As a business owner, the practices you infuse into your schedules will more or less define your day. It will impact productivity, revenue generation, stability, brand image and several other aspects of the business you may not have considered initially. Moreover, considering that 4 out of 10 UK businesses usually do not make it past the fifth year, it becomes necessary to reflect on your business habits that could be detrimental to your establishment. What are some of these bad practices? Below are a few.
- Paying little or no attention to the market
Knowledge of the market is vital to business survival and success. Without it, it is virtually impossible to have an idea of what your clients, customers and target market, in general, are thinking. More importantly, paying little attention to the market is equivalent to giving your competitors an upper hand. Globally, several factors contribute to the highs and lows in the market.
Therefore, knowing what some of these are will keep you better informed on what strategies to take. For example, you may think it is good to expand your business as an ingenious way to access more clientele. However, without studying the market, you may realise too late that unplanned company expansion only stretches your resources too thin. That will ultimately defeat the purpose of business growth. According to successful business entrepreneurs, poor or inadequate market knowledge can spell doom for a company.
- Bad decision making
This seems like the most worrying aspect of operating a business. The conflicting thing is that every decision taken in the business world has an element of risk. For that reason, what makes a decision a terrible business move? Well, just as the saying goes, ‘the end justifies the means,’ right? Although that saying may not necessarily have much clout here, there is a little bit of accuracy in it. The truth is, you never know the outcome of the decisions you take until you begin to reap the results (positive or negative).
Furthermore, it is crucial to align them with your objectives and desired key results in your decision-making processes. Fortunately, a consultancy agency like There Be Giants can be of help, especially in the implementation of your business’s OKRs.
- Poor timing
Timing in business refers to the right moment to act. For instance, you may have an excellent product for the market, but wrongly timing its launch will cause a public rejection or non-performance. Without a doubt, it is an essential ingredient in every endeavour you undertake as a business owner. Moreover, having a good grasp of what this entails means you have a competitive advantage over others in the same space. In other words, you can achieve more in a shorter period, compared to another entrepreneur who is yet to understand the significance of business timing. To learn how to apply this in your business, get a a consultation with Andrew Defrancesco.
- Lack of foresight
The ability to predict the future of a business is a significant mark of an experienced business person. However, being able to steer the company into that future shows an exemplary talent for entrepreneurship. Unfortunately, some businesses are run with a blatant lack of foresight, subsequently stifling progress. Poor anticipation of what should be the next step can throw your establishment out of its trajectory.
Sometimes, the consequences of these bad business practices are not seen immediately. The only time you notice something amiss is when the company’s revenues begin to take a hit. Therefore, be mindful of your business habits and stay on track.