Right now, you are wondering if you read that title correctly. Rest assured. You did. There are so many articles and how to’s on making your business successful, sometimes we forget that there are things that we can do to make sure that the entire idea derails.
The world of business can be an exciting place and an opportunity to expand your horizons. However, it can also bring you to your knees in utter ruin. Below are three ways that might happen.
Miscalculated Risk
Have you ever considered having a child with your spouse? How long did you spend thinking about it? Did you consider that to raise a child takes over $230,000? How about the sleepless nights, the lack of intimacy, or differences of opinion on discipline?
Now, those are some of the more annoying risks of having a child, but they are things you have to consider. Business is no different. There are decisions around every corner in which you must weigh the risks. Will this make my company money or cost us? How will this decision affect our image?
Will this lead to anything bigger or better or will it fizzle out in a few months? If you don’t take the time to properly calculate the risk of the decisions you make for your business, you may not have to worry about them for long.
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An Arrogant Air
How many have participated in organized sports? If you did, you understand that it is imperative to go into a game with a winning attitude. Any other leaves room for discouragement and that leads to bad decisions and a lack of heart. A lost game is usually the result.
Again, business is much the same. There is a level of confidence that you have to maintain in order to make positive progress with your company. However, much like in sports, you also need to make room for the unexpected. Sometimes, your competition will throw you a curve ball you’re just not ready for.
The turmoil it can create can throw you overboard if you maintain an air of arrogance. Always do your best to remain confident and positive in every venture, but make sure not to think yourself invincible or you will fall and your business with you.
Lack Of Planning
In every company, the constituents there know that without proper planning, there is chaos. Chaos breeds panic and panic gives way to bad decision making. Once those decisions have had time to bring their consequences to fruition, your business could be staring at Porky Pig stuttering through “That’s All Folks!”
No matter what the deadline is on a decision, take the time and make the effort to plan every detail possible. Do your best to leave little room for failure. Planning is the common sense foundation of a company. Never consider it an inconvenience or you could end up inconveniently on the street.
An adventure in business should not be derailed by simple mistakes. Refer here as often as needed for tips on how to avoid it.