Ammon Cunningham is a trusted authority in the business world and has seen what successful businesses do to make themselves successful, but he’s also seen the common mistakes unsuccessful businesses make that cause them to fail. Below is a guide of different factors that need to be tightened up in order for success to happen.
Budget – No business wants to be in the position where they are saying “we will pay for that once the sales start pouring in.” The less loans that you need to take out, the better position you’ll be in to do well. Take the time to gather your funds and setup fundraising and/or supporters.
Poor Employee Management – A lot of people are very impressive in an interview setting. Many businesses will bring people in that impressed them during their interview and expect them to hit the ground running with minimal training and minimal supervision. This can be crippling to your business. For starters, an employee who is asked to take the ball and run with it may lack the understanding of your vision to implement your desires. Also, lack of training is a great way for new employees to feel like they aren’t a true part of the team’s success.
Lack of Goals – There’s nothing worse than a CEO who simply tells the team the goal is to make as much money as possible. The problem is there’s no goal that actually feels achievable. Giving employees incentives based on goals that they can contribute to can make a world of difference. It’s also a great way to show employees that the work they are putting in is putting the business in a better position to thrive.
Ignoring Shifts in The Industry – There are many factors that cause changes in every industry, but technology is the major component. If your business ignores technology and the impact it has in your industry, you fall behind. It’s that simple. Make sure that someone – if not the CEO – is in charge of keeping up with the latest trends.
Not Celebrating Achievements – Work is stressful. There’s a feeling of doom and gloom that can come when word isn’t spread celebrating achievements. Even if it isn’t a huge goal that’s achieved, acknowledging a job well done can go a long, long way.