Mistakes That Will Sink Your Startup
Fifty percent of startups will go out of business within their first five years. However, the issues that bring down the companies that don’t make it are often self-inflicted and core root issues can stem from a lack of preparation. Keep reading for some things to keep in mind to avoid making mistakes that can sink your startup.
Rigid Thinking
One of the flaws that tend to begin the slippery slope to failure is the practice of rigid thinking. This can be more prevalent within companies that only have one majority owner. Often, these owners have no one to answer to, and, thus, their ideas go unchallenged the majority of the time. Companies that fail to accept that their views may not be working as they wished often remain stagnant and keep doing the same things again and again, hoping for a new outcome. Those in this position, where they are the only voice of authority, should consider bringing in a temporary team of advisors to assist. If you can’t afford to do so, your staff is only a few steps away. Set your ego aside and consult with what they believe should be the right path for the company; you may be surprised about the answers you get.
A Rotten Culture
Nothing brings production and revenue to a sudden halt like having a rotten company culture. Having people feel unsafe and unappreciated is not the best motivator for them to continue to put in hard work every day. As the head of the company, it is your duty to ensure that any negative company culture habits are stomped out immediately and that those inflicting these damages to your company are removed. To create a safe work environment for all of your employees, pay attention to complaints when they are filed and recognize signs of sexual harassment in the workplace. Listening to your employees is the first step in repairing any bad habits within your office.
A Lack of Social Media Interaction
Understandably, business leaders have a plethora of things to worry about on a daily basis, so when it comes to replying to one customer on Instagram, it’s understandable how that can look like the least of your worries. The fact is, that customer isn’t just one person, they are a representation of your customer service and interaction with your base, and your base is watching. Waiting too long to reply to a customer question on social media can really put you in a bad light. It makes you look like you don’t care about your customers, and when that happens, your base won’t care about you either. The best recommendation is to set up bots to answer simple customer questions, such as your store hours, contact information and other simple questions. The more serious issues will be directed to your business email or through a telephone call.
Regardless of your industry, if you’re seeking to create your first business, you must keep one thing in mind: Challenges both large and small can mean either the death or survival of your company. Make sure that you prepare adequately for potential challenges so you can help your company to thrive.
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