It’s not something we want to think about but it could very well come to this. When a business fails or begins the slippery slope down it can be to do with external issues, but a lot of the time it’s due to inherent problems from within. When a business fails it’s so easy to blame external factors but when you start to address the issues from within the company, as well as your own leadership qualities, what are the components that can result in a business doing a major disservice to itself?
Insufficient Protection
We live in an age of cyberattacks, data breaches, and companies being held to ransom. Nobody is exempt from these problems. Every company needs to have a set of rules on board so they can keep their lines of defense up. Whether this is having a ransomware recovery plan in place or ensuring that the employees have knowledge of the best ways to practice due diligence when a company doesn’t protect itself properly this is when it leaves itself open to so many problems.
You’re Running It Wrong
When a business is struggling on the inside and there is dissension within the ranks, as well as a general feeling of unhappiness, morale has to be addressed. But if you can’t put your finger on why there is problems within the business is it because you aren’t doing what you can to help your employees out? While it’s a bit harsh to say that you are running it “wrong” if you aren’t listening to your employees or you aren’t doing what you can to bring a shred of happiness to your workers don’t be surprised when your employees start to leave. Sometimes leaders can be too close for comfort. They want to see every single process mapped out and they don’t delegate easily. But we have to remember that employees need to do their jobs– we can’t do it for them. If you start to delegate and realize that the business won’t crash and burn if you go away for a day or so, you can turn it around.
You’ve Started It For The Wrong Reasons
It can boil down to the age-old notion of money. When we start a business we’ve got to ask ourselves if we have a passion for something and why we’d like to bring this to the masses. So many people become disillusioned with the idea of entrepreneurialism, and if you are looking at your business collapsing before your very eyes, are you regretting starting it? Many businesses fail and if you don’t have a passion for doing this and failures get you down running a business can be more stress than it’s worth.
We all hit the wall from time to time but it’s how we bounce back from it. Running a company that hits speed bumps is par for the course but when you start to look at areas where a business can be shooting itself in the foot, these three components could be the tip of a much larger iceberg.
