At the end of the day, the main goal of any business is to make sure their assets outweigh their liabilities. Every decision made is made with this goal in mind. However, in the world of business, it seems there are dangers lurking around every corner.
Like a little pac-man waiting to chomp away at your profits, some hidden and some not so hidden obstacles can bring your empire to ruin if you fall asleep at the proverbial wheel. Below, we look into what three of those might be and how to handle them.
Old or Faulty Equipment
There’s nothing like visiting the spa for a relaxing respite and laying down in a spa bed that no longer works or taking your vehicle to a mechanic with faulty equipment. Outdated and broken equipment is one of the top reasons cited by many customers as their reason for switching to another business or brand.
If you intend to make money and meet the needs or wants of your customers, you must have the tools with which to do so and those tools must be in proper working order. If they are broken and can be fixed, do so promptly.
This will not only allow you to continue broadening your bottom line, but will communicate to the customer that his/her needs really are your main focus. If not, replace them as soon as possible.
Lack of Education
Another obstacle that can bring your company to ruin rather quickly is lack of education on your part. It’s a great idea to delegate responsibilities to others. You simply can’t run the business all by yourself.
However, if you don’t at least understand how to run each part of your business, you risk being short handed if an employee calls in sick or having the wool pulled over your eyes in your finance department. One might cost you a day’s wages, but the other could cost you your entire business.
Take the time to spend a little extra in business school. Take finance classes and classes that show you how to handle the logistics of your company. You don’t have to know everything, but as the owner, you should know the most.
Hiring Disrespectful Employees
When a customer enters your business, the one thing they all expect is to be treated with respect. If an employee is disrespectful and distasteful to a prospective client, not only will it cost you any profit that client may have brought to your business, it will most likely cost you future profits of other potential customers, as well.
A rude worker will tarnish your company’s reputation in a heartbeat. So, what can you do about it? Take preventative measures first. Always make sure to thoroughly check the references of any incoming employee. If for some reason they still make it through and offend a client, depending on the level of the offense, you have three choices.
You can either ignore it completely. We do not recommend this. It will shower your stamp of approval on the behavior. You can take the employee aside and reprimand him/her while requiring a full apology to the customer or you can fire the bum on the spot.
The last may cost a little in the short run, but if the offense is bad enough and you do not address it with the proper action, your customers may view you as unable to appropriately run your business. The employee will learn they can get away with their behavior, as well.
Running a successful business takes time, dedication, and a thick skin. Don’t let these three raindrops ruin your parade.