HOW TO KILL OFF A BUSINESS

Good day,

I found this article written by Andrew William Smith on 23 March 2018, and I would like to share it with you.

“Just do all the wrong things long enough, and you will succeed at killing off your business.

TOP 5 WAYS TO KILL YOUR BUSINESS

1. HIRE THE WRONG PEOPLE

The wrong people never become the right people in time to come. They are just fabulous at doing it wrong, creating chaos, disrupting all the right people and give excuses. Problem is, excuses do not pay the bills.

Advice: Use tools to pre-screen staff before they join you. Psychometric tests are available online

2. STOP LOOKING FOR NEW CUSTOMERS / CLIENTS

Attrition will slowly erode your customer base over time and if you do not have an ongoing client acquisition system, your cashflow will dry up and you'll be sucking on eggs in the business.

I have become fanatical about looking for new, quality clients that are:

- the right customer

- educated in my products and services

- have the funds (no mess, no fuss)

There are amazing ways to find new customers and it's easier than you think.


3. NO ONLINE FOCUS FOR GETTING CLIENTS AND BRANDING

When last did you scroll through a yellow pages? Seems like a dumb question, right? If 92% of all product and services search happens online, why would you not take this seriously?

In fact, 85% of all searches now are happening through one's phone. If you are not advertising and driving your brand online, you will slowly die off for sure.

4. OUTDATED THINKING


Business is changing at the speed of thought. If you are not innovating, you will feel the pinch and if not immediately, the business will slow down, and sales will dry up. I see it time and time again, that mature business owners stop creating, stop innovative thinking and the business becomes stodgy.

5. TURNOVER FOCUSED NOT PROFIT FOCUSED


Turnover is VANITY, profit is SANITY. I laughed when I first heard this expression because at the time, I was bringing in Millions in turnover but seemed to be short of cash 90% of the time. I just kept on bringing in more business to service the bills and eventually we ran out.”

Please contact our team of energetic professionals with any queries you might have regarding the above.

Regards,

Charl Mocke
MASTER TAX PRACTITIONER (SA) & PROFESSIONAL ACCOUNTANT (SA)

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE).
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