Most failed businesses did not fail without prior notice. There are always signs but often we fail to see them. Below are eight sights your business could be failing.
1. Your sales figure is going down
Are you doing poorly on sales. It could be a sign your business is failing. While now and then it’s possible to see sales slow down, if this persist for a long time, you need to take a concern look at the entire business to ensure the wheels are not losing.
2. Your available fund is going down
Do you see the money belonging to your business going down. It could be a sign your business is failing. If you’re doing poorly on sales, and there are issues with other areas of your business such as operations, it will have a negative effect on your finance.
3. You’re becoming late on payments
Once a business is doing poorly on finance, it begins to take a toll on payments. Do you find yourself becoming late on payments to your creditors, suppliers, employees or distributors, it’s a sign your business might need critical attention.
4. Creditors and investors are turning you down
If you’ve been finding it easy to raise funding before, and now creditors and investors are reluctant to give you money, it’s possible there is something wrong with your business that you’ve failed to see.
5. Your best employees are quitting
Because your best employees are quitting doesn’t mean they’ve gotten a better offer. It’s possible your workplace has become toxic which could be a sign of a bigger problem.
6. Your number of customer complaints is growing
You find your customers are complaining unprecedently. It could be a sign something is not working as it should be. Your product or service quality might be dropping. How are you doing on customer experience. Remember, something leads to something.
7. Your most valuable customers are leaving you
If you find your most valuable customers abandoning you for your competitors, it’s not necessarily because they got a better offer. It could be a sign of a failing business. A failing business will certainly lead to loss of valuable customers.
8. You’re facing constant issues with your products and services
Poor sales, inadequate financing, unmotivated employees, poor management. These will all lead to the delivery of poor products and services.
Keep an eye on the various aspects of your business. No doubt, time to time you will find isolated problems in your business but isolated problems becoming prevalent or unsolved could lead to bigger problem. See your business like a machine with multiple parts working together for a common outcome. One part goes down unfixed and the whole machine could soon stop working.
Bloovera helps entrepreneurs across the world take care of all their business, creative and digital needs. Do you have any question or you want us to be of help to you, feel free to reach out to us through any of our contact channels.
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