Ask any entrepreneur what their biggest obstacle is, and they will most likely say “predicting and overcoming major hurdles”. This could be low sales, data loss, or even lawsuits from injury. These problems can be even more damaging without a solid strategy to combat them. When things go wrong in business it can be disheartening as well as worrying. Having a list of strategic improvements is crucial for any business. Not only does it prepare you for a potential crisis, but it gives you peace of mind.
You’re Not Making as Many Sales
There are naturally busier and quieter times in the year for most businesses. In retail, for example, sales peak during holiday seasons, and at transitional periods of life such as going off to college, or attending the prom. April tends to be a quieter time for lots of companies due to tax season. As a business owner, it’s useful to remember these periods and how they affect sales.
Consider anything that’s changed in your business in recent times. For example, have you increased your prices, changed suppliers or manufacturers? Have you changed your marketing materials? Check out reviews for your business on third-party review sites. Evaluate complaints and feedback from customers and respond accordingly. If you want to take action before its too late, consider hiring a consulting company offering services like lean sigma consulting. They will help you to evaluate what’s wrong with your business and let you know what you can do to fix it.
You’ve Been a Victim of Cyber Crime, Fraud or Hacking
It’s not just your physical assets you need to protect these days in regards to your business. Cybercriminals are known for stealing data or even directly rinsing bank accounts. Don’t get complacent with your online data. You should always be up to date and actively staying secure. Use complex passwords and firewalls, and invest in cloud-based storage which can safely and securely encrypt your information. It keeps your information on servers as opposed to on your computer or on a hard drive. This is useful for backup storage in case of flood or fire as well.
If you’ve been a victim, speak to the police as well as your bank immediately. If any customer details have been stolen, you will need to inform them of this. This can be very damaging to your reputation so it’s important to take steps to avoid it in the first place.
Someone Has Been Injured as a Result of Your Business
Sometimes accidents happen, even if you’re careful. It could be a workplace injury with one of your employees, or someone could have been hurt as a result of a faulty product you have produced. It could even be as simple as someone slipping on snow or ice outside of your premises. If someone is injured as a result of your business in any way, it could leave liable for damages. Be sure to follow health and safety rules to the letter. For example, always display wet floor signs where needed and be sure products are rigorously tested. You should also have the right insurances in place. This will ensure that you’re covered if the worst were to happen.
Be sure to hop into the Savvy Entrepreneur Private Facebook Community to collaborate, learn and grow with your fellow entrepreneurs and business owners.
Similar Posts by Savvy Entrepreneur:
10 Income Reports by Entrepreneurs for Entrepreneurs
https://savvyentrepreneur.co/10-income-reports-by-entrepreneurs-for-entrepreneurs/
Get More Customers Using Your Website, Email Marketing, and Social Media
https://savvyentrepreneur.co/get-more-customers-using-website-email-marketing-social-media/
Mastermind Groups for Entrepreneurs Foster Accountability
https://savvyentrepreneur.co/mastermind-groups-for-entrepreneurs-foster-accountability/
This is a Collaborative Post
