When someone starts a new business, there is immense enthusiasm and will to put in efforts to make the business successful. However, as the time passes, this passion starts to diminish due to several reasons like work pressure, stress etc. It is bound to affect the performance level of a business. Nut most of the business owners fail to decipher the cause of declining business despite the reason being so clear- lack of efforts and right strategies.
In order to eliminate the cause of bad performance of a business, it is imperative to find out what went wrong. Discussed below are some of the reasons why your business does not perform as expected.
1. Are You Always Looking for a Big Idea
No doubt that new ideas and innovations are required to make your business unique from others. However, it is not right to always keep looking for a big breakthrough. Instead you should make sure that your business is able to execute smaller ideas to sustain.
2. You Might be Focusing on the Wrong Line
If you are focusing on the wrong aspect, the chances are high that your business will stop generating good returns. It is important to focus on the right areas on the right time. For instance- if the revenues are down, your aim should be to cut the costs. In such a scenario, it is important to focus on the top line and increase sales along with cutting sales. When it comes to a long term solution, you should ficus on top line growth.
3. Are you Making Business Serve only as a Status Symbol
You really need to introspect on this. Are you running your business just for the sake if satisfying your ego? Are you running your business just as a status symbol? You may succeed to flatter the business initially, but in the long run, you business will demand your efforts to appreciate its inner quality, value, and productivity. If you want your business ot be successful, you should serve it.
4. The Use of ‘We’
Although it is right that there is no place for an ‘I’ in a team and so people use “We” very often. However, it may sound really wrong in some cases. For instance, if you write “we worked through the month” when actually your employees that did, it would sound very bad. Hence, you should make a wise use of “we” and “I” as per the situation. It is always better to use “i” if you made a mistake, and “We” when you do something good. Your mistakes are yours but anything good can not be derived without the support of your employees.
5. Is Your Focus More on Growing Networks than Sales
There is nothing wrong in growing your network. However, it should be remembered that if networking is sowing seeds, then selling is harvesting crops. It must be remembered that in order to survive, a business needs sales. A business card would be of any good if your business is not getting any sales. By spending time on expanding your social network, you are neglecting your sales.
6. Are You Checking Out the Business Dating Sites
Most of the times, it is observed that people get bored of the business due to slow or below average sales. In such a case, most people start thinking about starting a new venture instead of focusing on the current business. Due to this lack of attention, many areas of a business get affected like results, professional relationships, and employee morale.