How to Never Worry about Going Out of Business Again

Does that statement seem like a tall order? Especially after a year such as 2020 where the Covid-19 pandemic brought challenges no one could have foreseen, it may seem impossible to really safeguard a company.

The good news: It IS possible to never worry about going out of business again!

Thanks to innovative business ideas and helpful tech solutions there is more you can do than you think. And thanks to these resources you CAN safeguard your business against future calamities, whether it’s a pandemic, a recession, or simply your biggest client no longer doing business with you.

Let’s count some of them down and give you a practical plan for the future.

The Facts About Business

When you look at statistics of reasons why most small businesses fail, it can be scary. Did you know that one of the main reasons why businesses fail is simply because they don’t price products well? 73% of new companies are too optimistic about the revenue they can expect.

You can see that businesses make mistakes in even the most basic of areas. This should motivate you to find the reason for experiencing business challenges. The solution could be far less complicated then you imagine. Simply don’t make the mistake 70% of business leaders often do: not recognizing their own weaknesses.

So, are you ready to see which of these tips can help you prevent future business disasters?

How to NOT Become a Statistic

Here are some sound advice, relevant to times such as that which you faced during Covid-19, and any other time of your business’s lifespan. Much of it is implemented by leading brands that are known across the globe.

Know-How to Manage Growth

From Starbucks you can learn how to manage growth. They once grew too fast and simply couldn’t manage their operations anymore. They made a tough decision to close down almost 1000 stores and retrain staff. For Starbucks, by reviving their corporate purposes they became more sustainable and we all taste their success these days. This shows that even when a pandemic forces you make drastic changes, by planning well you can make a comeback.

Understand Your Market

There’s no brand that will survive if they don’t understand who they’re marketing to. Even Apple went through phases where some of its offerings performed poorly. They needed to diversify in order to meet consumer needs, or they wouldn’t be as big as they are today.

Your small business may be suffering because of shutdowns and drop in sales, but reassessing your audience may be key to starting to grow again.

Know the Importance of Your Business Plan—And Keep to it

Don’t be one of the 78% of businesses who don’t have a proper plan and subsequently fail. You need to include a pricing strategy, you must know how to plan financing and so much more. A wise option is to start off with a SMART goal process.

Cultivate the Right Personal Characteristics

We’re not saying you need to change your personality, but if you can work on improving in the following personal characteristics, you’ll see how it positively impacts your business:

  • Being knowledgeable, about your industry so you can become a market leader
  • Resilience and a persistent manner, so obstacles don’t deter you and even disasters like a pandemic doesn’t cause you to lose motivation
  • Staying humble, so pride doesn’t get the better of you

Work on this by yourself, or find a mentor to help you evolve.

Empower Yourself This Month

You can see, even during a pandemic, there may be just ONE simple thing you need to adjust to help boost your business. But you must start with an honest look at your business and your management of it. That’s how you know you’re working on the RIGHT aspects of your business.

So, why not learn more from one of the pros currently helping multiple businesses weather the storm of the Covid-19 crisis?

Watch our most recent webinar to learn how to prevent paying more taxes this year.
Then, schedule your free call to learn how you can come out of this pandemic stronger than ever.