Why Your Business Could Sink in 2013
Filed Under: Business, Opinion | Posted: 11/02/2012 at 6:58AM
Comments | Region: United Kingdom (Great Britain)
There are just a few weeks left of 2012, and businesses across the world are probably looking forward to waving goodbye to another year of recession, of slow (if any) growth, compulsory redundancies and falling consumer confidence.
If you run a business, and you’ve managed to survive – then well done, give yourself a big pat on the back. Unfortunately though, you may have got this far – but next year is when the real challenge begins.
You see, your business may actually be doing well, but believing your own hype is the first major mistake many businesses make. You may be a market leader, you may have rising sales – you may even have potential employees kicking down your door, but start resting on your laurels and you’ll be making a really big mistake.
Because arrogance in business breeds an attitude where change is never good. They fear mixing things up – and in that stagnation their competitors catch up because they aren’t afraid to "do different". If your business has a small select few at the top, then be very careful. Next year will be another challenging year, and online technology will come on in leaps and bounds – be prepared to change.
The next reason why your business could fail next year is if your employees aren’t challenged to push themselves. One of the biggest mistakes HR departments suffer when it comes to staff development is not to develop their workforce. Should a keen candidate ask for progression or isn’t rewarded for a job well done, a culture of lethargy and complacency spreads through the business like wildfire.
If your business is in a declining sector, then it’s time to either inject some life into it now, or bow out gracefully. Look at the print industry for example – the online world of social media, instant news has rendered magazines and newspapers virtually useless. Why would people want to spend money on printed word when they can get it at the click of a button? That’s not to say there will never be a need for news, but those businesses involved in print need an exciting selling point….
The final reason your business could fail next year is if your systems aren’t up to date. It’s been true of all businesses since the Industrial Revolution. Think about it – if you relied on an army of knitters to make your clothes back in the 1700s, then the invention of the spinning wheel propelled those businesses which embraced it forward. Less money needed to be paid in wages, more items could be rolled out more quickly…
It’s the same next year.
Embrace new technology like The Cloud. Embrace social media and use it to your advantage. Think about new ways of inspiring your customers. Change their thinking patterns.
Next year will certainly be a challenge. If your business is not up to the task you will fail – but those not afraid of change will thrive.
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