Partner Content

5 Threats to your business you’re not aware of

on


You’d like to think that if you would just come up with a few good ideas, work hard, and have a stroke of luck, then your business would succeed. Alas, it’s not that simple. There are things that could do great damage to your company’s prosperity, and, what’s worse, is that they could come out of the blue. You might not even be aware that they’re slowly taking place, yet there they are, doing damage to your business. Below, we take a look at some of these threats, which can frequently fly under the radar.

A changing climate

That climate change is currently taking place is undeniable. The politicians may squabble over what’s causing it (though they shouldn’t), but still: it is most definitely happening. The consequences of the change aren’t just that it’s going to be marginally hotter during the summer, or that some areas near to the coast might have to be evacuated. It’s going to severely impact the logistics of the global economy, which, even if you’re a “local business,” you are a part of. Even if the effects don’t strike your area directly, they could affect your suppliers, customers, and so on.

The Government

The government isn’t out to get your business. In most cases, they try to help businesses to thrive. However, there are some instances when a government can harm your business. They can raise taxes on the products that you sell, for instance, or offer incentives for people to use a different service. They can also have a huge impact on your work premises, since acquiring property on compulsory terms is written into the law. If your business premises interferes with the desire for, say, a new rail track, then you might find that the government takes over your site.

Changing tides

All that exists is the here and now. However, while that idea might help with your state of mind, it’s not going to do much for your business, because quite simply, the future is coming whether we like it or not. It’s imperative that you keep an eye on what’s coming up ahead; if you don’t, you might find that it arrives, and your type of business is no longer part of the equation. What people need and want may have moved on without you.

Corporate monopolies

It shouldn’t be as difficult being a small business as it is. The reason for the difficulties often lies at the feet of mega-corporations, who can just by making their presence felt, can crush a business. If a big company – that offers similar products or services as your business – moves into town, then you might find yourself struggling to match their financial might.

Your ego

Finally, don’t forget about your ego. Being an entrepreneur isn’t about bringing all of your ideas to life; it’s about working with others to find the best possible path forward for your company. If you’re closed off to other people’s ideas because you think you’re always right, then you’ll be hurting your business.

About Business Woman Media

Our women don’t want to settle for anything but the best. They understand that success is a journey involving personal growth, savvy optimism and the tenacity to be the best.We believe in pragmatism, having fun, hard-work and sharing inspiration. LinkedIn

Recommended for you

What Do You Think?

Your email address will not be published. Required fields are marked *