Business failure is something that has always been dramatized by movies and novels. There is either a sinking ship that takes down diamonds with it, or a million-dollar pharmaceutical company facing a major blow because of fake/outdated drugs.
Failure of a business does not always happen amidst such drama. True, there have been such incidents – they are always referred to because they are popular. But there are other factors that contribute to the failure or at least the “slow progress” of a business. They are not as big as a sinking ship. And it’s only these smaller factors that are more common among small businesses and startups.
This should rather be called gambling right? No wait. It is more like buying a lottery ticket.
Yes, people purchase lottery tickets with the small hope of making big money by giving very little. Nothing wrong with that; if you win you win big and if you lose you lose very little. It makes perfect sense.
But what would you call a business owner who buys a lottery ticket with everything he has got? His money, his time, his family, his experience, his pride, his everything.
You would call him stupid. But business owners don’t generally come under the stupid category.
Have you ever broken a promise you made to a child? Recall the expression he/she had when you didn’t bring with you the yellow bicycle or the golden unicorn with the pink hair? All those tantrums and the sulking can be the worst to deal with. Each time it happens you swear not to repeat it. Then you begin thinking of ways to make up and you know that you have to outdo yourself.
Here is when you decide to buy that expensive doll house or the limited edition action figure of the Transformers. Undoubtedly this act receives the desired effect.
Learning to compromise is one of the earliest lessons we are taught. Growing up, a lot of us have received presents on birthdays, Christmas and such where we got compromises in place of what we really wanted. Like a stuff toy in the place of a puppy and a Barbie doll in place of a Princess costume.
Then as we grow a little older we learn to make such choices ourselves like opting to study at the local university instead of Oxford or Yale and choosing to buy an apartment instead of a villa.
So far you can’t really complain, compromises have done us a great deal of good.
If you are a start up owner or if you run a small business you should have come across those work days where nothing seems to be going right and you are at the head of it all. The surefire strategies that sounded great when you read about them are somehow not bearing fruit and you are desperate to know what went wrong. Here is when the series of disappointing meetings begin.
Your managers present their reports with the dismal facts and there is not much they have to say. They had executed your orders and had put the required efforts but the results don’t live up.
Guest authors on your blog could mean a lot of benefits.
1. A guest writer is bound to give the blog a fresh style. However nicely you write your articles, there is bound to be some common factor that connects all of them – that is your style. Beyond a point, your readers might get bored of the monotonous style. So to liven up your blog, you might have to introduce a new writer.
2. This has a two-way benefit. You are providing the writer an opportunity to write on your blog. In turn the writer would leave a link to this article on his or her website.
If you are looking at changing your logo, brand colors or tagline; then you can safely say that you are looking to ‘re-brand’ your business. Now you may think that re-branding is a big word and not something you can associate with your small business, but truth is that such terms are irrelative of a business’s size and scale.
So that said, here are top 5 things you should consider while going ahead with re-branding.
Firstly, know the answer to the question : Why re-brand?
This is very important as change of any kind is bound to have an effect be it positive or negative.
Can you carry a bucket filled with water?
Sure you can, child’s play, isn’t it?
Can you carry a bucket filled to the brim with water – but with a hole in it?
Now you are frowning. That’s tough. Water would start leaking.
Besides what I am asking you to do does not make sense.
A website without an appropriate call to action is no different!
Makes no sense.
The bucket, however big it is serves no purpose even if it has a small hole in it. Similarly, if you have a website, you have to place appropriate calls to action wherever necessary.
Do you have fun at work? Yes?
Well, however comfortable and fun work may be there is always an occasional time of crisis. And crisis – is NOT fun.
Not everyone handles a crisis well. The following incident that one of my friends was telling me about is a good example.
She works as a Sales Executive for a company that sells herbal diet pills. They work as teams with a Team Leader heading the division. Each member of the team has a ‘sales target’ of selling 200 cartons of pills within a 3 month period. This happens to be an unreasonable target, given that the product is fairly new in the market.