy to see how this happens, as it is so hard to make sure that you know exactly how many people you need. But too few means that your business won’t be run efficiently, and too many is a drain on your resources. The only solution is preventative, and it is to make sure you plan out perfectly, or as closely as possible to perfect, how you are going to run your business and ho much help you need. Get this right first off, and it will make a huge difference to your business in the long run.
Sometimes it is the product itself which is letting the team down, and when this is the case it can be particularly worrying, as it means you have to engage in a lot more work to make it happen and come together. If there is something wrong with the product, you will often need to come back to the drawing board and see what it is, and that takes a lot of time and patience. However, it is also likely to be necessary in order to get the business back on its feet again. Bear this in mind and try your hardest to make it work as well as possible from the start.
*This is a contributed post