Failure to Plan
Quite often business owners “fly by the seat of their pants.” Sadly, most of these businesses turn out to be casualties before they get very far off the ground.
In order to thrive, you need to handle your company the way successful companies handle theirs. Outline a strategic plan that aligns with your vision, objectives, and some market analysis. Develop a business strategy with a comprehensive budget, cash flow and break-even analyses. These don’t need to be lengthy, narrative documents. As a matter of fact, you can develop most of what you need with a few flowcharts, mind maps, task charts, as well as other business strategy diagrams.
However don’t cut corners in your research and analysis. It’s easy to get anxious about your new project and ignore the challenges you will deal with. Take your time and build a well analyzed plan. Dealing with and preparing for difficult challenges ahead of time will be a huge step towards your ultimate success.
Poor Time Management
A plan is only good if you stick to it. That requires managing your time well, managing time properly doesn’t imply stuffing a lot into your work schedule that you can’t possibly accomplish it. Identify what’s essential, concentrate on the important things, and accomplish it. Little things will fall through the cracks. Allow them. If they’re really important, they’ll come back up.
Utilize resources to assist you, like Gantt charts or Kanban boards. The visible displays make it simple to swiftly make a decision on vital projects and follow them through to the end.
Neglecting compensation and benefits
Most company tend to neglect employees compensation and benefits or most times give very little compensation plans this in turn makes employees perform lower than expected.
Benefit is an in-direct non cash or cash compensation paid to an employee above and beyond the regular salary or wages. Benefit is offered to employees to enhance compensation package received by employees.
The goal having a compensation and benefits system is to create and maintain the company competitive advantage together with retaining a strong labor force. One of the most important factors of running a successful business is keeping your employees happy and providing them with much incentive to maximize their productivity. Offering your employees benefits that goes beyond legal requirements tends to be effective and they are added advantage to that as well.