Do you ever take time to reflect on where exactly your small business is and where it may be heading?
By being pro-active about the business you have, you are in a better position to succeed over the long haul.
That said is there a reason or reasons your small business may be in danger these days?
Money is Often the Number One Culprit
In looking at your business, here are three reasons you could be in or entering the danger zone:
1. Not enough capital – One of the roadblocks many run into is when they do not have enough financial capital. That said it may be time for you to seek a small business loan. Many small business owners have done so over the years and come out better for it. If you are not sure where to start in such a quest, you can begin online. When you look into a business loan application online, you move closer to getting the funds you need. Be sure to research each loan provider you consider. The last thing you’d want to do is go with a loan provider you know little or nothing about. View their websites, ask questions, and even reach out to other business owners you are on good terms with. There is always a good chance they have gotten a loan or two over the years. As such, they can give you some good feedback on the small business loan process.
2. Customer service is subpar – Another way you can be flirting with danger is if service is subpar. That said you want to make sure you give your customers your best. Whether they spend a dollar with you or hundreds make sure you give them the service they expect and need. To do otherwise can lead them to go to your competition sooner than later. In coming up with top-notch customer service, it never hurts to get feedback. One way to do this is with a simple survey. You can either have them fill it by hand or do online. The goal is to find out what they think and feel about your brand. As a little incentive to get them to fill it out in the first place, offer them a discount. This will make them more apt to take the time to provide you with their two cents.
3. Bad morale at work – Finally, unless you are a one-person show, you have people working under you. With this in mind, make sure your workplace morale is good. If it is not, it can lead to all kinds of issues. This begins with hiring the right people the first time around. When you take time to find out who you may be bringing in for a job, you are in a better position to know if they may be a good fit. While you will likely make a few bad hires along the way, do not let this become the norm.
If struggling with your finances, how much longer can you go before you enter the danger zone?