“I quit my job to start my own business,” that’s a phrase you’re likely to hear from one of your longtime friends when you catch up with them after a while. Truth is, new businesses are mushrooming in every corner of the world – however, not all of them survive the hardships associated with first-time startups. There are quite a number of causes resulting in such quick ‘business death’.
The following are the signs of a dying business;
Reduced sales
In the human body, the backbone shields the nerves system which correlates the functionality of the body parts. Sales are the backbone of any business. It plays an integral part in the business because without it, your business will come tumbling down. The profits for your business greatly depends on sales made. If the sales margin proves quite disappointing, then your business is heading for the drains.
Lack of innovation
When I was a kid I always loved it when my mum bought new kicks for me, who doesn’t love anything new? You may have started your business and it blossomed within a few months but you should desist from being carried away. The Consumers will flock in during that period because you’re the new kid on the block packed with new goodies. As an entrepreneur, don’t be carried away and take a back seat in terms of innovation. Consumers love new things, so you better ‘up your innovation game.’
Poor employer-employee relationship.
Business is like marriage, rifts are bound to happen, but if they continue giving birth to more cracks due to the poor relationship then the inevitable will happen. Business is all about creating good relationships with anyone who directly or indirectly serves a purpose in it. In this instance, the relationship between you and your employees will be the determinant of your business’ success or failure.
As an entrepreneur, strive to ensure none of the above happens in order to protect your business.