Business Suicide: Taking The Life Of Your Own Business
- by siteadmin
Did you know that many businesses are killing themselves unintentionally?
Some of them have been around for years, some for just a few months. Some of them are multi-million dollar corporations, others are one or two-person companies.
No matter what size your business is if you’re not doing the things I’m about to suggest then you might be committing business suicide! Oh yes – it can happen to anyone!
There’s nothing more soul-destroying than having your own company go under. You spent thousands (or more) on creating something great only to see it all fall apart because you didn’t do due diligence before getting started.
You see, without planning and preparation, even the best-laid plans will fail. And once that happens you’re left picking up the pieces and wondering how it all went wrong.
No one wants that to happen to them, which is why I’m going to give you some pointers on what to do before, during and after your company launches so that you can avoid business suicide.
Let’s dive right in…
First things first: What makes a successful business?
Don’t worry – this isn’t going to be a lesson in entrepreneurship 101.
In fact, there are so many factors that contribute to a successful business that we could literally fill hundreds of pages with just our research into small businesses alone!
But let’s not go overboard here. Though there are no hard and fast rules as far as what constitutes a successful business, there are 3 key traits that most successful companies share:
– A great product or service
– Profitability (i.e. a healthy and growing income)
– An engaged team (employees and/or business partners; we will talk about this more shortly).
If you can check off all these boxes then you’re on your way to success with your company. But of course, as I said before – it’s not always so simple… especially when you factor in the complexities of launching a new business!
Do You Have A Plan?
So let’s kick things off by talking about planning for success. Not just any kind of plan either – an official business plan written down on paper and agreed upon by everyone in your business.
Now, a big part of a company’s success hinges on the vision and mission of that business. In other words, what do you hope to achieve from this company? What is your BIG idea?
When it comes to writing a business plan for your new company, many entrepreneurs make one common mistake: They fail to include their mission statement as part… even though it should be the very first thing written! And no, I’m not talking about having an “About Us” page on your website or including a few words about what you do at the bottom of every email – I’m talking about defining your core values and sticking by them.
Did you know that many businesses are killing themselves unintentionally? Some of them have been around for years, some for just a few months. Some of them are multi-million dollar corporations, others are one or two-person companies. No matter what size your business is if you’re not doing the things I’m about to suggest then…