4 Reasons Why Your Business is Constantly Going Under!

A stagnant business can be pretty frustrating, primarily when you reflect on the amount of energy and resources you put aside for it. A plateau scale in the progress of your business is undoubtedly a sign that something is not okay. Sooner or later, your business may shrink and disappear completely.

However, this does not have to be the case for any business entity. All companies should see the light of day and boom. You can achieve this through business analysis to determine what went wrong, where, and ultimately what you can do to remedy the deficiency. 

By doing so, you get to rectify the mistakes that have already been done and prevent future similar instances. There are several reasons your business may be going under and not growing as your expectations were during its creation. 

Below is what you may have done or failed to do.

Failure to Budget Enough for Advertising and Marketing

The amount of money you allocate to advertising and marketing significantly impacts the growth of your business. Your products will not sell out if consumers are not aware of the existence of such products. 

Therefore, it is essential to allocate worthwhile funds to the promotion of your company if you wish to make strides up the scale of growth. You can settle for inexpensive promotion methods such as kraft business cards that bear information about your company. 

By doing so you spend less and advertise your company to all persons who handle the cards.

Lack of a Business and a Marketing Plan

A business and marketing plan are essential aspects for the success of any entity. Without a plan, you lack direction; hence you may move to any way you so wish while consoling yourself that you are not where you were yesterday. 

Unfortunately, sometimes you move in a direction without knowing, only to notice when the situation is beyond recovery. Planning is essential for long-term growth. Therefore, it is vital to be objective concerning promoting your business, profit sharing, resource allocation, and even penetration into the market. 

With planning, you can make predictions and work within those estimates to survive during hard times.

Lack of a Critical System

Systems allow you to monitor and analyze various aspects of your business. For example, a firm will have to work on an effective strategy to keep track of output and revenue frequently to enable growth. 

It may also create a budget for marketing and business promotion while keeping track of its progress, among other monitoring and analyzing tools.  

Failure to Hire the Right People

The key to a successful startup is a workforce. The people you hire should be competent and reasonably fit for the positions they hold in your enterprise. If you have the wrong personnel, you will constantly be making losses which will impede the growth of your business. It is therefore vital to hire persons who will ensure the success and growth of your business.

The above reasons are informative on possibly why your business is not growing. By correcting the above strays, you will save your firm from going under hence affording it growth.

5 Ways To Protect Your Business Online

Companies across all industries need to take steps to protect their business. From cybersecurity to GDPR and reputation management, there are many important areas to focus on. To learn more, let’s explore these ideas in a little more detail.

1 . Secure your website

It’s important to secure your company website. With a secure site you’ll protect your data, your customers, and avoid expensive downtime. To keep your site secure ensure that you use an SSL connection. A Secure Sockets Layer refers to an encryption method. The encryption is used each time there’s a connection between your server and a web visitor’s browser. With the help of an SSL, you’ll ensure that personal data and form submissions are protected. It’s also vital to update your software whenever a new version becomes available.

2. Antivirus and malware protection

Your business needs antivirus protection to prevent ransomware attacks. Antivirus software removes viruses, blocks malicious sites, and stops phishing attacks. It’s also important to offer cybersecurity training for your staff. Research from Varonis shows that ‘95% of cybersecurity breaches are caused by human error.’ When your staff knows how to spot attacks, it’s easier to keep your data safe.

3. Multi-Factor authentication

Multi-factor authentication means that a web user has to identify themselves in several ways, before accessing your business network or account. Initially, users are asked for a password, and next they receive an alphanumeric code by SMS. Some MFA processes include biometric testing such as fingerprint testing. To protect your business data, it’s important that you properly verify the identity of your users. Several other systems can improve your online security. A few examples include Password Managers and Mobile Device Management. With the help of powerful security systems, you’ll protect your business online.

4. Follow GDPR 

The GDPR means General Data Protection Regulation, it outlines the digital privacy laws that individuals and businesses must follow. Companies are required to have the correct privacy settings for digital applications and websites. It’s vital that businesses seek permission, document data, and communicate data breaches. If your company does not comply with the GDPR you can end up with legal trouble and fines to pay. To learn all that you need to know about GDPR, book a GDPR training course for yourself and your employees.

5. Protect your reputation 

To protect your business online, you need to think about your reputation. To grow your customer base, you must ensure that you are presented well online. The best thing to do is to hire a reputation management company. A reputational management company can improve and maintain your reputation in many ways. These companies can monitor third-party websites, gather reviews and testimonials, and track social media. Using a variety of techniques, you’ll create a positive reputation.

With so many ways to protect your business, you’ll keep your data and your reputation safe. You’ll have put plenty of time and money into your company, and so it’s important to protect your investment.

Top Ways to Improve Your Employees Productivity in the…

As a business owner, the most fundamental asset to have is your employees. Without employees, your business cannot run. Happy employees translate to increased productivity and outputs for your company.

Investing in your workforce will significantly increase their confidence and commitment to your business. Promoting employee productivity is not an overnight exercise. It needs to be a culture incorporated into your industry. 

By introducing slight changes, you will eventually witness drastic changes in your business’ performance.

Here are a few things to consider to help boost your employee’s productivity in the workplace.

Upgrade the Working Conditions

A comfortable working environment can appeal to almost any employee. It would be best if you considered providing space that is adequate for your workforce. Including air conditioning in your office can create an ideal temperature for your employees to work in.

Introducing items such as plants can make your employees more comfortable and in connection with their work environment.

Besides, avoid using white on your walls as it can create an intimidating environment. Use bright colors such as blue, which boosts productivity, or green that helps with motivation.

Provide Training

One way of investing in your employees is through frequent training programs. It would be essential to provide your employees with the necessary skill set that will help improve their work performance.

The introduction of training programs will also significantly boost their confidence in taking up more tasks, consequently creating room for innovation and creativity.

Hiring professional consultants such as CDM Consultants will help identify training needs for your workforce and give out the training.

Encourage Well-being

Your employees spend more of their time in your workplace than they do at home. This means that most of them may not have time for their well-being. Introducing well-being programs in your workplace will promote not only productivity but also the health of your employees.

Introduce exercise programs where your staff can take part in physical exercises during their breaks. Providing a nutritious meal to your team, such as a food dispenser stacked with healthy snacks, can significantly improve their health.

You can also introduce outdoor activities as a program, where your staff gets to exercise the essence of teamwork.

Introduce Flexible Schedules

With the ongoing Covid-19 pandemic, working from home is becoming more desirable for employers. While some businesses still require physical working from the office, you can introduce flexible working schedules for your employees.

An example would be alternating shifts between staff, allowing some to work from home while others work from the office. You can also consider changing the time schedules.

Improve on Communication

Providing frequent feedback to your employees is necessary for their growth and confidence as they work. Recognizing your employees’ performance and improvement in the workplace will significantly impact their productivity. According to research, approximately 79% of employees quit their jobs when they are not appreciated.

Finally, you should note that your employees are your greatest assets. Investing in them will improve their productivity and boost your businesses’ growth.