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5 Alarming Signs That Your Business Is Failing

5 Alarming Signs That Your Business Is Failing

Starting a business with a great idea doesn’t necessarily mean success. Launching a startup is surprisingly simple, but no one wants a bad start. When a business fails, entrepreneurs sometimes feel that the failure came out of nowhere. The truth is that very few businesses fail without warning. Here are five signs that your business is in serious trouble.

1. Low Sales

The first and most obvious sign that your business is floundering is low sales. This can mean lower than your projections, or lower than last year. For companies to succeed, they need to be making sales; if sales drop off suddenly, then you have a problem.

Turn it around by figuring out what went wrong. Did you introduce a new product that’s missing its target? Can your marketing be improved in an inexpensive way to better spell out your message? Is there a problem in the sales or service sector that can be resolved? Whatever’s going on, you have a limited amount of time to turn it around, so don’t wait.

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2. No Differentiation

For a business to find success in a noisy global market, it needs to be doing something different from the competition. Amazon pioneered two-day shipping, Jamberry offered a fashionable alternative to manicures, Lularoe took into consideration the needs of busy moms to have comfortable clothing and reminded them that they deserve to look beautiful as well.

What does your company do differently? If you can’t give a passionate, cohesive answer in a few sentences, you’ve missed the mark.

Turn it around by reexamining your ideal customer and figuring out what you can offer them that no one else can. Make sure your marketing reflects what you do differently than the competition and always strive to get more done for your customers.

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3. No One’s Talking

There’s nothing worse for a business than silence. If your customers aren’t talking, aren’t leaving reviews, aren’t engaged on social media, then you have a communication problem. After all, if they’re not talking to you, they’re definitely not talking to their friends about you.

Turn it around by understanding why they’re not talking. Are you not asking customers for reviews and reminding them how useful they are, or are they just not impressed enough with your services to talk about them? The two problems have very different solutions—know which one you’re fixing. Ask your customers to connect with your on social media and engage them in conversation about a specific product.

4. Struggles Around Cash Flow

Even though on your company’s profit and loss sheet you’re doing well, you struggle to pay your bills on time, or you find you have too much inventory on hand and have to engage in extreme promotions to make room for new products. Properly managing your cash flow is the single most important thing you can do for your business.

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Turn it around with practices like offering discounts to customers who pay cash or within 15 days, and only buying the inventory that you need, rather than investing heavily in something you’re just positive will take off soon.

5. Saying Things Like “Failure Is Not An Option!”

Here’s the truth of the matter: failure is an option. When the numbers say that 8 out of 10 businesses fail, it’s the worst sort of arrogance to assume that your business couldn’t possibly be one of them. Entrepreneurs and CEOs make mistakes all the time. Why are you exempt?

Usually, new business owners plan step-by-step how to start a company, but sometimes they will look up and realize that their business is headed in the wrong direction. They’ll manage to correct course, right the ship, and steer off in a new and smoother direction. But sometimes, it’s too little, too late. Your customer trust is gone, or your startup cash is depleted, or you’ve traded too heavily on employee morale and it’s all just over.

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In those situations, the way to turn it around is to close things down as gracefully as possible and to figure out what went wrong. Dig deep to find out where mistakes were made, and make sure you understand how to keep the same mistakes from recurring.

The next step is to move on. Find the next idea, do a better job of differentiating, communicate your ideas more clearly, keep your cash flow more consistent. The right idea and the right timing will happen—unless you give up.

Featured photo credit: VIKTOR HANACEK via picjumbo.com

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Margarita Hakobyan

MBA from the University of Utah

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Last Updated on September 20, 2018

How to Be Happy at Work and Find Fulfillment in Your Career

How to Be Happy at Work and Find Fulfillment in Your Career

If you’re going to spend 1/3 of our life at work, you should enjoy it, right?

Trust me, I know that’s easier said than done. Difficult coworkers, less-than-desirable tasks, or even just being in the wrong position can all lead to a lack of enjoyment and fulfillment in your work.

But what if I told you it doesn’t have to be this way? Or better yet, if you struggle with all of the above (and then some), what if I told you that enjoying your work and finding fulfillment regardless of those obstacles is possible?

Don’t believe me? I don’t blame you because I was there too. Before implementing the tips below, I struggled to get through each day, much less find real fulfillment, in the office. Now, even after the toughest days on the job, I still come away with feelings of pride, accomplishment, and fulfillment. The best news is, so can you.

If you’re ready to make those hours count and find happiness and fulfillment in the office, then read on to find out how to be happy at work and find fulfillment in your career:

1. Discover the root(s) of the problem

For this first step, we’ll need to think back to 8th-grade physics (humor me). We all know Newton’s 3rd law, “for every action, there is an equal and opposite reaction.” When you think about it, the same can be said outside of physics, and we see this law play out in our daily lives, day after day.

Simply put, all the issues we deal with in the office (and life in general) affect us in a noticeable way.

If you’re appreciated at work, like the work you do and receive frequent praise, promotions, or raises, then this will probably have an altogether positive effect on your life in the office.

But what if we reverse this? What if you feel under appreciated, get passed up for promotions, or get denied raises? This is sure to affect the way you feel at work on a negative level.

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So, before you can implement the steps of feeling happy and fulfilled at work, we first have to discover the reasons why you don’t feel that way already.

Think about it, write a list, or make a mental note. Run through all the reasons you’re dissatisfied in the office, and don’t hold back. Knowing the exact obstacles you’re facing will make overcoming them that much easier.

In fact, as a side-challenge to this article, I recommend picking the top three reasons contributing to your dissatisfaction at work and using the following tips to tackle them.

2. Practice gratitude for an instant uplift

Did you know the simple act of feeling grateful can increase your happiness and make you more fulfilled at work?[1]

Well, it’s true, and it’s scientifically proven.

Dr. Lisa Firestone notes that practicing gratitude “reminds us of what we lacked in the past.” Meaning, it serves as both a boost to happiness and a bit of a wake-up call that things have been or could be, much worse.

Trying to conjure up feelings of gratitude can seem almost impossible when your work situation seems bleak, but hear me out: There are incredibly easy ways to get started and it doesn’t involve trying to “force” yourself to feel grateful about things that stress you out.

For an instant pick-me-up, try this:

Find a loose piece of paper, a blank sticky note, or anything you can write on, be it physical or digital. List just three things that you are absolutely without-a-doubt thankful for in your life.

Now here’s the trick: Don’t just list what you’re grateful for, you have to list why you’re grateful for them, too.

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For example, simply saying “I’m grateful for my kids” will probably make you feel good, sure, but what if we could amplify the warm, fuzzy feeling into real, lasting motivation?

Instead, write the reason you’re so thankful for your children. Is it because they make you laugh and forget about other stressors? Or maybe they help to remind you of why you go to work every day in the first place?

Whatever your reasons may be, jot them down and keep your list somewhere you can see it while you work. A quick glance at your gratitude list throughout the day can provide powerful, positive motivation to keep going.

Bonus:

If you can find just three things to be thankful for that specifically relate to your job, and list why those things make you grateful, your list can also help you find fulfillment in your work itself which can give you an even bigger boost of positivity throughout the day.

3. Take meaningful time for yourself

We all know creating a strong work-life balance can be crucial to feeling satisfied in our jobs, but rarely do we ever address how we’re spending our time outside of work.

Many of us survive a 9-hour work day and commute home only to find ourselves busy with our personal to-do lists, running a household, and taking care of a child (or 2 or 3, and so on).

If you spend all your time working, whether in the office or within your household, you’re going to feel drained at some point. This is why setting meaningful time for yourself every day is highly important.

Look, I get it: I don’t know anyone in the working world who can shun all responsibility for a 3-movie marathon or happy hour with friends whenever they feel like it. But finding time for yourself, be it just 30 minutes to an hour, can really make a difference in how you feel at work.

This works because you’ll have time to actually relax and let the day’s stress melt away while you enjoy something just for you. The to-do lists and stressors will still be there after you’re refreshed and ready to tackle them.

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No time for me-time? Try this:

If you have a busy household, you’ll need to capitalize on a block of time you know will be completely uninterrupted. The easiest way to do this: try waking up 30 minutes to an hour earlier than usual (or push bedtime back an hour if you’re a night owl, like me) and take time to do something you enjoy.

This could be reading with a cup of tea, catching up on Facebook, spending time on a passion project—anything! As long as it’s meaningful to you, it works!

Bonus:

Starting your day with meaningful time for yourself can set you up to have a positive mood that lasts well into office hours, and having your me-time in the evening can give you something positive to look forward to during the day.

4. Get productive and feel accomplished

Don’t you just love the feeling of checking the last item off of a hefty to-do list? That’s because self-motivation can be a huge driver of positivity and success.

When we accomplish something, no matter how small, it makes us feel good, plain and simple. Applying this tactic to your daily work can be the motivator you need to find fulfillment during the daily office grind.

While there are tons of steps to get more done at work, I’ll share my personal favorite: Prioritizing.

Now, many people handle prioritizing differently. Some like to tackle the little tasks first so they can spend focused time on the big to-dos. Others like to knock out the big items first and get to the smaller ones when they can.

No matter which camp you’re in, you may be missing one crucial step: Time management.

So how’s this work? When you factor in the amount of time your priorities will take, it can transform your productivity ten-fold.

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Say you have three top priorities for the day. You might jump into the smaller ones or the bigger ones depending on your preferred method, and then find yourself out of time and bringing work home with you at the end of the day.

This is prevented when you factor in time. Knowing how long each item will take, or deliberately setting specific blocks of time for your priorities can help you accomplish more in the same 8-9 (or 12) hours that you typically spend at work.

Try this:

Take a look at your priorities and consider how long they should take. Pop into your Google calendar (or Filofax, whatever works for you) and schedule time to work on your priority items around any important meetings or events of the day.

The most important thing to remember is to stick to your dedicated time.

Often, when we know exactly how long we have to work on something (and honor this time limit), we’re motivated to get more done on time to avoid taking work home at the end of the day.

The bottom line

There’s no need to waste 1/3 of our lives feeling unsatisfied at work. Luckily, you now have the tools to get started, take back your time, and become happy and fulfilled at work again.

The only question is — which tip will you try first?

Featured photo credit: Ellyot via unsplash.com

Reference

[1]Psychology Today: The Healing Power of Gratitude

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