If you want your business to succeed in 2024 there are things to avoid. Unless you do some things right, you will be making losses and eventually close your business.
—–Mixing friendship with business
You should always separate friendship with business. Even if you love someone so much, don’t compromise your business for that person. There are people who even spend capital for business to make their friends happy—which is something that can ground the business.
—–Not keeping records
You should always keep records for your business to monitor the performance. Every sale you make, record, every purchase you make, record. This way you will monitor how your business performs.
—-Taking business money for personal use
A number of businesses will make a sale and the proceeds is sent on personal things. Someone will make a sale of $1000, he takes that money and buys an iPhone. If you do that regularly, your business will collapse.
—-Employing family members
It’s always important to take care of your family members but not to the extent of employing anyone. Only the responsible family members should be employed.
One disadvantage of employing family members is that once they take their roles in your organization, it becomes almost impossible to fire them. In case you sack them, you will create permanent enmity
—–Not complying with law
If licenses are required by the government, make sure you have them. In case you don’t comply, the fines might be throw you out of the business.
By complying, you will do your business without any disturbance.
——Lack of consistency
Business require consistency. Let people know when to open and the time you close. Consistency will retain and get new customers.
—Not having items required
It’s unfortunate when someone asks for a particular product and finds that you don’t have. He comes he following day, you don’t have it again. The customer will never come again.
To solve this, make friendship with other shops such that when your customer finds that you don’t have a product, you can request it from one of the shops. You should also order immediately so that when another customer requests it, he will find the product available.
—-Not saving your profits
After sales, reinvest the money and when the stock is sufficient, start saving and investing the profits. Open a fixed deposit account, save the money in Unit Trusts, REIT, Saccos etc. You can also invest in bonds. Those investments will go a long way in ensuring that you get financial freedom as soon as possible. You will also earn interest on your savings, thus diversifying your sources of income.
—-Not installing CCTV camera in your business
Security for your business is very important. Install CCTV to capture every incident in the business.
—–Not having insurance for your business
Most businesses require insurance to cater for risks. If your business is big enough, ensure it is insured.
—–Being rude to your customers
The worst mistake you can make is to become too rude for your customers. Even if your day started badly, don’t expose your anger to your customers. You can even fake a smile and continue crying when the customer leaves.
