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When things go wrong in business: how to respond

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Your business is your life, a venture you’ve poured your heart and soul into. It’s likely to be your primary source of income and therefore your livelihood, and so making it work is incredibly important. But succeeding in business is hard, many don’t make it through their first year and fail before they’ve really had a chance to get started. There are a number of things that can go wrong with business, luckily many can be nipped in the bud or set right again if you act fast. Others could be the end of your venture. Here are some things to bear in mind.

Business slowed down

If business was once good but has started to slow down it can leave you wondering what happened. Have there been any changes, for example have you recently changed materials, suppliers, employees or prices? If so, one of these things could be affecting your sales. One thing you could do is read recent reviews. You might find your answers right here, and discover why people have been put off ordering with you. It might be a case of needing some new, fresh marketing and promotion materials. Aside from that, certain times of the year are naturally a little quieter. After big holidays like Christmas when people are spending less, most businesses notice a slight decline. Make sure you’re prepared for the peaks and troughs in business.

Fraud and theft

As a company owner it’s important to stay on top of fraud and theft. As well as criminals hoping to steal from your business, fraud and theft can also come from your own employees. To minimise this, get to know them on a personal level which can help slash the risks. If you set up a reporting system, it gives other workers the chance to anonymously tell you if they believe something is going on. Often these kinds of systems are a good preventative measure.

Accident or injury

Accidents or injuries in the workplace or on your business premises can be bad news for your company. If someone has been injured due to health and safety laws not being followed correctly you could end up with a lawsuit on your hands. If you have a shop, office or other workplace where customers come in, if they’re injured it could also be a disaster. It is imperative to secure adequate trade public liability insurance cover. That way you cover your back and won’t end up out of pocket if a mistake is made and a claim is presented.

Bankruptcy

Finally, if you’ve continued to the bitter end and things just haven’t worked out, you may have to file for bankruptcy. It can be difficult to admit defeat, but try not to let it get to you too much. Many business owners actually go on to establish new, successful businesses after a failure so it could be the beginning rather than the end. Next time you know what does and doesn’t work, you have more experience and can make a success of things the second time around.

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

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